"Payment Terms" allow you to define your organizational policies about how you're willing to accept payment.
Adding a New Set of Payment Terms
Sign in to "SportsEngine HQ."
Once in "SportsEngine HQ," click on the Financials tab, then choose Payment Terms.
In the top-right corner, click Add Payment Terms.
Enter a name that describes your payment policy (Ex: "Regular Season Fees").
Enter a description of your policy (optional).
Choose the number of installments.
Click Customize to change the percent owed per installment (they are equal by default).
Set the installment window (the window of time between the due date of each installment).
Customizing Installment Percentages
Custom installment percentages allow you to vary the percentage owed per installment. You can create scenarios where payments increase or decrease over time, whatever meets your needs.
From the Add Payment Terms window, under Installments, click Customize.
Set each installment to a percentage of the total. Make sure all installments add up to 100% of the cost.
Installment amounts are set as percentages so that the Payment Terms can be applied to any sale regardless of the amount.
If you wish to switch back to the default, click Use Default.
There are three options for settings the window of time between installments:
Every # of days: Installment due dates will be spaced out by the chosen number of days, calculated from the day each invoice is sent/order is placed.
The # of each month: Payment installments will be due monthly on the chosen day of each month, starting with the first day after the invoice is sent/order is placed.
Specific Dates: Installments will be due on specific dates. When utilizing these payment terms, you'll input the exact dates you want to use. Different dates can be set per invoice group or registration.
"Upfront Payment" refers to the amount due upon initial checkout.
Payment terms determine the amounts and due dates of payment plan installments, but the amount of the upfront payments is determined by the sale items. For each sale item, you'll specify how much of that item's price is due upfront. When an invoice is sent/ordered, the upfront payment amount is calculated by adding the amount due from all items on the sale. Then the remaining balance will be split amongst all installments as specified by the payment terms.
When sending a non-itemized invoice, and no sale items are involved, you have the option to enter a custom upfront payment amount.
Multiple Payment Terms
When creating a new sale through Invoicing or Registration, up to three different payment terms can be applied as options for customers to enroll in. Customers are always given the option to pay the entire balance in full at checkout.