Creating an installment term allows you to sell high-priced non-subscription offering (NSO) products to your customers by allowing them to pay in installments. This gives customers the flexibility to choose a payment option that works best for them.
After creating an installment term, you must map that term to your NSO in order to generate an order against your account.
Creating an Installment Term
Getting Here: Click Products > Installment Terms
Press New to call up the following dialog:
Enter/select the following:
| Field | Description |
|---|---|
| Name (required) | Enter the name of your installment term. |
| Client Defined Identifier (required) | Accept the default name of your installment term or enter an identifier that conforms to your standard naming conventions and practices. |
| Description | Enter an installment term description. |
| Aligned Installment? (required) | Select Yes to align the installment with a Master Plan Instance (MPI), billable on an anniversary date, or No to create an independent installment with a separate bill date(s). |
For an aligned installment:
Enter/select the following:
| Field | Description |
|---|---|
| Term Period (required) | For installments aligned with master plan instances, this is the term period of the number of anniversary statements for which this installment should be included. |
| Lump Sum? | This is a one-time amount that will reduce the total installment to be spread over the course of the installment period. |
For an independent installment:
Enter/select the following:
| Field | Description |
|---|---|
| Term Period (required) | Select a number of Days, Weeks or Months from the dropdown list along with a numeric value designating the period in which to generate a statement for an independent installment (the tool tip should change from Aligned installment and Term Period after selecting independent, BTW). |
| Interval (required) | Enter the interval in which to generate a customer statement based on the Term Period selection (Days, Weeks, or Months). |
| When to notify? | Enter the number of days after the invoice date to notify the customer that payment for an independent installment is due. |
| When is installment due? | Enter the number of days after notification that an independent installment payment is due. |
| Lump Sum? | This is a one-time amount that will reduce the total installment to be spread over the course of the installment period. |
Mapping An Installment Term To Your NSO
Getting Here: Click Products > Non-Subscription Offerings > Installment Terms tab
Click the checkbox as shown to select an Installment Term from the grid of available terms for your NSO. You can now associate this NSO with its associated installment terms as part of a billable order for your customer.