At Mygocu, we understand that financial stability is essential for efficient operations. That’s why we’ve developed the Payment Milestone Calendar feature, also known as Payment in Installments.
This tool allows planners to create a personalized payment schedule for each experience, ensuring optimal management of client payments and facilitating compliance with supplier deadlines.
What is the Payment Milestone Calendar, and why is it useful?
The Payment Milestone Calendar allows the total amount of a reservation to be divided into several installments, which the customer can pay in an orderly manner. This provides multiple advantages for both the planner and the client:
Financial stability: Guarantees regular income to cover payments to suppliers and other operating expenses.
Personalized flexibility: Allows unlimited payment milestones, adapting to the needs of each experience.
Process automation: Depending on the payment processor, the client will either be automatically charged on the due dates or notified to make the payment manually.
How does the Payment Milestone Calendar work?
The feature is designed to be easy to configure and manage. Here’s how it works:
1. Configuring the payment schedule
From the experience’s details, you can access the Payments and Installments section.
Here, you can:
Define milestones: Set as many payment dates as needed.
Assign amounts: Decide whether the client will pay a fixed amount (e.g., €100) or a percentage of the total reservation for each milestone.
Set deadlines: Determine the date by which each milestone must be paid.
Important Note: The final milestone is always calculated automatically to charge the client the remaining balance of their reservation. This ensures there are no discrepancies between the configured milestones and the total amount due.
Example Payment Schedule:
Payment 1: €100 before 12/24/2024.
Payment 2: 25% of the total before 01/15/2025.
Payment 3: 40% of the total before 02/17/2025.
Payment 4 (final): Remaining balance before 03/20/2025.
2. Automatic or manual payments
Depending on the selected payment processor:
Stripe: The system automatically charges the client the amount due on the deadline.
Other processors: The client must log in to their profile to make the payment manually.
3. Customer-facing view
During the reservation process, clients can see their detailed payment schedule. They will have the option to:
Pay the total reservation amount in one payment.
Split the payment according to the defined milestones.
Each milestone includes the amount to be paid and the due date, helping clients manage their budget effectively.
Advantages of the Payment Milestone Calendar
Simplifies payment management: Organizes collections in a structured way, benefiting both planners and clients.
Enhances the client experience: Offers flexibility to pay in installments, adapting to their needs.
Ensures regular income: Defined milestones allow planners to anticipate and cover operating costs with greater certainty.
Automation and efficiency: Reduces operational workload by automating charges (if using Stripe) or notifying clients of pending payments.
Full control: You can adjust or modify the milestones anytime from the experience’s payment section.
Tips
Set strategic dates: Ensure milestones align with critical moments when you need to cover important payments to suppliers.
Clearly inform clients: Provide all payment schedule details during the reservation process to avoid confusion.
Use Stripe for convenience: Automating charges ensures you don’t rely on clients remembering to make their payments.
Analyze your needs: Adjust the number of milestones and their amounts based on the total cost of the experience and the level of flexibility you want to offer clients
Conclusion
The Payment Milestone Calendar in Mygocu is an essential tool for organizing client payments and ensuring the financial stability of your operations. Customizable and easy to manage, this feature not only helps structure your income but also improves the client experience by offering flexibility and clarity during the reservation process.
Start using the Payment Milestone Calendar in your experiences and take your travel financial management to the next level!