Hi all,
We are thinking about offering payment plans as a way for people to pay for series subscriptions (we essentially have a choose your own package setup). We're worried about whether the economy will affect subscriptions and we think that maybe by allowing them to pay in installments they won't shy away from getting a subscription.
Do you offer this? How do you do it, if you do? Do you just do it with people who provide credit cards? How many installments in a payment plan do you allow, and do you allow the patron to pick the number of installments, or do you set it? Do you set a minimum? Do you ever have problems with nonpayment or bad credit cards?
One of the concerns that's been raised is that we offer discounts during the subscription period so that we can get the money in advance. If you've offered payment plans for awhile, have you seen more and more people take advantage of them, or is the percentage about the same from year to year?
Thanks for any guidance!
Leigh
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Leigh Chandler
Director of Marketing
Flynn Center for the Performing Arts
153 Main Street
Burlington, VT 05401
802.652.4509 direct
802.863.8788 fax
www.flynncenter.org
www.flynntix.org
We started a very simple payment plan this year. Basically 50% due up front and then 50% due one month from the initial date. We have had a good response with about a 5% buy in. We advertised this only in our renewal mailout. The paperwork has been minimal, and we have had no difficulties with bad credit cards. We accept post-dated cheques as well.