Note: This Knowledge Base Article is for Accrisoft Freedom Customers using New Finance.
To set up the options for payments to be made in Installments for Courses in the Programs Module, there is configuration information that need to be provided to Accrisoft for the technicians to enable the Installments option on the site.
The Configuration information required needed is:
1. The Name and Category of the Program.
This is needed as Installments can be customized on a Per-Program basis. Knowing the Name and Category of the Program allows for this customization.
2. The Installment Down Payment Amount
This is the Minimum Installment Down Payment Amount.
This can be left blank to allow for an optional down payment, where the customer provides the amount of the Down Payment.
3. Installment ‘End Days Before Course’
This is the number of days before the Course Start Date that the installment plan should end.
For example, a seven (7) here will have the installment plan end seven (7) days before the Course Start Date.
4. Installment Options:
Installments can be set up as:
- Only 'Twice' (two Installments)
- Only 'Monthly' (monthly Installments)
- Options to select either 'Twice' or 'Monthly'.
The dates on which the ‘Twice’ installments option occur are required to be:
One installment payment occurring on the day halfway to the earliest course start date (or the date determined by the ‘End Days Before Course’ date).
One installment the day before the earliest course start date (or the date determined by the ‘End Days Before Course’ date).
The dates on which the ‘Monthly’ installments option occur are required to be:
Installment on the first of the month starting after the order date
Installments on each subsequent first of the month until the earliest course start date (or the date determined by the ‘End Days Before Course’ date).
Regarding the 'Monthly' option:
If a user's registration using the Monthly option occurs on the first of the month, the first Installment will be charged immediately.
For example:
A user registers for a Course via the website using the Monthly Installment payment option on January 1st.
Upon registration, the payment schedule is set up so that installments are due on the first day of each month, including the month of registration, since it occurred on the first of the month.
Consequently, the user will be charged for the first installment on the same day they register, as it is January 1st.
5. Installments can not occur after the course has started.