Installments are also known as Payment Plans. A donor chooses to give your organization $500, but wants it paid out in installments. They have the ability to choose a payment plan that works for them, like weekly ($9.62/week), bi-weekly ($19.23 every 2 weeks), or monthly ($41.67/month). The Installment ends once the $500 obligation has been filled, or you can have it automatically renew after each Installment period is up.
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Recurring/Ongoing Payments is a donor choosing to give a certain amount of money each week, each month, each year, etc. Donors may not know how much they want to give in total, but they know they want to keep giving a certain amount each week, each month, etc., without having to complete a new donation form each time. This type of payment does not end like the Installment payment above. If the donor would like their recurring plan canceled, they will need to contact you to do so.