Are your payment plans inclusive?

To be honest, when I started offering payment plans, I didn’t put a ton of thought into it. Give a ‘discount’ to someone who can pay in full, by making it cheaper.

I’d seen this method in countless offerings, and heard explanations about why to do it that way and how much more the payment plan should be.

And it made sense. Why not give myself a little extra for offering a plan.

Now? WTAF.

Here’s what changed.

A couple of weeks ago, I was chatting with Mel McSherry. I don’t remember why, but payment plans came up. She told me that she no longer charges extra for payment plans, after she worked with the amazing VP Wright.

Vee is amazing and IMO, the go-to for inclusivity business. What she said to Mel, who shared with me, is:

Why would you penalize someone because of cash flow?

My mind was blown. Why would I penalize someone because of cash flow? I’m not a bank. Why was I charging interest?

It’s not like I haven’t had cash flow issues of my own. Most entrepreneurs I know have had cash flow issues, especially in the beginning of their journey.

Since then, I haven’t been able to get this insight out of my mind.

Moving forward, I won’t be adding extra to my payment plans.

I’m also not demonizing anyone who does - whether it’s because it’s their philosophy to do so, or because like me, they haven’t thought of payments as an element of inclusivity.

It’s the latter, that had me compelled to write this. In a sense, it’s paying forward the knowledge of those who know much more about inclusivity than I do.

What do you think?