Create payment plans
You can create two kinds of payment plans in Collections:
| Plan Type | Description |
|---|---|
| Simple calculation | The account pays a different amount on a recurring basis - you specify the instalment amount |
| Annuity calculation | The account pays the same amount on a recurring basis - the system calculates the instalment based on the interest rate and number of payment terms |
Steps
- Select Accounts and then find the relevant account.
- On the account record, scroll down to Overview outstanding documents.
- Select the documents you want to add to the payment plan.
- Select Payment plan.
- Select a calculation type: simple or annuity calculation.
- Complete the payment plan form: Simple calculation plan:
- (Optional) Enable costs and/or interest.
- Select a redemption term: weekly, monthly, bimonthly, or quarterly.
- Select a start date.
- Enter the instalment amount.
- (Optional) Enable costs.
- Enter an interest rate.
- Select a redemption term: weekly, monthly, bimonthly, or quarterly.
- Select a start date.
- Select a first payment date.
- Enter the number of payment terms.
- Select Generate a payment plan.
- Review the proposed payment plan. For simple calculation plans, you can manually adjust payment dates, amounts, and instalments.
- (Optional) Select Send email to notify the account contact:
- Enter the email addresses of all recipients.
- Select a template and template language.
- Use the Visible documents dropdown to show all documents, only changed documents, or only selected documents.
- Select Change mail to preview the email or make manual adjustments.
- Select Save payment plan.
The payment plan is now active. Documents in the plan are moved to Payment plan status on the account record.
After Creating a Payment Plan
Documents in a payment plan do not follow normal collection procedures - you must monitor them daily to intervene quickly when a payment is late. Use the Broken payment plans tracking list on the Worksheet to identify which accounts have broken their payment plans.
Troubleshooting
Once a payment plan is saved, you cannot change the redemption amounts or due dates. You must delete the plan and recreate it to change these attributes. See Edit or Delete Payment Plans for instructions.
Related Articles
- Edit or Delete Payment Plans
- Allocate Payments to Payment Plans
- Send Payment Plans to Accounts
- About Document Statuses
- Change Document Status
- Review Tracking Lists
Need Help?
If a payment plan is not appearing on the account record after saving, confirm that the documents were selected before generating the plan. Contact the Billtrust Support team for further assistance.