D elivering a personalized experience is crucial for retaining customers and staying ahead. One of the best ways to achieve this is by offering flexible installment contracts, which allow TPAs to provide warranty plans with convenient payment options tailored to customer needs.
Our new add-on feature within our PCRS administration software empowers TPAs within the home warranty industry to create tailored payment schedules based on the sales channel, offering various plans for the same warranty coverage. This flexibility helps minimize upfront costs for consumers, making high-quality warranty plans more accessible and attractive.
How you (and your customers) can benefit
Meeting the diverse financial needs of a wider customer base is crucial for growth, especially with popular payment options like AfterPay becoming standard for many businesses. Installment contracts help you achieve this by making your home warranty plans more accessible and affordable for everyone.
Offer flexible, interest-free payments
Customers can enjoy the convenience of spreading out payments without the burden of interest, making warranty plans more accessible and appealing.
Expand product offerings
By offering flexible payment plans, TPAs can enhance their product range, providing more options to both customers and dealers.
Attract price-sensitive customers
Flexible installment plans appeal to budget-conscious customers, broadening the customer base and driving sales.
Enhance tracking and reporting
TPAs can track contracts for customer non-payments with improved reporting capabilities, ensuring timely follow-ups and management.
Boost renewal and retention rates
Tailored outreach facilitated by installment plans encourages customers to renew their contracts, increasing retention rates.
Gain a predictable revenue stream
Flexible installment plans ensure a steady and predictable revenue stream while reducing the risk of non-payment.
“Our comprehensive installment plans enable administrators to sell more extended warranty contracts, generating incremental revenue streams. These plans also empower customers by allowing them to pay for extended warranty contracts over time.”
– Anju Nair, Product Manager – Consumer Warranty, PCMI
Powerful Features
This add-on within the Policy Administration module of PCRS offers you and your customers more options while enabling efficient and sensitive payment management to maximize revenue. Below are a few features that make this functionality so powerful.
Linking Installment Plans to Sellers
Each seller in PCRS can be linked to the installment plans they are eligible to sell. This integration ensures that sellers can offer the appropriate payment options to their customers.
Selling Policies with an Installment Plan
Warranty plans can be sold either as a one-time payment or through an installment plan via PCRS. Sellers have the flexibility to choose the payment option that best fits the customer’s needs at the time of sale.
Tracking and Monitoring
Installment payment activity is tracked through PCRS, with contracts and policies flagged when payments are due. This feature allows TPAs to stay on top of payment schedules and ensure timely follow-ups.
Editing a Plan
Once an installment plan is sold, TPAs can make necessary adjustments to better fit customer needs, such as adding products or updating payment terms. This adaptability ensures that customers receive the best possible service tailored to their individual circumstances.
Expand your market by optimizing payments
Flexible installment contracts enhance the customer experience and provide significant benefits for TPAs and dealers. By offering customizable payment options, you can attract more customers, reduce financial barriers, and improve overall satisfaction. Start leveraging this powerful tool today to stay competitive and meet the evolving demands of your customers.