Understand Your Buyer > How To Convert > The Deposit Effect
What is it?
Allowing buyers to secure their purchase by paying a deposit.
Why does it work?
It works because for many, cashflow and financial outlay can be an issue. Allowing your buyers to secure their order with just a deposit will not only make it easier and more accessible for them, but can secure the sale when perhaps they would have otherwise not proceeded – or proceeded much later.
How can you use it?
If appropriate to your offering, consider how you could allow your buyers to proceed / secure their order by simply paying a deposit.
➡️ See also: Pay Now Start Later
6 different ways to structure payment for your offering:
- Pay now start later-Allow buyers to secure something but not take delivery or use it until later when they are ready.
- Pay on results -Take payment when you have delivered the desired result for your buyer
- Pay as you go – Allow buyers to pay as they consume your offering.
- Prepayment Allow buyers to create a credit balance that they can then draw down.
- Buy now pay later – Allow buyers to “buy|” today but not actually pay for the item until later in the future.
- Finance – offer finance and instalment payments to ease cashflow for your buyer.
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