Pensight Pro allows you to offer an instalment payment plan as a payment option to your clients.
If you're looking for integrations with Klarna and Affirm, see this post
Payment plans are often used by high-ticket coaches to increase affordability of their services and reach a wider audience who is still committed to pay but does not have ability to pay the full amount in advance. Payment Plans are like limited time subscriptions, they offer more flexibility in pricing which you can offer globally, but you don't get paid the full amount in advance. If your'e looking to get paid in advance while giving an opportunity for clients to pay in instalments, you can use our Klarna and Affirm integrations.
When you create a payment plan you set a few things:
- Total price - how much the product costs when you add up all instalments
- Number of instalments - number of instalment payments the total sum will be split to
- Payment period - how frequently the payment will be taken
Once you set these parameters you will see the individual instalment calculated and show in small print.
When a user purchases a product from your they will be charged the first instalment immediately. The rest of the instalments will be charged automatically at the end of each period. You will receive each instalment amount one by one as successful payments from your clients come in.
If an instalment payment fails (e.g. insufficient funds, or expired card), we attempt the charge multiple times over a period of a week and immediately inform you about it. You can then reach out to your client and decide how to proceed or to stop the service.
