In this article, you will learn how to create and manage your installment plans.
Contents
Quick Guide
- Select the member
- Submenu item Finance / Installment plans
- Create an installment plan or edit an existing installment plan
General
If your members want to spread their payments over a longer period of time, you can set up payment agreements as installment plans for your members and manage them at the same time.
How do I create an installment plan?
On the member there is a Finance / Installment plans menu item under which a member's agreements can be managed. There you can create, view or manage a new installment plan.
To create a new installment plan, select "Create installment plan" in the top right. The dialog for creating an installment plan consists of two steps. In the first step, you can select as many claims as you want to be part of the installment plan. In the second step, you set the term of the installment plan. You enter the term as a number of months: any whole number from 1 to 24 is possible, and the default is 6 months. The software automatically calculates the amount of the individual installments and displays them in a preview. The default due date determines which day of the month each installment is due.
You can check the box for Customise instalment plan to set up an individual plan with due dates, debt claims and descriptions. You can even add more payments to lower the debts per payment.
Installment payments can either be collected directly by direct debit or paid by bank transfer. For customers with a direct debit payment method and valid payment information, the individual installments are automatically collected according to the installment plan. For members who pay by bank transfer, the payment period specified in the reminder system for this payment type applies from the due date.
A document is generated for the installment plan, and its template can be adjusted as required. These installment plan documents can be sent to the member as a letter or by email as an attachment immediately after they have been created, as confirmation.
How to manage your installment plans
Once the installment plan is created, it appears in the member's Finance / Installment plans section. Here you can also see the status of the plan (Created, Active, Overdue, Completed or Cancelled), how many of the installments have already been paid and how much of the total amount is still outstanding. Of course, you can re-download, send or cancel installment plans. To see more details about the installment plan, simply click on the relevant installment plan.
In the detail view of the installment plan you can see which employee created the installment plan and when, what amount has already been paid and what is still open. In addition, the original claims are listed here, and the agreed installment plan is shown with the individual installments and their due dates. Here, too, you can use the menu at the top right to send the installment plan again as a letter or email, download the agreement or cancel it.
An installment plan can also be created via the context menu in the member account. You can also see here whether a claim is part of an installment plan. From this view, you can use the three-dot menu on the right-hand side of a claim to get to the detail view of an installment plan. If you want to cancel a claim that is part of an installment plan, you can either cancel the claim directly within the account and reverse the installment plan afterwards, or reverse the installment plan first, reverse the booking within the member account and then create a new plan.
Note: This article was created with the help of artificial intelligence and editorially reviewed.