Agreements are a fundamental building block to a strong chapter. They set the precedent that your organization has policies, and to be a member; they must abide by those. Additionally, they clearly outline any expectations for the member and the chapter.
Payment Plans:
You can create Payment Plans for members within greekbill. If your organization does not have a standard payment plan for members, you can create a simple one within greekbill. These can be as simple as one sentence to document the commitment from the member attempting to make payments on balances owed.
We have two payment plans: 1. Percentage Based or 2. Set Amount
Percentage-based plan: This option takes the current balance when the contract is signed and breaks it into installments. The member pays a percentage of the principal for each installment. The benefit of this payment plan option is that you can create one plan and assign it to multiple accounts, and no matter their balance, everyone agrees to the same amount of installments and the exact due date. Someone with a $500.00 balance vs. a $100.00 balance will pay more per installment.
EX: Percentage-based plan:
25% - due 2/15/YYYY
25% - due 3/15/YYYY
25% - due 4/15/YYYY
25% - due 5/15/YYYY
Member A.) with a $500.00 balance, will pay $125.00 per month
Member B.) with a $100.00 balance, will pay $25.00 per month
The entire amount included in the payment plan will need to be added AND invoiced.
NOTE:
- The CURRENT BALANCE breaks down the installments, and they are a set amount based upon the invoiced amount due at signing.
- If a member makes a payment before signing, it will break down the amount at the moment of signing to establish the payment amount.
- The CURRENT BALANCE does NOT include PENDING charges, so you must ensure all charges are invoiced before the member signs.
Set Amount Payment Plan: This plan is broken down into installments with a set dollar amount for each due date. In this plan, the charges do not have to be invoiced when the contract is signed.
Ex: Set Amount based plan:
$100.00 - due 2/15/YYYY
$100.00 - due 3/15/YYYY
$100.00 - due 4/15/YYYY
$100.00 - due 5/15/YYYY
Total $400.00
This is limiting if you have multiple members with different balances. The plan will ONLY cover the amounts broken down in the payment plan. So in the example above, if a member's balance exceeds $400.00, the rest of the balance will be added to the 1st installment. However, you can create a custom plan for each member with set payment amounts.
HELPFUL TIPS:
- Active Payment Plans - Only one active payment plan is assigned to a member's account.
- Editing Payment Plans - Once a payment plan is signed, you can no longer edit that version. To edit the contract, you must create a new version and assign it to the member.
- Removing Payment Plans - If you need to remove a signed payment plan, reach out to your greekbill rep to un-assign the payment plan.
- Paying Off Plans Early - Members can always choose to pay off their plan sooner than the plan outlines. Greekbill will always process payments.
Features you can assign to the Payment Plan:
Disable Pay on Your Own - The member can’t accept the plan unless they agree to Auto Pay and put in their payment method information. This will automatically deduct from the payment method on file on the scheduled due date, and the agreed-upon amount based on the payment plan contract the member signed.
If the member sets up their payment plan with this feature, they can not delete their payment information, only substitute it for another payment method. If they need to extend their plan, you will need to deactivate the current plan and assign them a new one. To un-assign a payment plan, you need to reach out to your greekbill rep.
Mandatory Payment Plan - When the member logs in, this is the first and only page they see. They cannot see their account or make a payment until they agree to the terms of the payment plan. If they click 'Cancel' or 'Done,' it will log them out of the account.
Hide After the First Due Date - Once the first due date passes, the member no longer has the option to sign a payment plan. The contract will disappear from the member's account after the first due date if this feature is selected.
If you select this feature and later decide to allow a member to join a payment plan, you will need to create a new version of the payment plan with a later start date and assign it to the member's account.