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October 2010

Don’t Penalize Payment!

On the first day of my very first pricing class in college, the professor opened with the following one-line statement: “Never make it hard for customers to give you money!” The lesson was simple. Get as sophisticated as you like setting up pricing structures, but for god’s sake, don’t make it hard to actually pay. So why do so many businesses not just make it hard to pay them, but actually charge a penalty if you don’t pay them in the manner they prefer?!

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