Recurring Payment Plan Option: Entity Definition
MEMBERSHIP --- DUES CYCLES --- SELECT DUES CYCLE --- DUES SCHEDULES -- SELECT DUES SCHEDULE --- DUES OPTIONS -- SELECT DUES OPTION --- RECURRING PAYMENT PLANS
Description: Defines possible payment plans to choose from. It defines the Pay Period and the Number of Payments, as well as the Convenience Fee for choosing the particular Plan Option.
Use: The Recurring Payment Plan Option can be tied to Dues Options, so that when a Dues Option is chosen, any of the related Recurring Payment Plan Options may be chosen as the payment method.
- Name - The name of the Recurring Payment Plan Option (ex: Monthly or Quarterly).
- Number of Payments - The number of payments the customer will make over the designated time period. For example, if the Dues Option is for 1 year, and this is a monthly Recurring Payment Plan Option, this number would be 12.
- Pay Period - A link to the Pay Period Code that tells the payment processor how often to take what amount of funds from the customer account. The Pay Period Code will depend upon the payment processor. Ex: a Monthly pay period may have a Pay Period Code of MONT.
- Convenience Fee - You have the option of charging a convenience fee for recurring payments. This field is a lookup to the product for that fee.
- Convenience Fee Plan Timing - This field determines when the convenience fee would be charged.
- Not Eligible - Select this option if the entirety of the convenience fee should be charged at the time of application/renewal and not as part of a recurring payment.
- First Payment - Select this option if the entirety of the convenience fee should be charged in the first of the recurring payments.
- Split - Select this option if the convenience fee should be distributed equally among the recurring payments. Any remainder will be charged as part of the first payment.
- Buffer - Number of Buffer Units (e.g., Days, Weeks, Months, etc.) to charge the payment before the start date, for subsequent payments. For example, if a member starts a Monthly Payment Plan with a 2 day buffer on 2/20, s/he pays the immediate fees on 2/20, and the next charges on 3/18, 4/18, etc. This allows for a scenario in which so that the payment will be automatically attempted on 3/18, then on 3/19 again if it fails, then on 3/20 again if that fails.
- Buffer Units - The units of time corresponding to the Buffer field. The formula is: [customer's membership expiration date] - [Buffer number of Buffer Units] = [day of month the funds are withdrawn].
For example, if:
The Buffer field is 5
The Buffer Units is Days,
The customer's membership expiration date is 4/15/2015,
Then the funds will be taken from a customer's account on the 10th of every month.
- Prepay First Payment - If Yes, the customer will be prompted to pay the first of the recurring payments at the time of initial membership application or membership renewal. If No, the first recurring payment will automatically be deducted from the customer's bank account on the day determined by the formula above.