Installments is an optional feature that gives families a choice to pay the registration in multiple installments.
To set up installments, go to the Catalog Menu and select Installments.
| Table of Contents |
|---|
...
Installment Page
From the Catalog / Installments menu, you will find a list of installments created for that season.
...
Complete the requested information:
Fields marked with an * are required
Title *: Add a name to your installment.
Initial payment (%) *: Enter the amount of the initial payment. This is the amount that will be charged at the time of registration.
Installments: Determine the number of installments you want. The number of installments does not include the initial payment, it is the number of installments you are offering as a payment plan for your registration.
Value (%): Based on the number of installments selected, the system will calculate the percentage for each installment. However, you have the option of changing the percentage entered. The % of installments needs to add up to 100%.
Date: Enter the date you would like to receive each installment.
...
Enter the % for the initial payment and decide on the number of payment. You can define the percentage (%) and dates for each installment that follows.
Example: Your registration is $500. #1
For this example we are going to set our registration fee at $500.
At the time of registration, you want to collect 50% of the registration fee, and you allow the rest to be divided into 2 equal payments.
Initial Payment - 50% = $250
Outstanding balance - 50% = $250
Installment #1 - 75% of the outstanding balance= $187.50
Installment #2 - 25% of the outstanding balance = $62.50
Example: #2
Initial Payment - 50% = $250
Outstanding balance - 50% = $250
Installment #1 - 50% of the outstanding balance= $125 - May 1
Installment #2 - 50% of the outstanding balance = $125 - June 1
The date of the registration is May 2, than the parent will have the following payment schedule
Initial payment = $375
June 1 = $125
FAQ’s
I set up 2 installments, why are families paying 3 times?
When you select 2 installments, think of them as future payments - the family will pay the initial payment plus the 2 installments.
Why did my family have to pay the initial payment amount and the first installment?
If a family registers after a date that an installment is due, the amount of the initial payment plus the installment will be charged at the time of registration.