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Answered
Can installments be set up in the payment term?
Michael Zanetti
asked this on August 25, 2011 11:38 pm
Is it possible to create an installment method payment term whereby customers first pay deposit when they book, and subsequently make payment as installment by month? This installment is calculated by dividing the total balance with months before wedding date.
Comments
Yes, you can do this in T3.
"installment by month" -- not exactly, not the way you are thinking -- it is a feature we want to implement at some point (it is in the development queue). It's not an issue to do 1 - 3 payments, if you add more than that it because a little tricky.
2 Payments would be setup as retainer, 50% of remaining balance, 100% of remaining balance
3 Payments would be setup as retainer, 33% of remaining balance, 50% of remaining balance, 100% of remaining balance.
We want to make this much easier for studios to implement.
Until it's implemented by Tave, you can do the math manually. Determine the first month's percentage by dividing 1 by the total number of months they'll pay over (we'll call it m. Then, determine the percentage for each following month by subtracting 1 from each value of m.
So, the first month's percentage will be 1/m, the second month would be 1/(m-1), the third month would be 1/(m-2), etc.
Let's say your client will pay over 6 months. Your percentages would be 1/6 (16.7%), 1/5 (20%), 1/4 (25%), 1/3 (33.3%), 1/2 (50%), and remainder.
I should add: Thank you, Jason, for working on implementing this to make it much more streamlined. The manual method is still a hack, and it will be nice to have it as a feature.