Flexible payments made for the different ways you do business
In today’s ever-evolving business landscape, it’s all about adapting your payment strategies to match your unique approach. And, of course, making life easier for your valued customers. We understand the importance of offering flexible payment solutions, and now, we’ve simplified the process of creating well-structured Payment Plans, putting you in control from the start.
The challenge of managing recurring payments
Managing instalment payments has been a complex challenge for accounting teams, and it meant relying on spreadsheets and manual processes, which brought about these issues:
- Time-consuming: Manual methods involve creating complex spreadsheet formulas, checking calendars, and watching over each payment. It eats up your precious time and slows things down.
- Error-prone: Manual methods are prone to errors, leading to disputes and longer payment cycles.
But what if there’s a way to do away with all the complicated spreadsheets and the hassle of keeping track of dates?
Meet Payment Plans: A smarter way to manage instalment payments
Payment Plans makes your life simpler when it comes to setting up and managing instalment and subscription payments. You’re in control – customise payment structures and schedules to fit your needs, and watch as the system instantly handles the calculations for you. Plus, by securing Direct Debit Authorization (DDA) upfront, your payments roll in automatically, ensuring you get paid right on time.
Now, creating flexible payment plans is easier than ever. It’s all about saving you time and delivering an outstanding experience for your customers.
Manage recurring payments with ease
Get paid faster
Flexible options minimise unpaid invoices With a DDA in place, instalments are automatically collected, ensuring you receive payments on time.
Instalment payments, your way
Customise payment plans to match your business and delight customers. Whether it’s instalments or subscription-based plans in schedules that fit your needs– the choice is yours!
Time savings from start to finish
Our system crunches the numbers as you customise. Customers receive automatic notifications, and auto-reconciliation takes care of settled balances—it’s all automated and effortless!
There’s more to love in Payment Plans
Payment Plans works within ezyCollect’s automated accounts receivable platform, providing you with an ecosystem of tools and functionalities that make managing instalment payments (and your cash flow!) a whole lot better.
Take charge of your cash flow
Apply Payment Plans at the invoice or customer level. This control enables you to optimise your accounts receivables in a way that works best for your business.
Get valuable insights into payment trends
Payment Schedule Reporting functionality provides insights into scheduled payments – what’s on the horizon, what’s smooth sailing, and what might need a nudge so you can shape payment strategies with confidence.
Automate your reconciliation
With Payment Writeback*, instalment payments for invoices are automatically reconciled as soon as the complete balance is settled, freeing up your time and resources.
*(available for select ERPs)
Breeze through setbacks
Ensuring a seamless recovery process is crucial when instalment payments encounter a hiccup. Collect Now functionality collects failed instalments in just a click of a button, swiftly bringing the plan back to balance.
How does Payment Plans work?
Here’s what you can do with Payment Plans
Here are some use cases when customising instalments will come in handy for your business
Instalment-based invoice settlements
Provide instalment options for customers struggling to make their payment on time.
Collect recurring payments from customers for as long as they’re subscribed to your product or services.
Annual commitments paid over time
Let customers pay over time for annual contracts or memberships.
Credit line to customers
Payment Plans lets you collect instalment payments from customer loans not tied to an invoice.
Instalment plans with deposit
Collect an initial deposit followed by succeeding instalments as part of a customer’s payment plan.
Collect payments throughout the duration of a project or contract with a final amount due upon delivery or completion.
Get started with Payment Plans today
Take the complexity out of managing instalment and subscription payments and offer your customers a hassle-free experience. Speak with our payments experts to learn more about Payment Plan options for your business.