RapidPay - Instalment Plans

10/11/2023
Knowledge

How To

Get paid on time by offering clients Instalment Plan options. Set up monthly or fortnightly instalments to take payment for future work, or to help clients pay off outstanding matter balances.

Watch the video below for information on how to set up an Instalment Plan.

How Does It Work?

Instalment plans are automatically available to all RapidPay clients for both office and trust accounting matters. Simply follow three steps:


Select the amount, frequency and period of the payment plan. Plans are available for Requested Trust Funds, Invoices or Statements.	To activate the service, your clients need to securely register either their bank account or credit card.	RapidPay deducts the agreed amount from your client and automatically records the transaction in LEAP.

Setting Up a Plan

Instalment Plans are available for:

Invoices
The total of all invoices on a matter
Trust Fund Requests

To set up a plan against an invoice, or the total of all invoices on a matter

Open the relevant matter and select the Office Accounting tab:
Ensure you have created the invoice(s), and set the status of the invoice(s) to Final - Printed/Sent;
Select the button;
You will be redirected to a browser containing the matter details;
You will notice that all outstanding invoices as well as the total of all outstanding invoices on the matter are displayed with the option to create a plan on the right-hand side of the screen.
If you have already set up a plan against an invoice the plan information will be displayed on the right-hand side of the screen. Simply click on the line item to populate the information.
Additionally, If you have set up a plan on this matter, the ‘all invoices total’ will deduct future instalments against invoices and generate a new balance due, ensuring you will not put the matter into a credit balance.
To create a plan against an invoice, simply selectagainst the relevant invoice;
Alternatively, if you would like to set up a plan against all outstanding invoices, selectagainst the ‘all invoices total’ balance on the bottom of the page;

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Click to edit heading

If you create a plan against 'all invoices total', the receipts will be automatically applied against the oldest invoice first.

You will then be prompted to enter/confirm:
- The plan amount;
- The plan start date;
- The number and frequency of the instalments (Note: this will automatically calculate the instalment amount for you);
- Enter the client name and email address;
- Select Submit

Click to edit heading

The plan start date is automatically set for 10 days from the creation date unless you specify otherwise.

An email will be automatically generated to you, confirming that a plan has been submitted, and;
An email will be automatically sent to your client, inviting them to enter their payment details to set up the plan.

To finalise the activation of the plan, your client needs to follow the steps outlined in the email that they receive. Refer to ‘registering your clients’ in this article to view the step-by-step instructions.

To set up a plan against a Trust Fund Request

Open the relevant matter and select the Trust Funds tab;
Ensure you have created and saved an Request Trust Funds on the matter;
Select the button;
You will be redirected to a browser containing the matter details;
To create a plan against a requested trust funds, simply select against the relevant statement;

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You will then be prompted to enter/confirm:
- The plan amount;
- The plan start date;
- The number and frequency of the instalments (Note: this will automatically calculate the instalment amount for you);
- Enter the client name and email address;
- Select Submit

Click to edit heading

The plan start date is automatically set for 10 days from the creation date unless you specify otherwise.

An email will be automatically generated to you, confirming that a plan has been submitted, and;
An email will be automatically sent to your client, inviting them to enter their payment details to set up the plan.

Registering Your Clients

Once you have submitted the plan in LEAP, both you and your client will receive an email.

To finalise the plan details, your client needs to select thebutton, directly from the email they have received;
The plan information that you have submitted will be populated for the client at which time they can review and confirm the terms of the plan;
Note your firm name and logo will be automatically displayed on this page, if you have not yet set up your billing logo in LEAP, please do so here.

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Your client will then be prompted to securely either their bank account, or credit card information;
If your client elects to use a credit card and you have elected to surcharge credit card merchant fees, the payer is notified of the credit card surcharge that will be applied to each transaction prior to accepting the terms and activating the plan (note no credit card surcharge is applied to plans linked to a bank account);

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Your client must then confirm that they have read, understood, and agreed to the terms and conditions, and select activate plan;
A confirmation that the plan has been set-up successfully will appear on screen and be automatically emailed to both you and your client.

There is nothing further that you or your client need to do. Each time an instalment is debited from your client, the funds will be deposited to your office or trust account on the 4th business day after the funds have been deducted from your client to reflect the direct debit clearance requirements, the applicable receipt created in LEAP, and automatically emailed to your client.

Managing Instalment Plans

To view the progress of an instalment plan:

Open the relevant matter and select the Office Accounting or Trust Funds tab;
Select the button;
You will be redirected to a browser containing a list of all invoices or trust funds request statements. Where there is a plan against an invoice or statement, click on the relevant line item and the payment plan information will be displayed on the right-hand side of the screen:

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To change the payment terms, you must cancel and create a new plan. Cancel the plan by selecting the Cancel Plan button and confirming the cancellation.
- Note, you cannot cancel a plan on the same day that a payment is deducted or if a transaction is pending settlement. If this occurs, please return 4 business days later to cancel the plan

Should you have any questions, please contact RapidPay at support@rapidpay.com.au.

FAQ's

How Much Does It Cost?

$1.85 (GST exclusive) per transaction receipted in LEAP
1.85% credit card surcharge for Visa, Mastercard, AMEX, or JCB
$5.00 (ex GST) dishonor fee

Can I Create a Single Plan Against Multiple Invoices?

You can create one plan against one invoice, or one plan against all invoices, however you can create a plan against all invoices and elect to receive less than the balance due via instalments. Simply edit the plan amount after selecting the create plan button.

Can I Create Multiple Payment Plans in One Matter?

Yes, you can create one payment plan per invoice or anticipated deposit statement.

I Have Elected for All Invoices to Be Settled to My Trust Account, Do Instalment Plans Follow the Same Rules?

Yes, if you have elected in LEAP for all invoices to be settled to your trust account, Instalment Plans against invoices will be settled and receipted to your trust account.

Which Member of the Firm Will Receive the Confirmation Emails?

The primary contact of your firm (elected when your firm set-up RapidPay). To update this, please contact RapidPay at support@rapidpay.com.au.

What Are the Minimum and Maximum Instalment Amounts?

No minimum instalment amount applies. A maximum of $10,000.00 per instalment, and $240,000.00 per instalment plan is applied.

How Long Can Instalment Plans Run For?

Instalment plans can run for 24 monthly instalments, or 48 fortnightly instalments.

What Happens If One of the Instalments Is Dishonored?

If an instalment is dishonored, RapidPay will automatically re-try to process the instalment 4 business days later. If this attempt fails, we will cancel the plan and advise you. Dishonor fees will apply.

Last Modified Date

10/11/2023 3:17 pm

Title

RapidPay - Instalment Plans

URL Name

Instalment-Plans

Resolution