Configuring Payment plans using Recurring Payments
Overview
Managing fee collection effectively is crucial for any institution, and structured payment plans simplify this process by breaking down total fees into scheduled installments. The Recurring Payments feature automates this process, enabling institutions to set customized amounts, due dates, and fee breakups for each student. This ensures timely payments while providing students with a clear, organized schedule, enhancing both efficiency and the overall fee management experience.
How to Configure Payment Plans?
Follow these steps to set up a recurring payment plan for your students/applicants:
Step 1: Navigate to Payment Plan Settings
- Go to Global Settings and click on "Payment Plan".
- Click on "Add New Payment Plan" to create a customized installment plan for students/applicants.
Step 2: Enter Payment Plan Details
Fill in the following details to define the plan:
- Payment Plan Name: Enter a clear and easily understandable name for the plan (e.g., Semester Plan, Quarterly Plan) to identify its purpose. This name identifies and differentiates the payment plan and helps in organizing the fee structure and payment schedules for easy reference and management.
- Maximum Number of Installments: Define the maximum number of installments permitted for the selected payment plan.
- Payment Plan Status: You can enable your plan to make it active and available for use, so it can be applied seamlessly to the relevant applicants.
Step 3: Save & Manage the Plan
- Click Submit to save the payment plan.
- Once created, you can edit, delete, enable, or disable the plan at any time as per your needs.
Conclusion
With the help of this article, you can now configure and automate recurring payment plans effortlessly in Collexo, ensuring a structured, transparent, and student-centric fee collection experience. This not only simplifies fee tracking for your institutions but also enhances convenience for students by offering timely and manageable installments tailored to their needs.
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