With the launch of Payment Plans 1.2.0 you now are able to add an optional sign-up fee to a payment plan.
Follow these steps to add a sign-up fee to a payment plan:
- Select or Edit the product to which you want to apply it. A Payment Plans tab is visible at the bottom, as pictured below.
- Navigate to Product Data > Payment Plans.
- Navigate to Price, enter an amount for the Sign-up fee ($).
Note: The Sign-up fee ($) is the amount that will be charged at the outset of the payment plan. The sign-up fee will be charged immediately. The amount entered will represent the initial payment, as well as the remaining installment payments.
For example, let’s say you sell Golf Clubs for $600.
Your customers can have the option to pay for it over 3 installments every 30 days, as well as add a sign-up fee (for a total of $650), such as:
- Payment #1-Today (at the time of sale): $250.00
- Sign-Up Fee: $50.00
- Initial Payment: $200.00
- Payment #2-30 days later: $200.00
- Payment #3-60 days later: $200.00
- Payment #1-Today (at the time of sale): $180.00
- Sign-Up Fee: $80.00
- Initial Payment: $100.00
- Payment #2-30 days later: $100.00
- Payment #3-60 days later: $100.00
- Payment #4-90 days later: $100.00
- Payment #5-120 days later: $100.00
Please note that, in this example, the total price is $680 for the sake of simplicity, but you can modify the Regular price ($) and the Sign-up fee ($) fields based on your product’s price.