This is a YouTube video titled "How to turn a payment plan into a 'paid in full' sale" created in July 2021. It features Matt Ryder delivering a solo instructional talk where he explains strategies for converting payment plans into paid-in-full sales, including pitching techniques, discount incentives, and payment collection methods to maximize upfront cash flow and secure sales.
Hey, guys. What's up? Matt here, and welcome to an episode of Just a Tip. Today, what we're going to talk about is the actual way that I turn a normal payment into a paid in full. So you've made the sale. Congratulations. High fives all around. Now, a lot of the time, a lot of businesses will give a discount for a paid in full, okay? One of the things that can really let salespeople down is when they pitch a paid in full with a discount, and then they add money for the payment plan. So I don't do it that way. I'll pitch the paid in full. I'll pitch the full price, right? Let's say it's 18,000 bucks. If it's $18,000 for six months, and for that, this is what you get, yada, yada, yada, yada, yada. Now, it might be 15 grand if you pay in full or 18,000 if you pay on a payment plan. But what I want to do is I want to pitch the biggest number, okay? But because that allows me to drop downhill much easier, and if it's a big enough gap, sometimes what you do is you'll induce an objection. So what by that is they go, oh, I really want to pay in full. I just don't have the funds. But I want to save the money, right? So I'm just going to wait a little while until I have the funds. Or if there's no. If there's no reason to pay in full, then the guys are usually just going to split it up because why not? They might as well keep the money in their bank account or in their investment fund, whatever it may be, right? So what we need to do is create some sort of incentive structure, all right? That can be monetary, it can be time, it can be a bunch of different things. But we. We don't want to present that until the end and we've secured the sale. Okay? So what we want to do is we go, okay, let's say it's. They go, okay, so what is it? You know, like a down payment is like 3,000amonth. That makes up the 18 grand. What I'll usually go is I'll usually try and collect more upfront. I usually go, well, we take six down for the first one, and then we do 3,000amonth for five months after that. So you're essentially paying too much in advance. Does that make sense? Would that be appropriate? Okay, cool. So always try and collect more cash. If they go 3,000, I go, could you do four? Could you just Whatever. Always try and collect more cash than sort of like the minimum, right? Then from there, once I process that, I go, awesome, dude. How's it feel? Like it's. That's amazing, right? And they go, you know, I'm not sure if I told you, but there's actually a slight discount for paying in full. You put 6,000 down, if you just put an additional nine, that would be the whole thing wiped, and you end up actually getting a month for free. Do you want to. Do you want to have a quick chat about that? Maybe process that to save you a bit of cash? Right now, they're already sold. They're already in, right? Then what I'll do is I'll gauge their reaction. If they're like, oh, like that, and they're really thinking about it, I'll be like, come on, man, like painful. That's fucking. Let's go all in. Let's do it. Let's do it, right? And then depending on their reaction, I'll go, hey, listen, how about we do a to pay 7,500 today, 7,500 in 30 days time, and I'll count that as a paid in full. Does that make sense for you? Now they've already paid six or another 1.5 is nothing, right? And then another 1.5, another 7.5, and 30 days, boom. You just got pretty much as good as a paid in full, 30 days apart. Still within one sort of billing cycle. Absolutely perfect. You collected a boatload more cash. Your comms are secured. Business owner happy, you're happy. All right, guys, I hope that helps and I'll see you in the next. It.
