Ways to help customers pay - Advice please on payment choice

[drivin_me_nuts]

I am looking for some advice or suggestions on helping people in paying for the services that I offer - payment plans etc.

The cost of the work I do is not insubstantial - upto 15-20k, sometimes a lot more. For most of my clients, cost is not an issue at all, but I am considering making my prices more accessible and I was thinking of different ways to break the costs into more managable chunks, for example payments over 6 - 9 months.

Now this is new to me and other than the 'idea' of it, my experience of this is limited. Are there any sensible resources I can go read, or advice from your experience that you can offer me for going down this route. Other than people defaulting, what are the other considerations I need to bear in mind?

Thanks

DMN

[Wacky Racer]

You do not say what the "work" consists of, but I can't see why you need to get involved.

Why can't your customer take out a personal loan, extend their mortgage etc, this way there would be no financial risk to you.

You could do some research, and give them some links to low rate finance.

Otherwise, you go down the route of being a licenced credit broker, with all the red tape that entails......

[singlecoil]

Many years ago I had a guitar shop, and wanted to be able to offer cretdit, I got registered for credit broking (fairy straightforward ) and then signed up with a credit company. They offered a no interest over 6 months (or whatever, I don't remember the exact details) working on the assumption that people wouldn't pay within the time limit and then go on to the credit terms. They paid me a commission on sales that went through them.

And, of course, if the customer didn't pay, it wasn't my problem.

Edited by singlecoil on Sunday 4th April 20:23