One way to make online courses more accessible and affordable for your students is to offer course payment plan options. Payment plans allow students to spread out the cost of the online course over a period of time if they can’t pay for the full amount upfront. This can be especially helpful for students who may not have the financial resources to pay the full amount before they learn the new higher-earning skills.
Payment plans may also be helpful to teachers if they haven’t finished the course yet and they are releasing them over time. In this lesson, we will explore what a payment plan option is, how it’s beneficial to you and your students, and the difference between payment plan options and one-time payments.
These are some of the potential problems that online course teachers could experience if they don’t offer payment plan options:
• By not offering payment plan options, you may be limiting the accessibility of your course to a certain group of people.
• If potential students are unable to afford the upfront cost of your course, they may opt to take a different course that offers payment plan options.
• Students who have to pay the full price upfront may feel overwhelmed with buyer’s remorse and may request a refund.
• Without payment plan options, course teachers may be unable to generate the extra revenue that comes with students paying by installment.
• Teachers may be forced to use a lower total price to acquire new students, instead of a higher price course with an installment plan option.
Here are some final tips for offering course payment plan options:
• Consider how many installment months you will spread the payment over
• Think about how much more the payment plan will be when compared to a discounted full payment
• Will all payments be the same amount or will the first payment be larger
• Ensure you clearly communicate the payment plan terms and conditions with your students
• Use Stripe or PayPal to automate payments and subscriptions and to reduce financial errors
• Stay organized and keep accurate records of payment plan agreements and payment totals
For more details and tips check out the full writeup at:
https://www.artsycourseexperts.com/offering-course-payment-plan-options/
If you have any feedback or questions, let us know in the comments.
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