Manage Subscription Plans With Ease

A payment plan is an agreement between a business and their customers which allows them to pay for a product or service in small instalment payments over a period of time. These payments will often be ongoing for the duration of the contract, or until a total collection amount is met.

Payment plans can be easily created and managed within Ezypay with pre-defined payment instructions such as debit amount, frequency, payment method and terms of payment. Once set up, customers can sign up, and payment plans can be managed across a variety of devices – PC, mobile or tablet.

Payment plans work by splitting a large payment up into smaller instalment payments, or by collecting a certain amount on a regular basis for ongoing subscriptions. Once the payment terms are set, payments are then collected at the frequency and amount agreed upon by the customer.

After signing a customer up to a payment plan, Ezypay will collect payments based on the instructions set in the payment plan. For example, if the payment plan specifies $10 to be collected weekly, then Ezypay will debit the customer for $10 every week until the contract ends, or the desired collection amount is met.

Payment plans are generally set up by a business and can be created according to a preferred payment frequency and amount. These can be set up manually by requesting a payment at regular intervals, or through a recurring payment system to automatically debit the customer according to the payment plan.

A payment plan can be set up through Ezypay in a few easy steps. This quick process makes it simple to manage any number of customers and payment plans.

Whilst payment plans can be set up manually (by invoicing customers on a regular basis and creating a payment plan agreement), the best way to set up payment plans for your business is through a recurring payments platform. Simply use the platform to create payment plans and link them to customers for automatic collection of payments.

Ezypay enables payment plans to be created and assigned to customers easily. Bespoke plans can also be created for individual customers if custom payment terms are required.

A payment plan agreement is a contract that outlines the terms of the payment plan. You will need to include the details of the business and customer, as well as the agreed payment details. Next, specify the details of the payment plan including the final balance, debit amount, debit frequency, debit date and any further debit instructions. Finally, include the governing law and details for late payments and penalties the customer may face.

When using Ezypay, these details are automatically included in the online customer sign-up form and do not have to be created manually for each customer.