In this article you will learn: How to create and manage your installment plans
Quick Start:
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Select member
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Submenu item <> Finance / Installment Plans </>
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Create an installment plan or edit an installment plan
General
If your members want to spread their payments over a longer period of time, you can set up payment agreements, such as installment plans, for your members and also manage them at the same time.
How do I create an installment plan?
There is a Finances / Installment Plans menu item on the member under which a member's agreements can be managed. There you can create, view or manage a new installment plan.
To create a new installment plan, select “Create installment plan” in the top right-hand corner.
The dialog for creating an installment plan consists of two steps. In the first step, you can select any number of receivables to be included in the installment plan.
In the second step, you can adjust various settings for the installment plan:
- Installment rate: Here you specify the amount you want to pay for the installments. If you change the amount, as many installments are automatically created until the total amount is paid off.
- Duration: With this entry, you set how long the installment plan should run. The system automatically adjusts the installments for the specified period.
- Standard due date: You can enter the date on which the installments are due here. The frequency here is on a monthly basis. If installments are not only due monthly, you can specify the date of the individual installments yourself under “Customize installment plan”.
- Customize installment plan: If you select this option, you can set both the date and the contribution for each individual installment.
- Individual start date: If you do not specify an “individual start date” yourself or enter a specific date under “Customize installment plan”, the installments will fall due on the next “standard due date” that you have entered.
As soon as you are finished with the settings, complete the installment plan by clicking “Create” and “Send as letter” if you want to send a letter.
To create a new installment plan, select “Create installment plan” in the top right. The dialog for creating an installment plan consists of two steps. In the first step, you can select as many claims as you want to be part of the installment plan. In the second step, you can adjust the term of the installment plan. The system currently offers the choice of terms of 1, 3, 6, 12, 18 or 24 months. The system automatically calculates the amount of the individual installments and displays them in a preview. The default due date determines which day of the month each installment is due.
Installment payments can either be collected directly by direct debit or paid by bank transfer. For customers with a direct debit payment method and valid payment information, the individual installments are automatically collected according to the installment plan. For referrers, the payment period specified in the reminder system for this payment type applies from the due date.
A document is generated for the installment plan, the template of which can be adjusted as required. These installment plan documents can be sent to the member by e-mail or email as an attachment immediately after they have been created as confirmation.
How to manage your rate plans
Once the rate plan is created, it will appear in a member's Rate Plans section. Here you can also see the status of the plan (Created, Active, Canceled or Completed), how many of the installments have already been paid and also how much of the total amount is still outstanding. Of course, you can re-download, send or cancel installment plans. To see more details about the installment plan, simply click on the relevant installment plan.
In the detail view of the installment plan, you can see which employee created the installment plan and when, what amount has already been paid and what is still open. In addition, the original claims are listed here, and the agreed installment plan is shown with the individual installments and their due dates. Here, too, you can use the menu at the top right to send the installment plan again as a letter or email, download the agreement or cancel it.
An installment plan can also be created via the context menu in the member account. You can also see here whether a claim is part of an installment plan. From this view, you can also use the three-point menu on the right-hand side of a claim to get to the detail view of an installment plan. If you want to cancel a claim that is part of an installment plan, you must first cancel the installment plan. The individual claims can then be canceled as usual in the member account.