Payment Modes

Summary

The video script discusses various payment options for parents to choose from, ensuring flexibility based on individual needs. It highlights the one-time payment method, similar to buying a movie ticket, and the installment plans available through credit cards with no extra cost. The script also introduces no-cost debit card EMI options for those hesitant about credit cards, Bajaj Finance for those without credit or debit cards, and e-mandate as a last resort for automatic payments. The emphasis is on understanding the customer's financial situation and offering the most suitable payment method without compromising the sale amount.

Takeaways

• 🎟️ The one-time payment option allows parents to pay for the entire course upfront using various methods like NEFT, RTGS, UPI, debit, or credit cards.
• 💳 The installment plan with no extra cost is available for credit card users, making it easier for those uncomfortable with paying the full amount at once.
• 🛍️ RazorPay facilitates easy installment plans for almost every credit card, similar to purchasing gadgets or electronics with EMI options.
• 🏦 No-cost EMI through debit cards is an option for those who prefer not to use credit cards, but it's limited to certain banks like HDFC, ICICI, and Axis.
• 🤔 Bajaj Finance is a partner offering EMI options for those without credit cards or who prefer not to use them, acting as a personal finance assistant.
• 🏦 E-Mandate is a last-resort option for automatic payments from a bank account if other methods are not suitable, but it may reduce the sale amount.
• 🔄 It's important to offer payment options based on the customer's financial situation and not present all options indiscriminately.
• 📉 E-Mandate should be the last option considered due to its potential impact on reducing the sale value.
• 👉 Understanding the customer's financial preferences is crucial, such as whether they use credit cards or only have debit cards.
• 🛡️ Bajaj Finance provides a no-cost EMI plan for parents who want to manage their monthly budget without stress.
• 📝 The script emphasizes the need to explain payment options according to the customer's needs and financial conditions.

Q & A

What is the one-time payment option mentioned in the script?

The one-time payment option allows parents to pay the full course fee upfront using various payment methods like NEFT, RTGS, UPI, debit cards, or credit cards, similar to buying a movie ticket.

Why might a customer prefer an installment plan over a one-time payment?

Some customers may not be comfortable paying the entire amount at once, so they can opt for an installment plan without any extra cost, using their credit card.

How does the credit card EMI option work with RazorPay?

With RazorPay, easy installment plans can be set up on almost any credit card, allowing customers to pay for the course in installments without incurring additional fees.

What is the no-cost debit card EMI option, and who is it suitable for?

The no-cost debit card EMI option is for those who are not familiar with or prefer not to use a credit card. It allows them to pay in installments through their debit card, similar to an EMI plan.

Which banks are covered under the no-cost debit card EMI option?

The no-cost debit card EMI option is available for account holders of HDFC, ICICI, and Access Bank.

What is Bajaj Finance, and how does it differ from credit card EMI options?

Bajaj Finance is a trusted partner that provides EMI options for those who do not prefer or do not have a credit card. It offers no-cost EMI plans for parents who want to pay monthly, acting as a personal finance assistant.

What is an e-mandate and when is it considered as a payment option?

An e-mandate is an option for setting up an automatic payment directly from a bank account. It is considered when no other payment method suits the customer, and it involves a 40% consideration of the sale value.

Why is the e-mandate option kept as the last resort in the payment options?

The e-mandate is kept as the last resort because it may decrease the sale amount due to the 40% consideration rule, and it's important to prioritize other options that can secure the full payment.

How should the payment options be presented to the customers according to the script?

The payment options should be presented according to the customer's needs and financial condition. It's not advisable to offer all options at once; instead, tailor the explanation to what the customer is comfortable with or prefers.

What is the recommended approach when a customer does not have a credit card?

If a customer does not have a credit card, the next recommended approach is to explain the no-cost debit card EMI option (Soft). If that doesn't work, then introduce Bajaj Finance, and as a last resort, suggest the e-mandate.

How can the script help in understanding the different payment options for course fees?

The script provides a detailed explanation of various payment options, including one-time payment, credit card EMI, no-cost debit card EMI, Bajaj Finance, and e-mandate, helping customers choose the best option that fits their financial needs.

Outlines

00:00

🎟️ Payment Options for Parents

The script introduces various payment options tailored for parents to choose from, ensuring flexibility to suit individual needs. The first option discussed is the one-time payment, which allows parents to pay the full course fee upfront using methods like NEFT, RTGS, UPI, debit, or credit cards. This is likened to buying a movie ticket, where payment is made once and the course is secured. For those uncomfortable with a lump sum payment, installment plans via credit cards are offered at no extra cost, facilitated by Razor Pay, covering almost every credit card. The script also mentions the no-cost EMI option through debit cards for those who prefer not to use credit cards, with limitations to certain banks like HDFC, ICICI, and Axis Bank. Bajaj Finance is highlighted as a partner providing EMI options for those without credit or debit cards, aiming to assist parents with budget constraints. Lastly, the e-mandate option is presented as a last resort for automatic payments from bank accounts, with a 40% consideration on the sale value.

Keywords

💡One-time Payment

A one-time payment refers to a single upfront payment made to cover the full cost of a course or service. In the video, this option is compared to buying a movie ticket, where the customer pays once and is ready to enjoy the service without further payments. It is presented as the simplest and most straightforward payment method.

💡Installment Plan

An installment plan allows customers to pay for a service or product over time through multiple smaller payments rather than one large upfront payment. The video emphasizes that this option is beneficial for customers who may not be comfortable with paying the entire amount at once. Examples given include purchasing gadgets on installment plans, and it is noted that Razorpay can facilitate such plans with various credit cards.

💡No-cost EMI

No-cost EMI (Equated Monthly Installments) is a financing option where customers can pay in installments without any additional interest or fees. The video explains that this option is particularly attractive because it allows customers to manage their budgets without incurring extra costs. The example given is the purchase of gadgets or other expensive items using this payment method, similar to how it is offered for the courses discussed.

💡Credit Card EMI

Credit Card EMI refers to the option of paying for a service or product in installments using a credit card. The video highlights that almost all credit cards are covered under this option, making it widely accessible. It is described as a familiar method for customers who regularly use credit cards for larger purchases, such as electronics.

💡Debit Card EMI

Debit Card EMI is an installment payment option using a debit card rather than a credit card. The video notes that this is suitable for customers who either do not have a credit card or prefer not to use one. However, it mentions that this option is limited to certain banks, such as HDFC, ICICI, and Axis Bank.

💡SOPS

SOPS (Sops) refers to a specific type of Debit Card EMI option available through certain banks. The video explains that this option is designed for parents who are skeptical about using credit cards but still want to pay in installments. SOPS is limited to specific banks and is positioned as a middle-ground option for budget-conscious customers.

💡Bajaj Finance

Bajaj Finance is a financial service provider offering no-cost EMI options, particularly for customers who do not want to or cannot use credit or debit cards. The video describes Bajaj Finance as a trusted partner that can help customers manage their finances more easily, especially when other payment options are not available.

💡E-mandate

E-mandate is an automatic payment option where payments are directly debited from the customer’s bank account at regular intervals. In the video, this option is presented as a last resort, used when other payment methods do not suit the customer. It is noted that this method might reduce the overall sale value, hence it is less preferred.

💡Razorpay

Razorpay is a payment gateway that supports various payment options, including one-time payments, installment plans, and no-cost EMI. In the video, Razorpay is mentioned as the platform enabling these flexible payment methods, making it easier for customers to choose the payment option that best fits their needs.

💡Customer’s Financial Condition

Understanding the customer’s financial condition is crucial in determining which payment option to offer. The video emphasizes that it is important to tailor the payment options presented to each customer based on their financial situation, rather than offering all options indiscriminately. This ensures that the customer feels comfortable and can manage their payments effectively.

Highlights

Introduction to different payment modes for parents to choose the best option that fits their needs.

One-time payment option allows parents to pay the full course fee upfront using various methods like NEFT, RTGS, UPI, debit or credit cards.

Customers can opt for installment payments without extra cost using credit card EMI options.

RazorPay enables easy installment plans on almost every credit card.

No cost EMI options are available for buying gadgets like mobile phones and laptops, and the same can be enjoyed for course payments.

Shops offering no-cost debit card EMI as an alternative for those not comfortable with credit cards.

Soft options are available for EMI through debit cards for HDFC, ICICI, and Axis bank account holders.

Bajaj Finance is a trusted partner providing EMI options for those without credit or debit cards.

Bajaj Finance offers no-cost EMI plans, making it easier for parents to manage monthly budgets and household expenses.

e-Mandate is an option for automatic payments directly from the bank account if other methods do not work.

e-Mandate involves a 40% deduction in the sale value, so it is kept as the last option.

It is important to explain payment options according to the customer's financial condition and needs.

Customize the explanation of payment options based on whether the customer has a credit card, debit card, or neither.

If a customer only has a debit card, explain the Soft option before considering Bajaj Finance.

If no other options work, then definitely go with the e-Mandate as a last resort.

Avoid offering all payment options to a customer at once; instead, understand their financial situation and preferences.

The goal is to make sure the payment is received in one time if possible, but provide alternatives if needed.

Transcripts

mods and we have different payments mod

for the parents so that we can give them

different options okay uh so now we are

going to explore these different type of

mode uh modes which we offer uh

somewhere these options ensure that

every parent can choose the option that

uh best fits their needs okay so let's

start with the first option which is

onetime payment option uh onetime

payment option it's like you're buying a

ticket to your favorite movie and you

can pay for the whole course upfront

using the methods like NFD rtgs UPI

debit cards or credit cards okay uh

because when I mentioned about the movie

ticket so now we can imagine when you

buy a movie ticket you can pay now and

you are all set to enjoy the show

similarly you can pay for the course

okay uh but yes there are scenarios

where customers are not comfortable in

sharing the uh you know giving the

entire amount in one go so then uh

customer can prefer to pay an

installment without any extra cost and

that's where our credit card no cost

comes into the picture so with razor pay

we can set up an easy installment plans

on any of the credit card like almost

every credit card is covered under it so

uh you can say that yes we have credit

card options um Emi options available

with us again uh it's like you're buying

your favorite Gadget with a special

installment plan we have done that

nowadays people are buying mobile phone

laptops through Emi options so similar

thing you get to enjoy with us without

having worrying about added fees on

anything extra right next up we have

shops offering no cost debit card Emi

this particular option usually for those

people who are not familiar with credit

card or not prefer to use credit card so

you can give them same option of Emi uh

through debit card that's how soft comes

into the picture this option is a

perfect for those parents who are

skeptical about using credit card so yes

it is again hassle-free process but

there is a limitation Sops is only

available for four Banks one of them is

HDFC IC C and access bank account holder

okay uh because I have observed this in

my career that parents who are U limited

to their budgets who are not ready to

pay much amount of money at one go but

still they are not having credit card

option so we can help them to have one

Emi option through soft sale okay uh

another one option is baj finance so

let's talk about baj Finance they are

our trusted partners and one of the

leading platform for providing easy Mii

option for those people who um doesn't

prefer to go with the Mii through credit

card or maybe not holding any credit

card and sometime customers are not

having debit cards as well so that time

this part comes into the picture so

let's say softare is not working out or

let's say softare approval is not there

so then we can go with the B as Finance

okay uh this is again offering a no

costmi plans for parents who want to pay

monthly it's like having a personal

finance assistant because we are not

going with credit card we are not going

with debit card option okay so uh

parents who

are concerned about their monthly budget

and for their household expenses for

them it is easy to manage their finances

without any stress and that's how your

bizar Finance can play a very big role

lastly uh but again e mandate e- mandate

is an option for people who for whom any

option is not working if none of the

other method suit you don't worry we got

you covered this involves setting up an

automatic payment directly from your

bank account and that is known as a e-

mandate although the amount of the sale

value will be 40% into the consideration

if you're going with the e- Mandate

that's why uh we kept it in the last but

first thing which we need to do we try

to make sure that we uh get the payment

in one time if that is happening it's

most beautiful thing but if customer is

not okay then we can go with credit card

option then so ship then baj finance and

last e- mandate so prefer not to go with

e- mandate because it will decrease the

sale amount so it's important that we

explain options according to the

customer's need it is not okay to offer

all the options to a customer it it is

okay to understand customers uh Finance

condition let's say if a customer saying

that I'm using credit card then only

explain credit card if a customer is not

having credit card only debit card then

try to explain only softs if soft is not

working then jump into the baj F if

nothing is working then definitely you

go with the e- mandate