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.
Payment plans have been shown to increase conversions by nearly 18% (source) and we couldn’t make it easier!
Note: Make sure you have connected your Stripe account, to be able to offer payment plans for your products. PayPal is not supported for payment plans.
In this article:
Setting up payment plans
Step 1: Click on Products in the top bar of your navigation, then click on the "Edit" button on the far right of the product.
Step 2: Once inside, click the "Pricing" tab.
Note: Make sure you have connected your Stripe account, to be able to offer payment plans for your products. PayPal is not supported for payment plans yet.
Step 3: Click on “One-time or monthly payment plans” and set up the value and number of installments.
You should also see the total amount of your plans and this value does not need to match your one-time payment.
Your price will automatically save when you click outside of the form. That’s all there is to it!
What will customers see when they select the payment plan option?
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.
If you have more questions, reach out to us at [email protected] (or click the icon below to chat with us).