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Setting up a Pay What You Want For a Recurring Payment

by Floreman
10 replies
HI

Does anybody here have experience with setting up a "Pay What You Want" price for a recurring payment product?

I was going to use Gumroad but from what I can see, their services leave a lot to be desired (based on reviews I have read).

I'd love to hear from anybody who has done this and how I can go about it.

Thank you
#pay #payment #recurring #setting
  • Profile picture of the author Gambino
    I know some people (claim to) have success with the pay what you want model but I would strongly urge against it. Place a value on your product(s) and target the people that can afford it.

    Me personally, if I'm given the option of $0 or $1 or more, I'm choosing to pay $0 every time.
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    • Profile picture of the author Floreman
      Originally Posted by Gambino View Post

      I know some people (claim to) have success with the pay what you want model but I would strongly urge against it. Place a value on your product(s) and target the people that can afford it.

      Me personally, if I'm given the option of $0 or $1 or more, I'm choosing to pay $0 every time.
      Thanks for your reply.

      I understand what you are saying but on this occasion for a case study I want to set up a 'pay what you want' system.

      Ryan Lee recommended Gumroad about 18 months ago, but after reading lots of reviews from disgruntled users and their absence of any life on their Facebook page I am looking for an alternative.

      I was hoping that somebody here might have the solution.

      Thanks again
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  • Profile picture of the author Regional Warrior
    I did set up a system that the min price was the one that I would have sold the product for and and had 3 levels of pricing

    $17,$19,$27 most either chose the middle or the latter , though I did set this up by emailing the list beforehand about cheap products and the slogan good things are not cheap and cheap things are not good it worked

    Jason
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    • Profile picture of the author Floreman
      Originally Posted by Regional Warrior View Post

      I did set up a system that the min price was the one that I would have sold the product for and and had 3 levels of pricing

      $17,$19,$27 most either chose the middle or the latter , though I did set this up by emailing the list beforehand about cheap products and the slogan good things are not cheap and cheap things are not good it worked

      Jason
      Interesting results. Thanks for that.

      Mine will start at a minimum price (not $0) then I will leave it up to the person to decide what they want to pay. Of course there will be excellent sales copy and marketing first in order to prime them (all part of the case study).

      As I said, Gumroad was the third party I was going to use but I need an alternative.

      Thanks again
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      • Profile picture of the author Regional Warrior
        Originally Posted by Floreman View Post

        Interesting results. Thanks for that.

        Mine will start at a minimum price (not $0) then I will leave it up to the person to decide what they want to pay. Of course there will be excellent sales copy and marketing first in order to prime them (all part of the case study).

        As I said, Gumroad was the third party I was going to use but I need an alternative.

        Thanks again
        The difference with mine was I have a list just shy of 500 and about a 85% purchase rate but not in the MMO so easier to control

        I would at least put a figure and not start at 0 and forget how good the copy is unless for a charity they will that the least cost I.E free is best

        I would put $5 as it is the lowest threshold for CC that people would miss for a few months
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        • Profile picture of the author Floreman
          Originally Posted by Regional Warrior View Post

          The difference with mine was I have a list just shy of 500 and about a 85% purchase rate but not in the MMO so easier to control

          I would at least put a figure and not start at 0 and forget how good the copy is unless for a charity they will that the least cost I.E free is best

          I would put $5 as it is the lowest threshold for CC that people would miss for a few months
          Hi
          Yes, for the sake of this case study there will be a minimum payment (NOT $0)

          I will let you know how it does.

          thanks again....really appreciate your input and knowledge.
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  • Profile picture of the author Rebecca Williams
    Banned
    [DELETED]
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  • Profile picture of the author starlox
    I wouldn't do that, mostly because i deal in larger sums. Maybe it could work for something like 1 - 10 dollars or so, but I doubt it works for higher priced things. If you give quality content ask for it.
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    • Profile picture of the author Floreman
      Originally Posted by starlox View Post

      I wouldn't do that, mostly because i deal in larger sums. Maybe it could work for something like 1 - 10 dollars or so, but I doubt it works for higher priced things. If you give quality content ask for it.
      It isn't my normal business model but I want try it for a case study.

      Thanks for your advice and taking the time to respond.
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  • Profile picture of the author davejarvys
    I've not done recurring payments but have done pay as you wish. I'd recommend looking at price anchoring as a way to influence how much is donated.

    There's plenty on the web but for books thinking fast and slow, priceless and influence are worth a look.

    Add in some consistency and commitment earlier in the page. Get them to agree to statements like 'if the information is valuable I'm happy to pay a premium' or 'I believe quality costs more'

    If you wanted to skew results further you could engage some social proof with 'most people choose to give $xxx a month'.

    Stack those three and you can seriously up your donation amount.
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    • Profile picture of the author Floreman
      Originally Posted by davejarvys View Post

      I've not done recurring payments but have done pay as you wish. I'd recommend looking at price anchoring as a way to influence how much is donated.

      There's plenty on the web but for books thinking fast and slow, priceless and influence are worth a look.

      Add in some consistency and commitment earlier in the page. Get them to agree to statements like 'if the information is valuable I'm happy to pay a premium' or 'I believe quality costs more'

      If you wanted to skew results further you could engage some social proof with 'most people choose to give a month'.

      Stack those three and you can seriously up your donation amount.
      HI

      Great tips and very close to what I was considering doing. I particularly like your last suggestion.

      I will be posting my results once it is all up and running.

      I just need to find a third party processor to help me to do it.

      Thanks again. Much appreciated.
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