Follow the below steps in order to set up a Payment Plan.
Setting Up a Payment Plan
1. Click on Invoices then Create or Edit Payment Plan.
2. From here, you can:
a. Search Customer Name, and select the appropriate one.
b. Or if the customer is new, select add new.
Then enter the necessary information in the pop-up.
3. Give the plan a name.
4. Select the appropriate Currency
5. Determine if you will be manually entering invoices or use existing invoices.
a. Manually enter invoices to convert - Proceed to enter the Amount, Invoice Number, and Due Date.
b. Convert existing TermSync invoices - Click the ones you want, or select all if applicable.
6. Select the Schedule Type.
a. You can use the standard Calendar option to have your customer pay on a certain day each month, week, biweekly, etc. The Installment Amount is calculated off the Number of Payments you enter and ensures the full Total amount of the selected invoice(s) is used. The Payment Preview is calculated based off of the aforementioned area and what is entered in the Begin Plan on, Payment Frequency, and Day of the Week.
In this example, 1 invoice totaling $534.00 was selected, and it was agreed upon to split it up into 3 payments.
b. You can select a Custom plan, and manually enter the Amount and Expected Pay Date.
In this example, the customer agreed to make 3 individual payments of $100.00, $300.00, and $134.00 on those dates. The total is calculated along the right so you know what if anything is remaining on the balance.
7. Enter a note/summary in the Description.
8. Lastly, select Create Plan.
Please Note: Your customer will receive an email notification informing them of the Payment Plan schedule.