Payment Plan

Posted about 2 years ago by Craig Dabdoub

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Craig Dabdoub

Is there a possible way to track a client payment plan on an original invoice?

Perhaps a client has been invoiced for 1,000 and collection was slow and you agree to collect a fixed amount each month of 200/month for five months. Currently I am not aware of a way to send a separate automatic invoice each month for the 200 that would apply against the orginal 1,000 owed. This is a very basic example and does not give consideration to an interest/finance charge component.

My initial thoughts are to maybe have another tab on the client>edit>billing tab beside the current standard and automatic payment tabs for a payment plan. This tab would allow a balance due to be entered and along with other necessary information: payment/invoice frequency, interest component, invoice template, etc. Maybe have a way to link it to an original engagement invoice that the payment plan would apply to. Then have an invoice template that would show the current months payment due and the total remaining balance remaining.

I'm not sure if it would be to complex given the amount of times users may utilize such a function but thank you for the consideration,

Craig

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Giovanna Zisopulos posted almost 2 years ago Admin

TPS Cloud Axis does not offer a payment plan at the moment, as banks and credit cards are the ones that typically handle 'payment plans.' Yet, we forwarded your suggestion to the partners to review if it's something that could be implemented as future improvements. However, TPS provides the option to send an automatic bill each month for the amount you want to receive from the client, and probably specify on the Paragraph description how the payments are divided, and the autobills will need be generated every month for that client/engagement. Once the client pays you could generate a payment receipt. Additionally, you could allow the client to do online payments, 'TPS Ultimate Subscription Plan' integrates with third-party online payment software such as Stripe, CPACharge, PayPal, or PayClix, for the client to pay as soon as they receive the invoice.

Another alternative is to use the TPS Client Portal, which allows the client to see the outstanding invoices, and process partial amounts of the invoice or the full payment.

Based on the example provided, here is how it could be done:

Go to the TPS Integrations menu, and select Configure. In the Payment section, you can integrate/enable your existing subscriptions with third-party online payment software like Stripe, CPACharge, and PayClix (TPS Ultimate Subscription plan required).
Customize an invoice template to include the online payment link for clients to pay online. (TPS Ultimate Subscription plan required).
In the Client Properties, go to the Billing tab and select Automatic Bill. Set up the auto bill with the template, set the amount you want to charge monthly, and specify the engagement and frequency.
Paragraph description example:

This invoice is for the monthly fee services provided from June to October 2023. The total amount is divided into five equal payments of $200 per month. The breakdown of payments is as follows:

1. June 2023: $200
2. July 2023: $200
3. August 2023: $200
4. September 2023: $200
5. October 2023: $200

Please ensure that the total amount of $1,000 is paid in five installments as specified above.
Navigate to Tools > Auto Bill set the invoice day, generate and create the invoice for the client.
Use the Print/Send Batch feature to send the invoice to the client in PDF, MS Word format, or through the Portal. (TPS Ultimate Subscription plan required for the Portal functionality).

Once the client receives the invoice, if you are using the online payment, they could click on the link to pay the invoice online, and as soon as the payment is processed, TPS will receive the information from the integrated third-party online payment software and automatically apply the payment to the corresponding account receivable transaction.

***The third-party online payment integrations and TPS Portal features are only available on our TPS Ultimate Subscription plan.***

An item that might be introduced in the future, is the ability to provide your clients an option to pay like a subscription where they formally agree to a fixed monthly fee that will be automatically charge to their credit card, much like your TPS Cloud Axis subscription works, where an automatic charge gets applied to the credit card. We do not have an ETA, but we do have it as a suggestion for future improvements.

Let us know if you have any additional questions.

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