Learn how to create flexible payment plans, add discounts and interest rates. Plus, how to use them in quotes and sales.
Who can use this feature?
👤 Available to everyone
🏁 Available on all plans
Whenever a student buys a course, they may also be purchasing insurance, accommodation, etc. If you want to bundle all the services and provide a simple payment plan schedule for the student to pay, you can use this feature to help you.
In the example above, we are giving the student 3 options: pay in 6 installments, 10, and 12 installments. The longer the payment plan (number of installments) the more interest rate is applied. Edvisor calculates automatically how much the student would have to pay on each option.
Here are some important concepts that are an important part of our Payment Plan functionality:
- One payment: When a payment plan is "One payment" it's the same as if the student would pay the total of all services, courses, insurance, etc. in just one payment.
- Fixed payments: When a payment plan is "Fixed payments", you can define how many installments the student will pay for all courses, services, insurance, etc. and Edvisor will calculate the amount for each payment for you.
- Flexible payments: This option works very similarly to the "Fixed payments" option, but allows you to give the student multiple options of payments plan. For example, you can give them the option of paying in 6, 12, and 24 payments. You can also add a different interest rate per option.
- Interest rate: Interest rate can be applied in the "Flexible payments" option, and allows Edvisor to calculate for you the interest that should apply on each payment plan option.
Payment plan templates
To learn how to add Payment plan templates, check this article.
Adding payment plan to quotes
To learn how to add payment plans to quotes, check this article.