The term length is used when you have a contract or a plan that would renew after a certain number of payments.
Common uses for Term:
1 year Paid in Full. The billing Period would be Once a Year and the Term would be 1 payment.
8 month contract that bills monthly: Billing Period: Monthly and Term: 8 payments
3 months Paid in Full: Billing Period: Every 3 Months and Term: 1 payment
6 month contract with 2 installments that doesn't autorenew: Billing Period: Every 6 months and Term: 2 payments. Uncheck "Automatically Renews"
Pro-Tips:
If you have a contract that you want to auto-renew at the end of the contract then check the box "Automatically Renews" box, otherwise uncheck it if you want the contract plan to cancel at the end of the contract/billing period.
If you have a membership plan that is only one month and doesn't auto-renew, it's best to set it up as an Attendance Pack
For all monthly billing that bills until the member cancels, do not set a term. Leave "term" blank.