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When you’re offering the $997, are you comfortable offering just the same price split between 3 payments?
[Sean] Yes, I’m completely comfortable with that, I’m completely comfortable with that. I do recognize I’m not going to get every single payment. I’m going to get most payments, but I’m not going to get every single payment. It just happens that way, people. You’ve got to understand, if somebody takes your payment option, the reason they didn’t pay you the full $997, is usually because they don’t have $997 on their credit card. Okay, that’s the biggest reason. Sometimes it’s because they don’t trust you enough, but if you do the kind of marketing that I do with trust at the front end, and they buy a product and have 7 - 10 days to consume it, they like it, they trust you. In my opinion, the biggest reason that they take a payment option is because they simply do not have $997 in the bank. But they do have $335. Okay, now, if they don’t have $997 in the bank, then they’re pretty much spending what they take in every month. Okay, economically, that’s what’s happening to that person.
They full well intend to make payment #2 and payment #3. Let’s say month 2 comes along and they barely have enough money to pay you, but the payment’s coming through, they’ll make it happen. Month #3 comes along, they’ve already scrunched in month #2 to try to make sure the money’s there, and when the month 3 comes along it’s just not there. The payment’s going to fail.
Okay, now, a lot of times, if you write that person and say, hey, I noticed that the payment failed, how’s things going with the product? They tell you that things are going well, and they’re really sorry they couldn’t make that payment. You just ask the, you say let me ask you this, John, it’s $335, what if I split that into 4 payments, we’ll do $87 / month for the next 4 months, would that be okay with you?
You know, what I’ve found is most people will say, yeah, that’ll be great. Thanks for working with me. It’s not that they don’t want you to get paid, it’s that the reason that they took payments in the first place, is because they have a finance challenge. If you make it now more affordable for them to make the last payment, they’ll make it for you. Now, I’ve done that before, repeatedly in the past. Where I’ve refinanced my financing with somebody, because something happens. You simply have to recognize this. Sometimes that won’t work. They just don’t have the money. Something happened, they thought they were going to have the money, they don’t have it. So, you aren’t going to make quite as much on your payments.
But, remember this! They weren’t going to buy in the first place. So, whatever payments they make, is additional revenue for you, because it’s a digital product, it doesn’t cost you anything else to allow one additional person to purchase that product. Right?
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