•Bundle or Event Payment Plan Set Date (Option 1)
•Bundle or Event Payment Plan Set Date (Option 2)
•Bundle or Event Payment Plan Relative Date
•Bundle or Event Payment Plan 'First Payment Date'
Enter topic text here.There are the main scenarios that can be addressed with payment plan configuration.
Donation Subscription
By configuring the 'Balance Due Date' as a future, relative date you enable customers to enter into a commitment to donate a total value over a set period of time (in contrast to set installments over an indefinite amount of time).
For example, if a payment plan is on-calendar several years in the future and the 'Balance Due Date' is set to +1Y (plus 1 year), when calculating 'Balance Due Date' for any item (other than events) the relative calculations are made from the date the order is created. If the order was created January 1, 2019, then the balance due date would be January 1, 2020.
If the payment plan has a Monthly 'Frequency' and the gift value is $1,200.00, then when the order is created the first payment (deposit) would be $100.00 and the resulting monthly payments would be $100.00 each over the next eleven months.
Bundle or Event Payment Plan Set Date (Option 1)
By configuring a set 'Balance Due Date', payment plans will be available to an online customers until at least one payment beyond the initial payment.
For example, if a payment plan is configured as:
•Monthly
•On-calendar for several years in the future
•'Balance Due Date' of July 31, 2024
And it is used to pay a bundle that:
•Is worth $700.00
•Has a first/earliest event 'Start Date' of March 1, 2024
When an order is created on December 31, 2024, the first payment (deposit) would be $100.00 and the resulting monthly payments would be $100.00 each over the next six months. the final payment would be on July 31, 2024, even though it is months after the event date
This combination of event 'Start Date' and 'Balance Due Date' can be turned around as well so that the final payment is due months before the event begins.
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Information A payment plan cannot be generated if an event 'Start Date' is in the past even if the 'Balance Due Date' is in the future. A payment plan cannot be generated if a 'Balance Due Date' is less than the 'Frequency' away (the payment plan is Monthly but the 'Balance Due Date' is two weeks away) because only the initial payment fits in the timeframe and no subsequent payments. |
Bundle or Event Payment Plan Set Date (Option 2)
By configuring a set 'Balance Due Date' with a set on-calendar date in the near future, you can generate a payment plan in conjunction with a bundle’s earliest event 'Start Date'.
For example, if the payment plan is configured as:
•Monthly
•On-calendar until April 30, 2024
•'Balance Due Date' of October 31, 2024
And is used to pay a bundle that:
•Has a first/earliest event 'Start Date' of May 31, 2024
•Has a last/latest event 'Start Date' of November 30, 2024
The bundle can be purchased using the payment plan until April 30, 2024, and if each show is around the same price by the date of the first show, customer will have already paid more than the value of that single event.
Bundle or Event Payment Plan Relative Date
By configuring a relative 'Balance Due Date' you can determine whether the balance is due before (or after) the first event date.
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Information A payment plan cannot be generated if a 'Balance Due Date' is less than the 'Frequency' away (the payment plan is Montly but the 'Balance Due Date' is two weeks away) because only the initial payment fits in the timeframe and no subsequent payments. |
For example, if the payment plan is configured as:
•Monthly
•'Balance Due Date' of -15D
And is used to pay a bundle that has a first/earliest event 'Start Date' of April 30, 2024.
The bundle can be purchased using the payment plan 1 month before the 'Balance Due Date' is calculated for. The 'Balance Due Date' would be April 15, 2024, but the latest that an initial payment and a single subsequent installment would fit in the timeline would be March 15, 2024.
Bundle or Event Payment Plan 'First Payment Date'
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Caution The 'First Payment Date' field is off by default. Navigate to the Registry - Registry::EN::Business Objects::TSpaymentPlansBO::Payment Plan::First Payment Date node to enable it. It is recommended for tokenized gateways only. This ensures that the first payment and credit card can be validated before the payment is scheduled. |
By configuring a 'First Payment Date' you can determine when customers will have to make their first payment. Without a 'First Payment Date' (or once the date has passed), customers will have to make their initial payments when they create their orders.
For example, if the payment plan is configured as:
•Monthly
•'First Payment Date' of July 1, 2024
•'Balance Due Date' of December 1, 2024
If a bundle is purchased before July 1 for $600.00, the first payment of $100.00 will be made on July 1. The subsequent $100.00 payments will be made on the first of every month until December 1.
If customers use the payment plan after the 'First Payment Date', they will need to make a payment when the order is created.
