How to Turn Questions About Financing into New Patient Starts
Three times in the past week, TCs that I am coaching via recorded consults have had decision makers ask if they could finance treatment in a different way than what the TC presented in the payment options. This situation most commonly involves a request to put more money down, although what I am about to cover is relevant in any situation where the buyer requests something other than what is presented.
What is important for the TC to recognize is that, by asking for a different financing arrangement, the buyer is indicating a strong and overt desire to move forward with treatment. In the business world we would call this a ‘buying signal’. Unfortunately, due to a lack of business training, most TCs either don’t recognize this or don’t know what to do with this signal when it occurs, and therefore miss an opportunity to get the decision made on the spot.
Let’s take a look at how to prevent this situation from turning into a missed opportunity.
In the following scenario, the TC has already presented Payment In Full with a 5% discount and is in the middle of going over the second option, which involves a down payment of $1800. At this point, Mom interrupts the TC with this question:
Mom: “Is it okay if I put more money down?”
Ninety-nine percent of TCs would say “of course you can!” and move on. Not this time.
TC: “Of course you can. How much were you thinking of putting down?”
Mom: “Three thousand dollars.”
TC: “Great. (Gets out calculator) Lets see what your monthly payments would be.”
TC: “A down payment of $3000 would leave you with 18 interest-free payments of $222.22 a month. Would that work for you?
Mom: “That’s perfect”. (Note: decision made and the deal is closed.)
TC: “Great. Let’s get your child scheduled for braces.”
Note that the TC immediately stopped reviewing the payment options on the fee sheet the moment the buyer asked her question, and never returned to them. This was because, once the buyer suggests an alternative plan, the ones that exist on the original fee sheet are no longer relevant. They key, then, is to stay on topic until the conversation about alternative arrangements reaches a conclusion.
