Setting Up Payment Plans for Credit Packs

Payment plans for credit packs allow customers to split the cost into smaller, scheduled payments instead of paying the full amount upfront. This approach makes packs more affordable, encouraging clients to commit without hesitation. For studios, it often results in higher sales, as customers are more inclined to choose larger packs when the price is spread out. Additionally, it helps improve retention by keeping clients engaged over multiple payment periods and provides flexibility to cater to different budgets while still selling higher-value packs. In short, payment plans create a win-win situation: easier for customers to buy and more sustainable for your studio to grow.

How to Set Up Credit Packs with Payment Plans

Let's walk through the process of setting up a credit pack with payment plans using the example of an annual unlimited pack. This pack has a one-year expiry and grants customers access to all classes during that period.

1. Update the Price: Navigate to the Pricing section to update the price of the credit pack. For instance, let's assume this credit pack costs $1,200.

2. Enable Payment Plans: You will see an option to enable payment plans. Once enabled, update the following fields to create the ideal payment schedule:

   • Total Payment: Set the total payment amount, which in this case is $1,200.

   • Initial Payment: Decide the initial payment customers need to make when purchasing the pack. For this example, let's set it at $100.

   • Number of Installments: Determine the number of installments for the customer to pay. Let's choose 11 installments.

   • Payment Frequency: Specify how often each installment should be charged. It's best to align the number of installments with the payment schedule within the credit pack. In this example, we'll choose monthly payments.

3. Visualize the Payment Plan: Once these fields are updated, a payment schedule will be auto-generated below, allowing you to easily visualize the payment plan before saving your settings.

4. Create Membership: Click on "Create Membership" to save your changes.

Processing Payments at the Point of Sale

Let's explore how customers are charged at the point of sale:

1. Select a customer and the credit pack you just created.

2. Choose between two options:

   • One-Time Payment: Charge the customer the entire amount as a one-time payment.

   • Payment Plan: If the payment plan is selected, the customer will be charged only the initial payment. For instance, the customer will be charged $100 during this initial sale.

3. Once the sale is completed, the customer's card will be automatically charged $100 every month based on the payment schedule you defined.

By following these steps, you can easily set up and manage payment plans for credit packs, making it more convenient for customers and beneficial for your studio's growth.