Payment plans have been shown to increase conversions by nearly 18% (source), and Podia makes offering payment plans easy.
Offering payment plans makes it easier for your customers to afford your products by letting them pay smaller installments over time, rather than in one lump sum.
As long as you’ve connected your Stripe account, you can now set up a payment plan for any product.
Step 1: Head over to the "Pricing" tab of your product
Click on Products in the top navigation and then on the product you want to add a payment plan to get started.
Here, you can set a price per payment and the number of monthly payments you want your payment plan to have.
You'll need to at least set a buy it now price before creating a payment plan.
Here's what it looks like on your sales page:
Customers will be able to choose between paying the one-time payment price or enrolling in your payment plan.
Here's what it looks like when your customer is checking out:
Want to see payment plans in action? Check out Mackenzie’s Design for Developers course.
How do coupons work with payment plans?
The discount will be spread out among each number of months. To illustrate:
Total price before coupon: $200
Total price of product with coupon: $100
The payment plan without the coupon for 4 payments: $50 each month
The payment plan with the coupon for 4 payments: $25 each month
How do failed charges get retried?
We retry the customer's card on file 3 times, 3 days in a row. If the charge fails after the third attempt, their payment subscription is then canceled.
It is up to you if you'd like to remove them from the product, or retry the charge after it is canceled.
The reason that we don't automatically remove them is that we want to leave that up to you. It could be that they've paid 11 out of 12 payments and you want to let the 12th payment slide.
What about PayPal support on payment plans?
We don't have plans to support PayPal; more details can be found here.