If your customer agrees to a payment plan, you can easily create and manage this in TermSync.
Creating a Payment Plan
1. Navigate to your Invoices tab and choose Create or Edit Payment Plan.
2. You must search and select the customer's Name first. This will result in the payment plan options populating. You will not see your options until you search and select the correlating customer.
3. Once you've selected your customer, you will choose Create a new payment plan.
Please Note: The customer needs to have an existing payment plan in order to make updates in the Modify an Existing payment plan.
4. Enter a name in the Plan Name section. This is displayed to your customer.
5. Choose to Manually enter the invoice to convert or Convert existing TermSync Invoices. It is best practice to convert an existing transaction. Remember that open invoices come over in the AR file each day. Select the applicable invoice(s) that will be part of the payment plan.
6. Choose if you want to schedule the payments using Calendar dates or a Custom plan.
a. You will notice that you can easily list the Number of Payments by using the Calendar schedule type. The amount per payment will auto-calculate based on the total amount, and will generate in the Installment Amount. You can then choose the start date of the payment plan in Begin Plan on, Payment Frequency (monthly, weekly, biweekly, etc.), and Day of the Week.
b. If you choose to use the schedule type of Custom, you will decide the Amount that is paid for each payment as well as the Expected Pay Date. Each amount gets calculated and will show a Total in the bottom-right corner.
7. Review the plan you've created and click Create Plan.
8. Your customer will receive an email notification immediately informing them of the payment plan, which they can use to log in and review in TermSync. By logging in through the email notification and clicking on Schedule Online Payment, the customer is able to schedule each payment for the due date provided at once.
Canceling a Payment Plan
You can easily cancel the payment plan in TermSync.
1. Locate the invoice by searching the number in the Search Bar or in your Invoice Listing.
2. Within the Payment Plan Details, select Cancel Payment Plan, and once again select Cancel Payment Plan as confirmation of your actions.