We have an exciting new feature to share with you today: Payment Plans!
Often we hear about scenarios where a customer has purchased a pricey good or service from a merchant. In order to be more accomodating, both parties might agree that the balance should be paid off over multiple payments instead of all at once.
With payment plans you can now keep track of these payment agreements within Invoiced. Invoiced will even collect the installment payments for you!
It’s fairly quick to set up a payment plan. In order to get started you need AutoPay enabled and an invoice with an outstanding balance. Then you just open the invoice in the dashboard and click More > Add Payment Plan. Next, you would enter in the agreed upon installment schedule.
The included calculator handles many common payment plan scenarios. Or, if your schedule is not uniform, you can enter in the installments manually, each with a custom date and amount.
Once you’ve set up the payment plan, you would then send the invoice over to your customer for approval. When they click Pay they will see the payment plan instead of the normal payment screen.
Once the payment plan is approved, Invoiced will handle the rest.
You can read the Payment Plans Guide to learn more about the capabilities of payment plans and how to use them.
We would like to thank everyone that contributed feedback during the beta period. We look forward to hearing further feedback as more businesses are able to take advantage of this nifty feature.