This month, Chaser released a payment plan feature that allows users to create customised repayment plans and chase instalments for unpaid invoices, at intervals that they choose.
Large invoices often serve as a deterrent to customers clearing their balances quickly as they could struggle with cash flow themselves. With Chaser’s new payment plan feature, users can give their customers the chance to break up their invoices into smaller, easier to manage instalments and integrate them seamlessly with the automated reminders.
The payment frequency of the payment plan can be weekly, bi-weekly, monthly, and yearly and it will determine the due dates for each instalment. The amounts are automatically split evenly, but users can choose how to split them. After they have added a payment plan to an invoice, a 'Payment Plan' tab will appear on the Invoice page where they can view the details for that plan. This can be viewed by the customer and paid for instantly using Chaser’s Payment Portal.
How does it work?
To add a payment plan to an invoice within the Chaser application, users can navigate to the Receivables section and then onto the Invoices tab. Click on the 3 dots next to an invoice and choose 'Add payment plan' from the invoice options. Alternatively, from the Receivables section, navigate directly to the invoice page by clicking through an invoice and click the 'Add payment plan' button in the top right corner. This will bring up the payment plan editor, where they can set the start date, choose the frequency, and add how many instalments they want and the different amounts for each instalment.
The payment frequency of the payment plan can be weekly, bi-weekly, monthly, and yearly and it will determine the due dates for each instalment. The amounts are automatically split evenly, but you can choose to split them however you want. After you have added a payment plan to an invoice, a 'Payment plan' tab will appear on the Invoice page where you can view the details for that plan.
Users can chase payment plans the same way they would any other late payment.
After they have added the payment plan and provided the invoice is set to chasing, Chaser will automatically adjust the chasing to the instalment dates using the schedule the invoice is on. This takes place of the original due date, and Chaser will consider the instalment due dates instead.
If two or more instalments for the same invoice are overdue, Chaser adds the amounts together and considers the most overdue date, to determine which template to send (according to the schedule that the customer is on).
How can customers pay for an instalment?
Through Chaser’s Payment Portal, your customers can view their invoices and pay for instalments directly. Payments that are made through the payment portal are automatically marked as paid in your accounting software by Chaser and payments are posted into the relevant account that you specify in your payment portal settings on the Manage tab.
Alternatively, if your customer makes payment through other means, when you perform your bank reconciliation and a payment is allocated to the invoice, the payment instalment will be marked as paid in Chaser.