About the 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 accrued in full at the time of 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.).Starting From Enrollment - 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.
Example of Installment Payment Plans
For example, you can create an installment plan for a Program/Class that costs $2,000. The plan requires a $200 payment made monthly for ten months. When someone enrolls on January 19th, they make their first installment payment of $200. Then every month for the next nine months, they will pay $200 on the 19th of that month.
Using fully paid, 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...
Create an Installment Payment Plan
You can create and edit Payment Plans in two places:
In the Enrollment Period settings, click the money clipboard icon as shown below.
In the Program settings under "Payment Plans," click "Add Payment Plan."
A new window will come up. Click the blue plus button to add a Plan.
The following are the sections under "Add a Payment Plan":
Settings
Enter your Payment Plan label, which can be anything from simple (i.e., "Installment Payment Plan") to specific (i.e., "22-23 Art School Installment Plan"). Ensure "Installment" is selected (it will be light blue).
Installment Payments
Decide how often installments will run (monthly, weekly, or annually) and for how many months or weeks.
Select the starting period, starting from enrollment OR until fully paid on a date. If you pick the second option, you will have a place to put a specific starting date. Then determine how many payments will need to be made and enter that number.
Invoicing/Notifications
Under this heading, you have a few decisions to make.
The first is to decide if you want invoices sent when Auto-Pay is on or off.
The next is to set up when you want invoices sent. This is OPTIONAL.
Please choose how you want them sent (by text, email, or by Account Holder's contact preference).
Select who will receive the notifications (Primary and/or Secondary Account Holder).
Pick how many days before each payment event, they will be notified (1-7 days).
Click Submit to add the Plan. You can edit or delete any of these Payment Plans anytime.