Keep your cashflow strong with struggling customers with PencilPay’s payment plans.
Why Setup a Payment Plan?
You may have customers that have fallen behind in payment and you still want to trade with them.
Payment Plans with PencilPay allow you to batch up a bunch of overdue invoices for a customer and enter them into a daily, weekly or monthly payment plan over a recurring time period of your choice.
Once your customer is set up in a payment plan you can continue trading with the customer on a pre-paid or shorter trading term like 7 days, for example.
This allows you to safely and securely increase the collection dollar amount from your Customers as well as helping them grow.
Offering a payment plan also Incentivises customers to purchase through upfront payment plans.
How does it work?
Simply log into your PencilPay account and go to the “Invoices” menu inside of your PencilPay dashboard. Then search for either your customer or invoice number you want to put into the payment plan. Then under “Actions” click on the “Payment Plan” icon.
You will see a popup where you can then select multiple other invoices that this customer has overdue to put them into the one payment plan.
Follow the remaining steps by selecting the initial amount you want upfront, the recurring frequency you want to take payment and for how many additional payments. Select if you want to on charge the transaction fees or absorb.
PencilPay will automatically calculate the upfront amount and the recurring payments for you, then Review and send or complete the payment plan if they are already signed up.