Below is an overview of how the Monthly and Custom Payment Plans work in Korrio. If you are interested in using the Minimal Payment Plan, see the Minimal Payment Plan Help Guide.
PLEASE NOTE: These payment options are only available with Authorize.net. If you currently have PayPal, we would suggest upgrading to Authorize.net in order to offer these additional payment features. Additionally, there is an additional cost in Authorize.net to enable these features.
MONTHLY PAYMENT PLANS
Establish Monthly Payment Plan structure. Monthly Payment Plans consist of the following settings:
- Initial Payment: the specific down payment amount that is required at the time of registration
- Remaining Months: the additional number of months that the remaining fee is divided
- Service Fee: an amount that is added to each transaction as an additional charge
30% down payment, 5 additional months, $6 service fee, $2,000 season registration fee, parent elects to give $200 donation
- Initial Payment: $660
- Monthly Payment: $308 for the next 5 months. (Each monthly payment comes out in 30 day increments from their initial payment.)
CUSTOM PAYMENT PLANS
Establish Custom Payment Plan structure. Custom Payment Plans consist of the following settings:
- Service Fee for Each Payment: an amount that is added to each transaction as an additional charge
- Payments: To add additional Payments, select 'Add Payment'. We currently allow up to 6 payment dates.
- Name - This is the Transaction name that will display on the Member's Transaction information
- Amount - This is the amount that will be taken out
- Date - This is the date that the designated amount will be charged to the Member's credit card.
1. Add a service fee to pay for additional transaction fees. Your payment vendor charges a fee for each transaction that they process. Please verify your respective fees and incorporate this fee within your selected service fee amount.
2. Select an initial payment and monthly/custom installments that supports your Organization’s cash flow needs. It is best to select a payment plan structure where monthly/custom payments conclude prior to the end of your season. This allows your Organization to better implement the collections process.