With a payment plan that lasts longer than your course, what steps can you take to ensure payment actually happens?

There are a few things you can do to help ensure your payment plans are paid in full:

• Keep students engaged beyond the course. If you have a free Facebook group or community, keep it open after your course is complete. This gives your students continued value and connection while they’re still making payments.

• Stay in touch with your payment plan students. You can email them directly with encouragement and next steps or keep them on your weekly content email list so they continue to hear from you. Staying connected helps keep your course top of mind.

• Offer a pay-in-full incentive. Once your course is over, you can offer students the option to pay off the rest of their plan in full at a slight discount. This can be a win-win. They save money, and you save time chasing down payments.

• Set up a simple payment recovery sequence. Most failed payments happen because a credit card expired or needs to be updated. A short email sequence with friendly reminders usually recovers most accounts. I’ve included an email template for this in the Crafting Your Irresistible Launch Offer PDF in Module 5, Lesson 1 of Your Ready to Launch Digital Course Track.

• Work with a recovery service. I personally use Gravy to help with failed payments after I’ve sent out my initial recovery emails. Gravy contacts your customers within hours of a failed payment, updates their billing information, and saves the sale. They act like an extension of your team and treat your customers with care and compassion. Before using Gravy, our internal recovery rate was about 33 percent. With Gravy’s help, it’s now over 80 percent, which is a major difference.