What is a Payment Plan?
Payment plans are payment events that happen on a given date/time, allowing customers to pay the total amount due over time. Enrollsy allows for three types of Payment Plans:
Scheduled
Installment
Subscription
Scheduled Payment Plan
Scheduled Payment Plans are best for Programs or Classes where the total price needs to be split up into payment events scheduled by you. These payment events will simply be selected on a calendar, so they are extremely flexible. Keep in mind if someone enrolls after a payment date has passed, they will not be responsible for that payment.
Keep in mind that Scheduled Payment Plans can be prorated. If a customer is enrolling after the first payment date has passed, the system will calculate how much the customer owes between their start date and the next scheduled payment even. This is an optional feature. Learn more about how Proration works here.
Installment Payment Plan
Installment Payment Plans divide the total balance due between dynamic payment events. The dynamic payment events can be configured by you. Installment Payment Plans are especially useful if your enrollees are signing up at various times throughout the year.
You have two options of how to configure 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.). No matter when someone enrolls, they will then have a set number of payments moving forward, regardless of when they are enrolling.
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...
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, you could 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.
Keep in mind that Subscription Payment Plans are automatically prorated. If a customer enrolls between payment due dates, the system will charge for the days remaining before the next payment date.
For example, if a subscription plan is due on the 1st of the month and someone signs up on the 15th, this would lead to half of the subscription being due at the time of enrollment. Autopay would then pick up the next subscription payment on the 15th of the month.