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Why customers love monthly payments

February 13, 2020

Why customers love monthly payments
powered by Sounder

Streaming services. Vehicles. Dog goodies. Even teeth alignment.
It seems like every sort of product or service offers a monthly payment option these days.
Why have subscription-based payments become the new norm? Because they’re easier!
In this episode of B2B Tech Talk, host Keri Roberts speaks with Meagan Hosking—a business development manager of finances at Ingram Micro—and Ian Pugh, the director of strategic partnerships with Ingram Micro Flexible Payment Solutions.
The trio discusses:

4 reasons you should offer monthly payment options

Meagan and Ian offer four major reasons why partners should consider offering monthly payment options to their customers. 
  1. Onboarding new sales staff is easier. When new sales reps are being trained on selling subscription-based services, they tend to catch on quicker than when they’re required to sell bigger ticket items at full price.
  1. It’s easier to make sales. In the same vein as the first reason, it’s simply easier for sales teams to sell a monthly payment plan. Customers are more comfortable budgeting for smaller invoices than coming up with a large amount of capital.
  1. You get paid faster. Instead of waiting for a customer to budget for a big purchase, you’ll have the luxury of being paid immediately and on a predictable basis.
  1. Once a customer starts consuming on a monthly basis, they tend to do so forever. As long as you continue providing the customer with value, they’re more likely to continue paying you monthly. The recurring revenue will make it easier for you to budget for your business’s objectives.
"Financing and selling as a monthly payment make the way you get paid more predictable." — Ian Pugh

Rolling out monthly payment options for your customers

Think about why people love a streaming service like Netflix. You pay a small monthly fee and receive continuous content. Because Netflix can count on the recurring revenue of millions of customers every month, it’s able to release valuable content on a consistent basis.
In regards to IT solutions, customers want to be able to pay smaller invoices each month and know that they’ll receive recurring value in the form of upgrades. This is much more customer-friendly than issuing one enormous bill for each upgrade.
Ingram Micro wants to make it as easy as possible for partners to implement subscription-based payment methods.
Meagan points out that partners don’t need a degree in financing or accounting to be able to effectively implement a month-by-month payment model. IM can do it for you!
To find out how Ingram Micro can help your business roll out a monthly payment model, shoot a message over to Meagan’s team at financialsolutions@ingrammicro.com.