Enrollsy allows you to add any number of Payment Plans to your Enrollment Periods. Any Program or Class within that Enrollment Period can use that Payment Plan! In this article, we'll review what a Payment Plan is and how to apply it to a Program or Class.
What is a Payment Plan?
Payment plans are payment events that happen on a given date/time. Payment Plans do not have a price associated with them; instead, they are simply the payment events themselves. Enrollsy allows for three types of Payment Plans:
Since Payment Plans are tied to date/time, they are created inside an Enrollment Period. When you duplicate an Enrollment Period, you currently cannot duplicate the Payment Plans in that Enrollment Period. We hope to change this soon. Let's look at each type of Payment Plan and when to use them.
Scheduled Payment Plan
Scheduled Payment Plans are best for Programs or Classes where the total price needs to be split up into payment events, which are amounts due on specific dates (amounts and dates are selected by you).
Proration is available on this plan because the period between payment events is known and fixed. You can make any number of Scheduled Payment Plans with frequencies of:
Weekly every 2, 3, 4, 5, 6 weeks
Monthly every 2, 3, 4, 5, 6 months
You can also create different pricing amounts for the other dates instead of equal payments. Tuition is an excellent example of when to use the Scheduled payment plan.
Installment Payment Plan
Installment Payment Plans are best for Programs or Classes where the total price needs to be invoiced upfront, and the balance gets paid down over time, regardless of attendance or consumption.
Installments allow customers to pay off a balance, which is accrued in full at enrollment. You have two options when creating an Installment Payment Plan:
Starting From Enrollment
Make a set number of payments in fixed intervals starting from the date of enrollment (weekly, monthly, etc.).
For example, you can create an installment plan for a Program/Class that costs $2,000. The plan requires a $400 payment made monthly for five months. When someone enrolls on January 19th, they make their first installment payment of $400. Then every month for the next nine months, they will pay $400 on the 19th of that month.
Until Fully Paid
Make a dynamic number of payments in fixed intervals (weekly, monthly, etc.) based on an end date. Payments will be divided equally depending on the number of intervals remaining at enrollment.
For example, you can create an installment plan for a Program/Class that costs $2,000. The plan requires that all installment payments be made by July 15th. In this case, people who enroll:
On or before January 15th, will make seven equal payments of $285.71
After January 15th but before February 15th, will make six equal payments of $333.33
After February 15th but before March 15th, will make five equal payments of $500.00
And so on...
See this support article for the steps to create an Installment Payment Plan.
Subscription Payment Plan
Subscription Payment Plans are best for Programs or Classes where the price of the Program/Class gets invoiced and paid on a fixed frequency that recurs from the date of enrollment until canceled (Monthly, weekly, etc.).
For example, let's say you want to use Enrollsy to manage subscriptions for a service or software plan. You need to charge $200/month every month until the customer cancels. This same situation can apply to a childcare business that provides care until the service is canceled.
See this support article for the steps to create a Subscription Payment Plan.
Add Payment Plan(s)
Step 1 - Click on the money/clipboard icon under the Enrollment Period, then click "+New" to create a new Payment Plan.
Step 2 - Choose one of the following types:
Schedule - scheduled on a calendar
Installments - a set or dynamic number of payments until paid in full
Subscription - payments repeat from the enrollment date
Step 3 - For each of the above types, you will need to ATTACH the payment plan to the Program(s) in the Enrollment Period by following these steps:
Click on Add/Remove Payment Plan
Select the appropriate Payment Plan under the correct tab (Scheduled/Installments/Subscription)
After adding the plan, make sure the amounts are correct. See this support article for how to edit pricing on Payment Plans.
Here's what this looks like within the Program Editor: