Payment Plans and payment schedules are available on contracts for schools with and without our Billing Module. However, there's some important differences for our Billing Customers, which include:
All payment plan's are based off of Net Tuition by default.
All payment plans must have a schedule for Billing to work. An error will display in the payment plans page if a schedule is missing.
The due date of payment plan schedules is based off the Billing Date.
Multiple payment plan schedules can be setup to support mid-year enrollment and rolling enrollment.
IMPORTANT: For schools that are not setup with our Billing Module, click here to learn about payment plans and schedules with your current setup.
Payment Plan Columns and Actions
Within Settings-->Financial-->Payment Plans, you can view/manage the following:
Term/School Year Picker: Select the term/school year you wish to view data for from the drop down menu.
Add a new payment plan: This option allows you to create a new payment plan.
Active?: This indicates if the payment plan is an available option on the contract/registration form.
Canonical Name: This is the name of the payment plan used on the back-end of the system.
Default?: This indicates if a payment plan option is selected by default on the contract.
No. of payments: The number of payments assigned to the payment plan, which can range from 1 payment up to 12 payments.
Has Associated Fee: This means there's a fee charged for choosing this payment plan.
Has Schedule: This indicates if you have a payment schedule setup. IMPORTANT: each payment plan must have a schedule setup in order for billing to work.
Last Edit: The date the last edit was made.
Edit History: Click on the 'view recent changes' link to see details of up to the last 5 changes to the payment plan.
Edit: Click here to edit the details of the payment plan.
Delete: Click here to delete the payment plan.
Setting up Payment Plans
When you click 'edit' along the far right, you’ll see the following payment plan details:
Name: The name of the payment plan.
Number of payments: The number of payments defines the payment schedule available for the parent to choose.
Payment Plan Schedules
Schedules are used to create billing installments on contract submit. Each schedule allows you to set the number of payments, the percentage due for each payment, and the months that they are due. The due date of those schedules is determined in the Billing setup page (Settings --> Financial-- > Billing Setup). Click here to learn more and to set the billing date.
Add New Schedule: This allows you to add a new payment plan schedule with a start month/year and to set the percentage amount due per payment. We support multiple schedules to support mid-year enrollment and rolling enrollment.
Multiple Schedules: To enroll kids mid-year or after the start date of your payment plans, you can add multiple schedules within a 10 month schedule for 9 months, 8 months, 7 months, etc. Just click on 'add new schedule' and setup the start months later in the cycle. Applicants that enroll past the start date of the 10 month plan, can still select this plan later on in the cycle and their payments will adjust automatically.
Edit Payment Plan: Click on the pencil along the right (displayed above) to edit the schedule details. You can also delete a payment plan schedule by clicking on the trashcan. Within the edit view you can manage the following:
Number of payments assigned to the plan.
Schedule: Set the start month, year and percentage amount for each payment. Once you set the first schedule, the remaining schedules will auto-fill. You can always overwrite any of the schedule details as needed.
Explanation: This is the text the parent sees on the contract while selecting and reviewing payment plan options.
Contractual Text: This is the text the parent sees on the contract while selecting and reviewing payment plan options, such as, “We agree to enroll in the payment plan option and will pay our balance by “X” date.”
Confirmation Text: This is the text the parent sees on the contract while selecting and reviewing payment plan options, such as “I have signed up for the tuition plan program using the link above.”
Contract Fees (if payment is selected): This is an optional amount due if this particular payment plan option is selected. The fee is defined on the Contract Fee page and can be a fixed amount or percentage due. The payment plan fee can be defined on a per plan basis. Please note, payment plan fees are displayed in Stripe as an "Application Fee" (we unfortunately cannot change this description) in the payment details section as a "service_fee" in the metadata section. Click here to see the Stripe view.
Business Rule: The business rule defines when the payment plan is offered to parents. For example, some schools only allow payment plans for domestic students or students receiving financial aid. This can be created and updated by SchoolAdmin Support.
Default?: The default options defines whether this option is selected by default when a parent views a contract.
Active?: This indicates if this payment plan is active.
Save: Click here to save your changes and exit this screen.
Apply: Click here to apply your changes and refresh the edit window.
Pay In Full Plan
This payment plan allows tuition and additional fees to be due at the time of signing
First you will need to create a new payment plan and name it. On the second field for "Number of Payments" choose "Due Immediately". Type in an explanation and fill out any other fields that you would like your payers to see when choosing this plan. Then select if you would want this plan to be active or not and then hit save.
On the contract, if someone chooses this plan, they will not see a deposit line item, like they would on any other payment plan. Instead they will see their "Total After Payment" amount show $0.
This payment plan does not work if you do not collect deposit.