At Doccle, we strive to make payments as simple and flexible as possible for our users. That’s why we’re introducing a new feature: payment plans. In this article, we explain what a payment plan is, how it works, and what the benefits are.
What is a payment plan?
A payment plan is a convenient way to pay a large amount in several installments. With a payment plan, you can divide a large amount into multiple installments, with each installment lasting one month. The number of installments determines the duration of the payment plan.
When can I pay with a payment plan?
If the company you receive an invoice from allows you to pay the amount in multiple payments and thus has enabled this functionality, you can activate a payment plan. So this will not be possible for every invoice and every company.
How does a payment plan work?
Step 1: Receive the invoice and choose options
As soon as you receive an invoice, you have the option to pay it immediately, schedule a payment for later, or activate a payment plan.
Step 2: Enter your email for updates
Enter your email address so we can keep you informed about the status of your payment plan and contact you if something goes wrong. We do not use your email address for any other purpose.
Step 3: Select the installments
Choose the number of installments to split your payment. You will receive an overview of the amount and the dates on which the amounts will be debited from your account. The first installment must be paid immediately to activate the payment plan.
Step 4: Make the first payment
Make the first payment. If everything went well, your payment plan is activated. After activation, the installments will be paid automatically on the specified dates.
Benefits of a payment plan
- Flexibility: You can spread large amounts over several months, reducing financial pressure.
- Convenience: The process is simple and quick, from activating to managing your payment plan.
- Transparency: You have a clear overview of what you need to pay and when, with no surprises.
- Security: Payments are made via Bancontact, a secure payment method.
Example scenario
Suppose you receive an invoice of 600 euros. Instead of paying the entire amount at once, you opt for a payment plan with four installments. The total amount is then divided by the number of installments resulting in €150 per installment. You pay the first installment immediately upon activating the payment plan. The remaining three installments of 150 euros are automatically debited from your account each month.
Special context of payment plans
When activating a payment plan, there are a few important things to know. First, you can only activate a payment plan with Bancontact, which ensures a secure payment. Each installment amount is limited to a maximum of €500 because of the technical limitations of Bancontact WIP. The number of installments you can select can vary by company up to a maximum of 12 installments. For example, some companies allow only 3 to 6.
Each installment lasts about one month. This means you make one payment each month until you pay off the full amount. You must pay the first installment right away to start the payment plan.
The amount you pay per month is always rounded to 2 decimal places. For example, if you pay an amount of €100 in four installments, this means €25 per month. If you pay €114.67 in three installments, you will pay €48.23 the first month and €48.22 the next two months.
If something goes wrong with a payment, the payment plan is stopped and therefore future installments will not be paid either. Thus, the invoice will be only partially paid. You then have to contact the company to settle the outstanding debt. Even if you want to cancel the payment plan, you have to contact that company afterwards. You will always be kept informed about the status of your payment plan, so you know exactly where you stand.
Canceling a payment plan
If you wish to cancel your payment plan, you can easily do so by opening the original link to the invoice and clicking on the ‘Cancel payment plan’ button. After confirming the cancellation, you need to contact the company that issued the invoice to settle the remaining debt. The company’s contact details can be easily found here.
Conclusion
Payment plans at Doccle offer a flexible and user-friendly way to pay large amounts in manageable installments. Whether you choose three, six, or twelve installments, you have control over your payments and can spread your financial burdens. Activate your payment plan today and experience the convenience of flexible payments with Doccle.