Sprint Corporation's "Cut Your Bill in Half" event appealed to prospects because of its literal approach: America's third-largest telecommunications company is cutting half of every customer's bill should they make the switch from AT&T and Verizon Wireless, wrote The Verge.

Of course, the deal is built upon certain conditions. The Verge reported that the promotion is for a limited time only, which begins on Friday. Here's a simple guide to get started:

1. Prospects must present their AT&T / Verizon bills to Sprint in two options: (1) Online, by uploading the file to Sprint's website; or (2) Onsite, by personally taking the document (and accompanying phones) to a Sprint outlet.

2. Sprint selects the service plan closest to the customer's monthly data allowance rate plan.

3. Get a new phone from Sprint under varied payment options.

USA Today noted that incentives will also be available. As part of the plan, activation fees will be waived -- swtiching AT&T and Verizon customers with early termination fees and installment commitments will receive $350 per line from Sprint. The fee will be covered via Visa Prepaid Card.

The source explained that Sprint slashes off the customer's rate based on his monthly calls, texts and data plans.

It works this way: say for instance you're an AT&T or Verizon customer who pays $140 dollars per month for four lines of service -- under Sprint, you'll get the same four lines but only for a monthly bill of $70, an example cited by The Christian Science Monitor.

Potential drawbacks in Sprint's plan must be considered prior to switching. Apparently, the new phone from Sprint must either be bought via the company's installment billing, leasing program or full cash, according to The Verge. In addition, users who don't turn their current phones in the next 30 days will be charged $200. Finally, Sprint considers every individual unit -- those under family plans will have to provide phones for every moved line.

Fortune cited Sprint's new CEO Marcelo Claure, who called the company's move "the best value in wireless... And this great deal is not just a promotion. This will be the customer's ongoing price."

The outlet said Sprint has seen price as the medium to battle it out with AT&T and Verizon. The company's current plan excludes network carrier T-Mobile.

For more information, visit Sprint's FAQs page for the "Cut Your Bill in Half" program.

In the meantime, check out Sprint's Family Share Pack clip below.