New Product Update: Invoices – Payment Plans Are Now Live!
We are excited to announce a new capability to add payment plans to invoices.
What’s New?
- Installment Splitting: Users can now split their invoices into payment plan installments.
- Flexible Splitting Options: A split can be made both on a percentage basis as well as an amount basis.
- Detailed Installment Information: Each split carries with it a due date and payment status of that split. Notifications will be sent on the split’s due date reminding users to pay their installment (if not paid already).
- Predefined Payment Splits: Payments can be done only in predefined splits, and users can choose to pay one or more installments at a go. An invoice will be marked as paid once all installments are completed.
How to Use
- Add Payment Schedule to an Invoice:
- Set Up Payment Terms:
Configure the payment terms with a percentage or fixed amount and send it.
- View Payment Plan on Invoice:
The user will view the invoice with the ability to see the plan on the invoice.
- Make Payments:
The user can then pay the invoice and have an option to either select that payment schedule value or add other schedules as well by clicking on a checkbox.
Why This Feature?
This feature addresses a major use case: For medium to large ticket invoices, we have often received requests from users who want to pay their invoices in installments. While we already have partial payment options that give control to the payer of the invoice, this new feature places control in the hands of the payee regarding the installment size for which the invoice should be paid.
In Case You Missed It: Improved Customizability and Default Pages for Enhanced User Experience
