Kestrel Design very often offers interest free payment. We are fortunate to be in a position to be able to offer this service and we think its a great way to take payment for so many reasons.
We think it helps:
- customers to accept your quote
- your money flow
- their money flow
- customers come back for repeat custom
- to not knock your customer’s new company down before it has a chance to establish itself
- establish trust and regular communication
One thing we did have trouble with is how to accept regular payments without having to ask our customers to remember every week or month. We discovered that we can use Paypal’s subscription payment system to do so. Heres how:
Log in to PayPal and click ‘Merchant Services’
Click ‘Create payment buttons for your website’
Click ‘Create button now’
Unless you’re taking only 4 payments in total (where you should select ‘Instalment Plan’), select ‘Subscriptions’
Fill in what the customer is paying for, the payment currency and the amount per cycle
Further down the page fill in how often and how many cycles. If the customer needs to pay £2300 in £100 per month instalments then put ‘£100’, ‘1’ ‘month(s)’ and for how many cycles put ’23’. Select your primary email address unless you’ve set up a secure account for your website and want to use that one, and finally click ‘Create Button’
On the code page scroll down and select the ‘Email’ tab.
Then select the code and copy it. Put that code into your email. It is a link and when the customer clicks it, they will be taken to a Paypal payment page. After they fill in their Paypal details they will be automatically billed for the right number of payments, then the billing will stop.
I hope this is useful to some people. The pictures were accurate December 2013; if you are reading this post in the future please understand that it is very likely that Paypal will have changed their layout and possibly services!