Did you know that PestaRoo supports AutoPay for Installments? This is great feature that can be key to bringing in new large ticket customers, plus it can be a great way manage your mid-winter cash flow challenges.
First, you are using Installments, Yes? Good. (If not, you should know that this feature is always live!) As you know, Installments can really help some of your customers. To set up any invoice to be paid via Installments, go to that Invoice on Invoice Info >> Installments. Over at left, set your variables for ‘Date of First Payment’, ‘Number of Installments’, and ‘Interest Rate’ (usually none). Then set your ‘Frequency’ and ‘Down Payment Amount’. Click “Build Installments”. PestaRoo will do all the math, including the final balloon payment. Most companies “Print Coupons” for their installment customers as a courtesy.
As you probably know, PestaRoo watches behind the scene and notifies you if any Installment payment is late. Look at the first button under the Live Statistics section on Home Page.
At this point you have Installments running and creating value for you. If you have one hundred invoices on Installments, that means you have an extra one hundred installment payments to post every month. This is where AutoPay helps out. Not only does it automatically charge their card each month, but it also posts the payment!
So, the last step, is to turn on Card Processing. Card Processing lets you take credit and debit cards over the phone. Plus, PestaRoo’s Card Processing can be used to AutoPay Installments on their exact due date! Customers love this feature. But, so will you because AutoPay also posts the payments at the same time. This is a huge time saver! And since the payment instantly go into the bank there is nothing you have to do. The installment payments do show up on their deposit in a separate section, allowing you to monitor their volume. Should a Customer’s designated card fail, you will be notified in the Live Statistics section on Home Page.
Once you have set up an Installment, and have Card Processing active. Click “AutoPay & Payments” from Invoice Installments to turn on AutoPay for that specific Invoice! Easy!
If you have not yet turned on Card Processing, it is pretty simple. You call your current Merchant Account holder and ask them to send you a VAR sheet. (A VAR sheet is a list of the various numbers and codes that designate your merchant account.) Then, send PestaRoo Support the VAR sheet and we will do the rest. PestaRoo’s Payment Gateway supports the vast majority of Merchant Account holders. So you get to keep your same Merchant Account. Only your Gateway changes to PestaRoo.
Now, back to Installments. How is it that they help with your cash flow? Most Installments tend to be set up in the summer, with 6-9 month terms. This almost always means that your installments payments will still be coming in during the slow months of Jan, Feb. and Mar. These payments will dramatically help you get through the slow months! And by also using AutoPay for those Installments you will also save a lot of time!