This article will guide you through setting up a Deferred Payment Plan, or Promise to Pay (PTP), options. This provides the customer an option during agreement write up to spread out the down payment over a series of payments. This is for membership packages.
1. Set Up Deferred Payment Rules
Navigate to Setup > Sales > Deferred Payments. Enter or adjust the following settings:
Minimum down payment required to set up deferred payments -This will be the minimum down payment amount required by the sales package being sold have the deferred payment option available.
Maximum number of days to pay Deferred Payments - How far out in the future you can spread out the deferred payments.
Minimum amount for each Deferred Payment -This is the minimum amount each deferred payment must be.
When you are done making changes, click on Update.
2. Using Deferred Payment in Agreement Write Up
On step 1 of agreement write up, if the down payment meets or exceeds the amount set under Deferred Payment Settings, a PTP (promise to pay) Option button will appear.
Enter in the number of payments to be made and the length of time to spread out the payments. The number of payments will show on the right side and will automatically be split equally. You can adjust the dollar amounts and dates of these payments if needed.
When you are done making changes click on Save Payment Plan.
3. Billing the Deferred Down Payment
Under the member Invoices list, you will see the deferred payments outlined in red indicating a down payment. These deferred down payments will be drafted automatically on the dates due, or must be paid by the member by other means.
Requirements - A 'Master Admin' login or a staff login with the following permissions.
- Writing Up New Agreements: Can defer down payment at write up