Payment Plans from LDT allow you to offer flexible payment options to participants, making high-cost event participation more accessible.
Click here for a feature summary of Payment Plans from LDT.
Click here for a feature summary of Payment Plans from LDT.
Automatic Payment Handling: Payments will be deducted automatically from the participant's card on schedule. Funds will be send to your Stripe account when each instalment is paid.
Last possible payment date: define the final date that you wish to receive your final payment from a participant, guaranteeing all participants are paid up before your event. Payment Plans are removed from being offered 1 month before this date.
Dynamic # of monthly payments: As the last possible payment date approaches, we’ll reduce the number of monthly payments required to fit the available time.
Flexible Payment Options: Participants can choose to split payments into instalments, with one taken at the point of booking and the remaining three spread out monthly.
Payment Choices: Participants have the flexibility to either pay in full or opt for the instalment plan.
Equal Instalments: Payments are evenly split across the chosen duration, making it easier for participants to manage their finances.
Exclusions: Certain items such as third party payments, BTF licence/race pass and Refund Protect, will be paid in full in the first instalment rather than being split across multiple instalments.
Smart retries: Payments will be automatically attempted and retried if necessary, providing convenience and peace of mind to participants. If a participant fails a payment we will retry their card (which can be updated) up to 4 times before marking the participant’s entry as cancelled.
Email reminders & receipts: Participants receive a confirmation email, including the summary of the payment, and when to expect each subsequent payment. They also receive reminder emails several days before payment is collected.
Seamless Card Management: Changing card details is managed through a Stripe portal, allowing participants to update their information.
This guide explains how to set up Payment Plans effectively for your events.
Enabling Payment Plans
To activate Payment Plans for your event:
Log in to your dashboard and navigate to a specific event.
Navigate to Manage Event.
On the Event Details tab, you’ll find the Payment Plans option under Sales Options:
4. After enabling Payment Plans, you can choose to customise the plan settings.
1. Maximum number of monthly payments - by default, we recommend a maximum of 4 monthly payments. You can choose to increase this if you’d like to give the customers the option of smaller payments over a longer period of time.
2. Last possible payment date - by default, we recommend 1 month + 2 weeks before your event’s start date, to ensure all payment plans are completed before your event with enough time for retries.
5. Once Payment Plans are enabled, all tickets will show it as an option by default. You can choose to opt-out specific tickets from Payment Plans, for example on charity or application tickets. Navigate to the Tickets tab and select a ticket. Scroll down to the Payment Plans section and you can choose to opt the ticket out from displaying the Payment Plan option during checkout:
⚠️ Note: Certain items, such as 3rd party payments, BTF licence/race passes and Refund Protect, will be paid in full in the first instalment rather than being split across multiple instalments.
Participant Experience
Once Payment Plans are enabled:
During Checkout: Participants will see an option to choose Payment Plans for eligible tickets.
Selecting to pay in instalments: They can review the payment schedule and proceed with enrolment and first payment.
Email: Participants receive a confirmation email which includes the summary of the payment and informs them when to expect each subsequent payment to be made.
Automatic Payments: Payments will be deducted automatically from the participant's card on schedule.
Reminders: Participants will receive reminders before each instalment is due.
Card Management: Participants can manage and update card details via Stripe.
Managing Payment Plans
Once the payment plan has been enabled & participants have booked using a payment plan:
View: To find which of your participants are on payment plans, select the row of the participant and open up the the booking details modal. There you will find whether the participant is on a payment plan.
2. Financial reporting: In financial reporting you will be able to see financial information related to each paid instalment.
3. Cancelling a payment plan: To cancel a payment plan, you can either request this from the participant or head to the booking and mark the booking as cancelled. All subsequent payments will be cancelled. In order to refund the initial payment see below.
4. Refunding a booking: To refund a payment plan, select the booking & request a refund. include that you would like the payment plan amount to be refunded.
5. Transfers & deferrals: Bookings are not able to be transferred or deferred prior to the completion of a payment plan. If you wish to move a participant before the payment plan has been made you can:
1. Refund the booking & send an entry for the participant into a new event/ticket
2. Mark the booking with a note or as to be transferred & process the alteration to the booking after the payment has been completed
Dive deeper with Reports
Our Payment Plan Report gives you full visibility into your participants’ payment plan statuses. You’ll be able to monitor how much each participant has paid, track completed instalments, and view upcoming due dates.
With powerful filtering options, you can easily sort by event, see which payments are coming up next, and identify overdue or missed payments to stay on top of participants’ progress. This streamlined view not only simplifies customer service workflows by highlighting participants who may need assistance, but it also empowers you to forecast with greater accuracy, offering clear financial insights as your events approach.
Navigate to your dashboard. Click 'Data & Insights' and then 'Reports'. Here you'll find a tile for Payment Plans in the 'Operational' section:
FAQs
What happens when participants default on payment plans
When configuring payment plans, you can define the number of installments (up to four) that a booker can choose. You can also define a final payment date, with the number of instalments dynamically reducing to adjust to this.
Bookers will receive email confirmations and reminders for each payment, and failed payments will be automatically retried up to four times in the week following the initial failed payment. Once the payment is definitely failed, it will be marked as canceled on the LDT dashboard.
Is the LDT commission charged on each instalment as they come through?
Yes, commission is equally implemented across instalments.
When a booking is cancelled because payment has failed, are bookers refunded or do they get refunded for the amount paid up until that point?
This is for you to choose. If you want to refund, you can only refund the amount already paid, but this is not automatic. This is also addressed in the T&Cs template attached below.
Updating Terms & Conditions for Payment Plans
In order to seamlessly integrate Payment Plans into your event operations and ensure compliance, it's essential to update your Terms and Conditions (T&Cs). By including specific clauses related to Payment Plans, you can protect both your organization and participants. These updates will cover aspects such as payment schedules, participant obligations, and cancellation policies related to Payment Plans. Ensuring your T&Cs are aligned with the introduction of Payment Plans will not only provide clarity but also establish a solid foundation for the smooth processing of payments and mitigate potential risks.
See below for our suggested T&Cs for Payment Plans.