Automatic Payments

[kpriertd]

Is there any way to set up an automatic payment schedule for clients?

[Kelly]

Yes! We just came out with a new feature to our Invoicing Software that allows your to set up recurring payment invoices to be automatically sent to your customers! 

Check out our Product Updates for more information on our newest features! 

[KSL]

Is there a way for a customer to pay for an invoice over a period of time?

Let's say that I sell 5 items that total $10,000. But it's too much for the customer to pay in full, so they want to create a payment plan -- let's say once per month for 10 months for simplicity.

Can I set up a recurring payment plan to automatically charge their credit card $1,000 every month, which goes toward their $10,000 invoice?

[Chad]

Hello @KSL! 

This is possible, you would just need to create a Recurring Invoice series to occur 10 times. You would make the item amount for $1,000 dollars and after the tenth payment the series would end automatically. 

If you still have questions please let me know! 😀

[KSL]

Thanks, @Chad!

My understanding is that the recurring invoice sends the same invoice to my customer like a subscription would. Let me give a specific example, so that I can get more clarity on whether it is possible.

Let's say that my customer orders the following:

1. Burger - $800
2. Fries - $100
3. Drink - $100

Total - $1,000

My customer says, that's too expensive. So, I offer a payment plan where they pay $100 now, and then $100 every month for the next 9 months. They get to have their food now, but they can pay for it over time.

From what I understand with the recurring invoices feature, I would be able to charge my customer $1,000 every month, in which case they'd end up with 10 burgers, 10 fries, and ten drinks. This is not what I want.

A simpler version of what I'm looking for is to accept a deposit or retainer, and then the customer can pay the balance at a later date.

Thanks!

[Chad]

Hey @KSL, so on your end it would look like you sold ten items to this customer.It doesn't necessarily mean you have to provide the customer with 10 versions of the product. You could even create an item listed as payment installments for an item so you can track the number of payments without it effecting your inventory

We do have another option called Square Installments that's avalible if you live in California, Colorado, Florida, New Jersey, New York, and Virginia. 

Square Installments allows your customer to finance an their purchases on Square invoices between $250 and $10,000 dollars. 

If you live in an approved area and are interested let me know! I can have a Capital Team member reach out to you.