Terms/Term Options in ConnectWise CPQ allows you to display down payment and final payment totals, lease options as well as display multiple contract term choices on one quote. This allows you to display discounts for longer contracts, maintain accurate forecasts and gives the client the ability to choose their option.
The use of Terms is pivotal because it helps you define and manage the specific conditions and parameters under which your products or services are sold. These terms provide clarity, consistency, and transparency throughout the quoting and sales process, benefiting both your sales team and your customers. Here is why using Terms in ConnectWise CPQ Sell is valuable:
- Consistency – Setting up pre-defined terms in your CPQ system as well as in your Sales Process eliminates ambiguity and your quotes look more professional.
- Efficiency – You can set your terms on CPQ Templates to automate the quoting process depending on what you are selling, eliminating the need to customize each quote every time.
- Accuracy – In CPQ you use percentages based on One Time or Recurring sales, let the system to the math for you!
- Customization – Terms are not just for down payments on hardware or services; you can use terms to give your customers incentives to sign on for a longer contract by offering a percentage discount based on the length of the contract.
- Transparency – Clearly defined terms provide customers with a clear understanding of pricing, discounts and what needs to be paid up front before work can commence.
- Customer Experience – By using Term Options you give the client the power to decide and choose!
- Get Paid Upfront – If you have a payment processor such as ConnectBooster or WisePay, you can integrate it with Order Porter and have it collected based on your Terms setup.
If you want to start seeing how you can use Terms, if you have CPQ Premium, go to Settings>Quote Preparation>Edit Quote Templates and click on the Terms & Recurring in the top ribbon in blue.
Need help on implementing or training your team on using Terms in CPQ? Contact Pivotal Crew to see how we can help you!