This question came from a client who wanted help positioning different payment options in hopes of increasing payments and getting clients to pay sooner and more predictably. They were presenting 3 payment options in the following order and asked if I agreed with their logic:

1. Extra Payment, which would allow them to pay in smaller monthly payments, by adding one additional payment. It would work for clients who are more budget sensitive than time sensitive.
2. Increase of Plan, which would allow those with more urgency to file sooner as their account would be paid in full sooner.
3. Pay off Balance with Discount, which would allow clients to pay in “full” but with a 20% PIF incentive.

Here was my response:
Actually, I would reverse this order. If they can’t pay in full, we’d say, “No worries. Let’s increase your payment each month.” If they can’t do that, then we’d offer to do a one time extra payment.

Note: But this also changes depending on the client. If they are planning to pay off anyway then do it faster w no discount driving home the benefit of filing sooner.