Ask buyers for a down payment to reduce the chances of buyers abandoning long-term payment plans.
Offering long-term payment plans for domain names is a great way to increase sales.
However, sellers can be frustrated when buyers stop making payments. And the longer the payment period, the more likely the buyer will stop making payments.
Requiring a down payment can reduce the chances of a buyer giving up on a domain name, especially for longer-term deals.
Domain marketplace Squadhelp already has the most robust options in the industry for long-term deals, and it recently started giving sellers the option of requiring a down payment on transactions of 12 months or more.
Here’s how to set it up.
1. Go to the Payment & Selling settings page
2. Choose the length of time people can pay for domains based on the asking price. (Wouldn’t it be great if all marketplaces had a universal setting like this that applies to all domains? Note that Squadhelp will allow you to override these universal settings on individual domains.)
3. Select the option to require a downpayment.
Squadhelp lets you set a percentage or allow Squadhelp to decide what the down payment should be. I found that when I let Squadhelp choose the downpayment, it didn’t ask for any downpayment.
Here’s what a domain lander with a downpayment looks like:
Squadhelp also offers an option to offer a discount to domain buyers if they pay off a long-term deal early. Once a deal is active, you can go to the domain detail page to make an offer of up to 15% off:
Post link: Squadhelp adds down payment option for lease to own
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