Set up a payment plan

Chaser’s Payment Plans allow you to offer your customers the option to pay via payment instalments.

Last updated: October 03, 2024

Chaser’s Payment Plans allow you to offer your customers the option to pay via payment instalments. Ideally, all customers would pay on time without needing additional help. However, sometimes, offering a payment plan can be the difference between good and bad debt.

Managing a payment plan can be arduous and painstaking when working out of spreadsheets. But now, with Chaser, you can easily add a payment plan to an invoice, and Chaser will take care of the chasing for you. Customers can even pay for the individual instalments through Chaser emails via the Payment Portal.

Add a payment plan

Add a payment plan to an invoice:

• Navigate to the Receivables tab, or a specific customer page and then to the Invoices tab. Click on the three dots next to an invoice and choose 'Add payment plan' from the invoice options.

This will bring up the payment plan editor, where you can set the start date, choose the frequency, and add the number of instalments you want and the different amounts for each instalment.

The payment frequency of the payment plan can be weekly, bi-weekly, monthly, and yearly, and the due dates for each instalment will be determined.

The amounts are automatically split evenly, but you can choose to split them however you want. When you edit the instalments individually, the last unedited instalment will be locked to make the correct total.

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.

Chasing a payment plan

When chasing a payment plan, the schedule and placeholders consider the invoice due date, not the instalment dates. However, the amounts chased will always reflect the instalments paid.

Because of this, we recommend you create specific schedules and templates for payment plans or use Chase Now to chase instalments.

The excess is taken from the next instalment if a customer pays more than an instalment. If a customer pays less than the instalment, the instalment is automatically updated with the remaining amount.

How can customers pay for an instalment?

Through Chaser'sChaser's Payment Portal, your customers can view their invoices and pay for instalments through Chaser invoice reminders. Payments made through the payment portal are automatically marked as paid in your accounting software by Chaser, and payments are posted to the relevant account that you specify in your payment portal settings on the Manage tab.

Alternatively, if your customer makes payment through another means when you perform your bank reconciliation and payment is allocated to the invoice, the payment instalment will be marked as paid in Chaser.

Cancelling a payment plan 

To cancel a payment plan, you can do this in two ways: 

• Navigate to the Receivables tab and then to the Invoices tab. Click on the three dots next to the invoice for which you would like to cancel the payment plan and choose ''Cancel payment plan'' from the invoice options.

• Alternatively, navigate directly to the invoice page from the Receivables tab by clicking through an invoice, the Payment Plan tab (next to the History), and the Cancel button in the bottom right.

View all invoices on a payment plan

Easily see which invoices have a payment plan enabled by navigating to the Receivables tab invoice page and filtering on the payment plan option

Invoice total

It's not possible to change the invoice total. If the invoice total requires an adjustment, this must be altered in your accounting system, and then synced to Chaser.