Updates to Payment Plan Program

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This post has 32 Replies | 8 Followers

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Glenn Airoldi (Faithlife) | Forum Activity | Posted: Wed, Dec 9 2015 1:03 AM

We’ve been carefully measuring the impact of the payment plan updates introduced in November and are happy to report that we’re seeing the intended results.

Based on these results and the feedback you’ve shared with us, we’re making some additional changes. We'll be retaining the elements shown most effective in allowing us to continue to grow a healthy and sustainable business while re-introducing some of the flexibility the program offered in the past that has proven so valuable to many of our long term customers.

The changes we've made this week affect how new purchases can be combined with existing payment plans.

When adding a new purchase to an existing payment plan:

Pay 25% down at the point of sale, and consolidate the purchase balance with the existing payment plan balance into a payment plan that meets the following criteria:

    • The plan length may not exceed the greater of:
      • The number of months remaining on the longest existing payment plan
      • The number of months the new purchase qualifies for
    • The maximum term allowed will be 20 months.

To combine multiple existing payment plans and a new purchase:

Pay 25% down at the point of sale, and consolidate the purchase balance and existing payment plan balances into one payment plan that meets the following criteria:

    • The resulting monthly payment may not be less than the combined existing monthly payments.
    • The plan length may not exceed the greater of:
      • The number of months remaining on the longest existing payment plan
      • The number of months the new purchase qualifies for
    • The maximum term allowed will be 20 months.
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Mark Barnes | Forum Activity | Replied: Wed, Dec 9 2015 1:20 AM

So the main change here is that the maximum term for an updated payment plan is 20 months, rather than 12 months?

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Glenn Airoldi (Faithlife) | Forum Activity | Replied: Wed, Dec 9 2015 7:44 AM

The primary change allows the majority of our customers to add new purchases to their existing plans without having to reduce the length of their plan.   Yes, the maximum term allowed for a new combined payment plan has been increased to 20 months, up from 12. 

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Everett Headley | Forum Activity | Replied: Wed, Dec 9 2015 7:54 AM

This still negatively impacts me in such a way that after my current plan runs out I will not be using another.  Nor will I be adding to it as I had in the past.   Already I have passed on $1,200 in books since this new plan came out.

Posts 3938
abondservant | Forum Activity | Replied: Wed, Dec 9 2015 8:57 AM

So just to be clear.

Lets say a guy has 27 months left on his plan.

He adds the mega pack to his plan (call it 200$ for nice easy numbers).

He would have to pay 25% or 50$, and the payment plan length would shorten to 20 months?

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Matthew C Jones | Forum Activity | Replied: Wed, Dec 9 2015 9:17 AM

Everett Headley:

This still negatively impacts me in such a way that after my current plan runs out I will not be using another.  Nor will I be adding to it as I had in the past.   Already I have passed on $1,200 in books since this new plan came out.

 It seems as if the changes will wean a lot of Logos users off of impulse purchases. Multi-thousand dollar purchases will certainly diminish. 

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Posts 264
Michael G. Halpern | Forum Activity | Replied: Wed, Dec 9 2015 9:40 AM

This isn't working for me either.  I'm over $40K invested and don't know how I'm going to spend much more with these changes.

Also, Mark hit the nail on the head: "the max term for updated payment plan is 20 month, rather than 12 months."  Marketing is a funny thing in how we word things to be a little more complicated than they need to be.  The 25% down is still a big issue for many of us I'm sure; it is for me.

Super.Tramp is also right: it will "wean a lot of Logos users off the impulse purchases," though not too sure that this was Logos' intention, since they ARE a business.

Posts 3135
SineNomine | Forum Activity | Replied: Wed, Dec 9 2015 3:28 PM

Glenn Airoldi:
The primary change allows the majority of our customers to add new purchases to their existing plans without having to reduce the length of their plan.  

This is definitely something that I've seen many forum users ask for (by which I usually mean complain about not beign able to do). For their sakes, thank you for listening.

Glenn Airoldi:
Yes, the maximum term allowed for a new combined payment plan has been increased to 20 months, up from 12. 

That is also a great change, for which you should be thanked.

Posts 1
Pastor Chris Blythe | Forum Activity | Replied: Fri, Dec 11 2015 11:02 AM

I normally do not post on forums but wanted to make a couple small comments. Although I am glad to see the the max term move to 20 months I believe the old system was much more helpful to the customer. Now, I am no longer a businessman I can only assume there are some financial reasons the company needed to make this change. I also understand that when a company changes things, there are always a few who dont like the change. However, as a customer on the 24 month payment plan, I increased my purchase price and I was already looking at another commentary set I was planning on adding next year or so. Recently I called and I was going to add a $600 commentary set for a new sermon series I am starting but when I learned about the changes I ended up only purchasing about $200. If I could have added the $600 to my current plan (and kept it the same) I would have.   

A few months age, before the change, I upgraded my package to a "diamond" package. To help lower my monthly cost, I added a few books I wanted in order to get into a longer plan and lower monthly bill. I ended up spending around $2000 with a 24 month plan. This was affordable for me! I do not remember putting any money down but I may have put a small amount. It was not 25% though. I think it was the first payment, not sure...

Now, if I wanted to do the same thing under the new plan, I would NOT have purchased such a large package. Beginning with the monthly plan. My monthly payment would have be higher which might (most likely) detoured me from purchasing the large purchase. Many people on payment plans make the decision based on the monthly amount. I know this from when I was a sales manager. Also, the 25% down payment can be an issues. If my purchase was $2000 then my down payment would be $500. There is no way I would have dropped $500 on this. I'm now just a poor small church pastor and $500 is a big deal. .

In the future, I will probably continue using the payment plans but I guarantee my purchases will be substantially smaller. I appreciate Logos/Faithlife and love their products. I am however a little disappointed in this change.

 

 

Posts 2302
mab | Forum Activity | Replied: Fri, Dec 11 2015 2:38 PM

I think the 25% down slams the door on the toes of many customers. I'd limit it to $100 if the customer has already established their consistent paying stature. This might not sit well with the accounting folks, but not everything is measurable by numbers alone. A lot of pastors and people in ministry get a very fixed amount for resources. They can make payments but not much more than that.

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Posts 352
Cynthia Tucker | Forum Activity | Replied: Sat, Dec 12 2015 6:04 PM

abondservant:

So just to be clear.

Lets say a guy has 27 months left on his plan.

He adds the mega pack to his plan (call it 200$ for nice easy numbers).

He would have to pay 25% or 50$, and the payment plan length would shorten to 20 months?

I'd like the answer to this as well. I have a 27-month payment plan. If I add anything to it, will it go down to 20?

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Posts 5
Justin McCleskey | Forum Activity | Replied: Sat, Dec 12 2015 7:48 PM

This will really impact my purchases as the entire reason I use the payment plans is that I generally can't afford to pay 10% of the plan a month, much less 25% up front.

Posts 3135
SineNomine | Forum Activity | Replied: Sat, Dec 12 2015 9:22 PM

Justin McCleskey:

This will really impact my purchases as the entire reason I use the payment plans is that I generally can't afford to pay 10% of the plan a month, much less 25% up front.

Let's suppose that you could afford 7% per month. Under the old rules, you could do a 15 month (or longer) payment plan and buy now. Under the new rules, you have to save for no more than four months and if you are making the same payment you will still be done 15 months from today.

Really, the changes should only delay customer spending, at most. Of course, many people say they will do more than that, and they probably will, given the partially irrational nature of most consumer spending, including my own. (Full disclosure: I have never had a payment plan and was not planning to start one any time soon even before the changes showed up.)

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Matthew C Jones | Forum Activity | Replied: Sat, Dec 12 2015 9:26 PM

Cynthia Tucker:
I'd like the answer to this as well. I have a 27-month payment plan. If I add anything to it, will it go down to 20?

That is my understanding.

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Michael Kinch | Forum Activity | Replied: Wed, Dec 16 2015 5:52 AM

Where can I get details on how payment plans currently work.  I am not on a plan now but want to purchase a number of items and I think a payment plan may be the best way to go.

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Randy W. Sims | Forum Activity | Replied: Wed, Dec 16 2015 7:09 AM

Michael Kinch:
Where can I get details on how payment plans currently work.

https://www.logos.com/faq#PaymentPlans 

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DAL | Forum Activity | Replied: Wed, Dec 16 2015 8:39 AM

Super.Tramp:

Cynthia Tucker:
I'd like the answer to this as well. I have a 27-month payment plan. If I add anything to it, will it go down to 20?

That is my understanding.

No, it will not go down to 20 months it stays the same since you're only adding to an existing P.P. Now, if it's a new one and you add to it, then the maximum time is 20 months. Glenn Airoldi said it, "The primary change allows the majority of our customers to add new purchases to their existing plans without having to reduce the length of their plan..." This is my real understanding ;) SuperTramp is wrong don't listen to him :P just kidding.

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Matthew C Jones | Forum Activity | Replied: Wed, Dec 16 2015 9:10 AM

Did Glenn not say "the majority of our customers" ? To my understanding that means a portion will have their plans reduced.

I think Glenn/Faithlife needs to answer this question. 

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Matthew C Jones | Forum Activity | Replied: Wed, Dec 16 2015 11:46 AM

DAL:
SuperTramp is wrong don't listen to him :P just kidding.

I just checked with Sales, I'm right. (not kidding Stick out tongue)

Now it's up to Glenn to prove me wrong.  

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Myke Harbuck | Forum Activity | Replied: Wed, Dec 16 2015 11:51 AM

DAL:

Super.Tramp:

Cynthia Tucker:
I'd like the answer to this as well. I have a 27-month payment plan. If I add anything to it, will it go down to 20?

That is my understanding.

No, it will not go down to 20 months it stays the same since you're only adding to an existing P.P. Now, if it's a new one and you add to it, then the maximum time is 20 months. Glenn Airoldi said it, "The primary change allows the majority of our customers to add new purchases to their existing plans without having to reduce the length of their plan..." This is my real understanding ;) SuperTramp is wrong don't listen to him :P just kidding.

Im pretty sure Alabama is right here. The MAX for any payment plan is now 20 months. This means that trying to add on to a 24 month plan would be a bad deal, as your payments would go up considerably, even without adding much product, since the term would be reduced to 20 months. 

Myke Harbuck
Lead Pastor, www.ByronCity.Church
Adjunct Professor, Georgia Military College

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