Business Tips

3 Major Lessons in Receiving Payments for Products

As my business moves more into selling big ticket items which will be converted to on-demand items, I’ve been pushed to find ways to sell more products. In fact, in the last few weeks I’ve gotten a crash course on how to sell better and how to make receiving payments easier.

The crash course I’m speaking of has included hiccups, mishaps, and mistakes. But, the good news is I’ve learned a lot that will help improve the way I receive payments as I move into selling products instead of services.

Lesson #1: Don’t stop receiving payments just because you don’t have all the product details yet.

I started speaking about a product on consultation calls before it actually existed in it’s full form. Rather than selling it anyway –  which is what I should have done – I left it at a “I’ll reach out to you when I have more details figured out.”

This was a big mistake that I didn’t even realize I was making. The reality is I had a good concept for what I was eventually going to provide, so there was no reason not to sell it at that moment.

A better use of my time would have been to offer an exclusive presale discount over the phone, even if I didn’t have all the kinks of the program sorted out yet. Because I didn’t do that, I have to reach back out and try to get people on the phone again.

Moral of the story: Don’t drop the ball on receiving payments just because a product or offering isn’t “perfect” yet. There’s no such thing as perfect anyway.

Lesson #2: Offer every payment option you can think of (and then some).

When it comes to receiving payments, you need to offer every payment option you can think of. You also need to make sure they actually work.

I almost missed a sale recently because I wasn’t offering a specific financing method the customer wanted to use. Truth be told, I didn’t even know I could offer it as an option.

At this point, I’ve got everything from credit cards to financing available as a way to receive payments. Everyone wants to pay in different ways and businesses need to cater to that. While no one has asked me if they can pay with Bitcoin yet, you can bet I’d find a way to accept it they did.

Lesson #3: Use systems to scale.

The final lesson I’ve learned in selling more products is to scale and use systems to make receiving payments easier. You can do this in two ways: either by using systems for your marketing or using systems to receive payments.

At this stage, I’m still only focusing on creating systems and scaling for my marketing. This strategy includes Facebook livestreams, pre-recorded videos, ads and a webinar to get individuals on the phone with me. Once it’s created the first time, I can repeat the process.

Eventually, I’ll skip the phone portion altogether and move straight into receiving payments straight from a webinar. Hopefully, this is sooner rather than later.

Final Thoughts

Selling more products and receiving payments for them doesn’t need to be difficult, especially with all the technology we have at our fingertips.  Truth be told, we tend to complicate it in our minds which hinders us from growing our businesses. At least, that’s what happened to me.

Amanda Abella

Amanda Abella is a Millennial Finance Expert that helps people understand their finances and eliminate all bad debt. She wrote a book, Make Money Your Honey. It is a powerful guide on how to have a better relationship with work and money. You can actually start building an extremely profitable business around the things you're passionate about.

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Amanda Abella

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