How to Boost Payment Rate By 35% With 1 Feature

by Asaf Darash,

Registration season is on and you want to get as many applicants paying your fees as possible. By working closely with the 3,000+ organizations that use Regpack we have created a payment solution that will boost payment rate by 35%, will lower non-payment by 75% and will improve your cash flow by 25%. Sounds too good to be true? Maybe, but the results speak for themselves. Watch the video below to understand how we did this. All you need to do is one simple action: add scheduled payments to your application process. Easy for you, easy for your applicants, great for your bottom line!

The transcript of the video is below if you prefer to read over watching, but I recommend you watch because I think the video is pretty awesome 🙂

What are scheduled payments and why did we create them?

Scheduled payments are a way to create payment schedules for your users in order to collect predictable, automatic payments. This new feature is unique and like everything we put out, it’s an update that came about as a result of client demand. We have a lot of organizations that are using Regpack for programs that are expensive. For example, we have a lot of educational tourism clients that offer various organized educational world tours. These programs can last for 5 months and can cost upwards of $20,000. This amount of money cannot be paid in one shot, at least not by most people.

We also have a lot of organizations that open registration for their events or programs 6-8 months before they begin. For these organizations there is an issue: people come in, register, complete everything, and then they need to make installment payments or need to pay the full amount only 3 months down the road. These organizations found they needed to spend tons of time reminding applicants to go in and pay, and that process wasted a lot of time.

That’s where “payment plans” or “scheduled payments” came in. This feature allows an applicant to select a payment plan that is best for them, and then the system will automatically charge them in intervals determined by the plan. Basically, it makes the whole issue totally go away by completely automating it!

Scheduled payments are a convenient way to organize deadlines for your users payments, provide them with installment options, or even offer customized plans. Offer payment schedules for all different events, programs or products to every user that chooses that event.  There can be multiple payment plan options to satisfy the needs of a variety of applicants. The automated scheduler will allow a user to select a plan that works for them, and payments will automatically be charged on the dates they select. The plans are dynamic and can alter the dates of payment due dates based on the day every applicant registers.
Organizations that use an integrated payments system like this have seen a 75% decrease in non-payment issues, improved their cash flow by 25%, and have converted up to 35% more applicants into paying clients since offering flexible scheduled payments.

Video Transcript

Welcome to Regpack.

We have a new and exciting payment solution designed to automate the payment collection process for you and your users from start to finish. Scheduled Payments are a convenient way to organize deadlines for your users payments, provide them with installment options, or even offer customized plans.

In this video we’ll take you through the scheduled payments experience for your users, and in a future video we will show you how to create scheduled payment options.

Lets take a look at Wanda Moreau as she registers for the European conference.

We have set some payment plans to present when the European conference option is selected.

After confirming her selection, Wanda now has the option to either pay in full or choose one of other European Conference payment schedules that have been created specifically for this event. Note that there can be multiple options for her to choose from.

Below you can see three types of payment schedules:

  1. A simple option of paying a deposit and then closing the balance on the due date you set.
  2. A more advanced option that allows Wanda to pay the deposit and then have monthly installments that end on the full payment-due date.
  3. Or finally Wanda is offered an option to pay the deposit, pay 50% of the full payment 1 month before the conference, and then pay the remaining balance on the payment-due date.   

*Note that the plans are dynamic, and the system can alter the dates and the amounts depending on when Wanda registers, breaking her payment into smooth, consistent installments

Wanda selects the second option and is sent to the checkout form.
Here Wanda can see the plan she has selected and when payments are due.

Wanda issues a payment and now the system has a saved payment method on file. From this point on the system will automatically charge her the listed amounts on the listed dates.

Simple for Wanda and simple for you.

Organizations using scheduled payments have seen: 

1. A 75% decrease in non payment
2. Have improved their cash flow by 25%
3. And have converted up to 35% more applicants into paying clients since they offer the flexibility they need.

You project manager would love to work with you in order to help you get started with scheduled payment.

In this video we’ll take you through the scheduled payments experience for you users.

Scheduled Payments are a convenient way to organize the deadlines for your users payments, and allows you to provide them with customized plans.

Lets take a look at Wanda Moreau as she registers for the European conference

We have triggered some payment plans specific to the European conference to become available only if she selects the European conference option.

After confirming her selection, she now has the option to either pay in full or choose one of other European Conference payment schedules that have been created specifically for this event.

Below you can see two types of payment schedules. 

Just want to collect a mandatory deposit of $500 upon registration? (Fixed price of $500 and First order date + 0 days) – Make sure to charge them the balance the day of the conference! (Remaining balance and Fixed date 1 May 2015)

Just want to break up their payments into even monthly installments between when they register and the event?  We can do that too – just let us know when final payments need to be collected, and we can generate monthly installments customized to how many months before the deadline they registered!

Once they have selected their plan, they will be taken to the checkout form where they enter and save their credit card.  Once they make their first payment, they’re good to go!

They can always log back in to review their payment schedule, and you are able to monitor the progress of their scheduled payments in user management by clicking on their payment tab.

If you would like one of these configured for your system, please contact support@regpacks and they can help you get started! 

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About The Author

Asaf Darash

Asaf has extensive experience as entrepreneur and investor. Asaf has built 3 successful companies to date, all with an exit plan or that have stayed in profitability and are still functional. Asaf specializes in product development for the web, team building and in bringing a company from concept to an actualized unit that is profitable.