There is no doubt that massage chairs are an excellent therapy device. And a great stress reduction tool. But one significant thing about a massage chair is that the prices differ. The cost of a massage chair varies from about $1000 for massage chairs to about $10,000 for luxury massage chairs. Not all your customers can afford to buy the massage chair at a one-time payment. The question is, how do you provide your customers with a good installment plan?
A massage chair dealer’s goal is to generate sales. While you cannot subsidize a massage chair’s costs, you can still help the customer. Now think of your store’s massage chair products, categories and grade them. Afterward, offer installation plans for different tiers of the product.
Costumers like buying from their friends. When your active the installation plan, it tells your customer that you cared about them. It makes them feel that you are not selling to them because you want to profit from them. Instead, they could see it as a help, and they will see you as their friends.
When you have an active installment plan, try to let your consumer know about it. And you could gain a competitive advantage over your competitors.
What is Installment Payment?
This is a payment arrangement between a buyer and seller. The buyer pays a percentage of the total amount over time. You will state the payment term on the contract or invoice.
In general, these payments applied for large orders. Installment payment may come with an interest rate which the buyer pays over the period. The reason is that he is not making a one-time payment for the product.
How to grade the massage chair for Instalment Payment?
There are two basic segmentation when grading a massage chair.
Segment by Prices.
The first consideration should be the price of the different designs and brands. It is common for an increased cost for an item to come with increased value and several extra features. So you could also compare grading a massage chair by its advanced features.
Segment by Product Life.
The product life is another feature to consider when grading the massage chair. Besides the price of a massage chair, there are a few more factors to consider:
Factors to Consider when categorizing your Products
- The products warranty
- Duration of the cushion material.
The installed payment does not extend beyond the product’s warranty period. So that you can still replace the massage chair if it develops a problem during this period. The massage chair cushion materials vary. Some are made of Natural Leather while some are made of Faux Leather. That helps you to ensure the massage chair can withstand dirt or scratches during the period.
How to Integrate Instalment Payment into your sales program?
There are various ways to integrate installment payment. You need to determine the most appropriate installment payment. And which is convenient to your customers. And acceptable in your location.
Here are some payment systems to integrate installment payment into your sales.
Local banks.
It is preferable to use local banks to integrate installment payments. You may need to sign an agreement with your buyer and his bank. The bank handles deducting money from your buyer’s account to credit your account at the end of each term.
Using Payment Software.
There are many payment gateways you can integrate with your website. When your customer pays you on your website. When he enters their card details, the system deducts the funds.
Here are some software and gateways:
You should automate payments, regardless of how you integrate the payments program. The reason is that your customers may forget that they have outstanding debts. With an automated payment system, you will not have to worry about your buyer paying the debt.
Determining the Installment Plan.
The installment plan may vary from 3 to 12, up to 24 months based on your local spending habits. Also, you determine the interest rate by the installment plan. The longer the installment payment duration, the higher the interest rate.
To pay less interest, your customer will choose the lesser period. Who is eligible for the installment plan offer? The idea of integrating an installment plan in your store is to increase sales. But, not every customer is eligible for this offer. There are some criteria to select eligibility
- The customer must have a good reputation
- The customer must have a consistent stream of income
You should always ensure that you know about your customer. And their credit record before you will agree to installment payments. By doing that, you will not fall victim to scammers who will take made away with your massage chair.
Always ensure that your buyer is eligible for the plan. When integrating such a plan into your website, the Know your customer (KYC) is important. This way, you will about your customers. You will know their valid means of identification and residential addresses. To strengthen the payment security, your customers will provide a grantor.
Summary.
One way to increase sales of your massage chair is to install an installment payment plan. Since massage chairs are expensive, not all customers can afford to pay a one-time fee. There are factors to consider when deciding on the duration plan. In this case, the factors are the price and duration of the product. You have access to various methods of receiving installment plan payments. But, regardless of your available options, those systems allow for automated payment. Always ensure that only eligible customer is eligible to use this services.
