It has become a trend among organisers to offer recurring payments. The reason for the trend may be that by offering partial payment or a way of distributing the course fee, participation in the courses remains stable, despite worse economic times.
Recurring payment trends among organisers
What is recurring payment?
Recurring payment is an unusual phrase to many. But you have certainly heard of partial payment, payment plan, down payment or subscription. In short, recurring payment can be defined as a tool for setting up different payment plans.
In practical terms, this means that you can set up fixed monthly withdrawals to receive payment for course participation. You can also create a repayment plan by accepting a deposit upon enrolment. You then withdraw the remaining amount before completing your course or event. To be able to offer partial payment to your customers, you can use a registration system with a license as a payment company.
Why should you offer payment plans?
Payment plans give you more predictability, as your participants can commit to repayment, and you will receive regular income. It will be easier to plan purchases, and in addition manage payments to suppliers in advance of an event. More and more people are seeing the benefit of this. By using recurring payment, you can also stand out from the crowd and make your event more attractive to participants.
To understand the increased popularity of recurring payments, LetsReg analysed data from its course organisers. The analysis shows that 70% of participants choose partial payment when they are offered the option. It also gives an increased willingness to pay. Participants are happy to pay a little more for the same course if it is done through partial payment. This gives you the opportunity to increase your income, while it becomes easier to plan and you get better financial predictability.
Flexible payment is important for participants
By offering flexible payment, it is easier for participants to commit, as they do not have to pay everything at once. With a payment plan, the participants get breathing room in their finances. This can be particularly important for events and courses with high ticket prices. As consumers, we are also used to greater flexibility when purchasing. A well-organised payment process can give participants greater confidence in you and your events. This can contribute to increased participation and lead to more successful events.