Setting Up Payment Plans in Invoices

When managing your own business, handling invoices becomes a routine task. If you’ve been working with an invoicing system for some time, you’re likely familiar with the basic process: listing your products or services, entering client information, and facilitating payment. However, to provide your clients with more flexibility while retaining control over the payments you receive, implementing Payment Plans can be highly effective. These plans allow you to accept smaller payments over time, with the system tracking and ensuring timely completion of the transaction.

Starting a New Invoice

1. Create an Invoice

• Go to the Invoices Tab within the Payments section and click on "+ New." 

2. Input Invoice Information

• Enter details for the client, product, and business as usual. Make sure to set the Due Date for the invoice, as payments cannot be scheduled beyond this date.

3. Define Payment Terms

• Click "Add Payment Schedule" to open a window where you can configure the payment plan details.

4. Select Payment Method

• Choose between Percentage or Fixed Amount. For plans involving three or more payments, click "Add Payment" to include additional fields.

5. Specify Payment Amounts and Deadlines

• Set the amounts and due dates for each payment. Ensure that the total equals 100% for Percentage or the full amount of the product for Fixed Amount.

6. Finalize the Payment Schedule

• Click "Add Schedule" to save your payment plan. The schedule will be visible on the invoice.

7. Send the Invoice

• Review the completed invoice and click "Send." Choose the delivery channels and then click "Send Invoice." 

For Your Clients

The invoice will show clients the details of their payment plan, including due dates for each installment. They can choose to pay each installment separately or group several payments together using the "Choose Payments" feature. 

By using Payment Plans, you can expedite the processing of mid to high-ticket items, minimize the need for payment reminders, and manage deposits and final payments all in one invoice.

Key Points to Remember

• Ensure you have a connected payment gateway before sending invoices to enable online transactions.

• Confirm the invoice's overall due date before setting up individual payment due dates to prevent system errors.

• Note that auto-pay is not available for scheduled payments, unlike Recurring Template Invoices.