Payment Plans and Split Pay are a great way to offer high end products and services in a way that makes them affordable to your buyers by breaking the total price down into 2 or more payments.
Split Pay is simply a payment plan with only two payments (as you are offering to split the payment into two halves).
Payment plans generally have more than 2 payments. The most common setup is at least 3 or 4 payments, and then after the 4th payment is successful then the payments stop. This is different than a subscription because recurring payments typically end only after the subscription is cancelled either by you the seller, or by the customer
Note: At this time, only seller can cancel these with OptimizeCheckouts but we do plan too offer more ways to handle this if you want to have your clients cancel their own recurring payments.
How to setup Payment Plans (and Split Pay) in OptimizeCheckouts:
Here is a step by step walkthrough:
By now you are probably familiar with how to edit or create a product in OptimizeCheckouts. So all you have to do is login to your WordPress admin and follow these steps:
1) Click on “OptimizeCheckouts” and then “Products”
2) Then click “edit” next to the product you want to add a payment plan option to, or create a new product
3) Click on “Pricing Information” and then click on “Add new plan”
4) Choose a name for your plan, select “Payment Plan” for the dropdown under “Type”, and then set the amount of each payment under “Price”
5) Select how many payments you would like the payment plan (or split pay) to have:
6) Notice in the screenshot above that you can also see in the blue highlighted box an explanation of how your setup will work. You can also setup a Trial period and a setup Price. Below, you’ll see that I have setup a 30 day trial with a $1,000 setup fee – this won’t be included in the number of payments because the payment plan only starts after the trial, but this is a good way to setup something where the buyer pays a higher fee up front, and then splits the rest of the payments over the time period and number of payments you setup.
If you get confused about what you are setting up just refer to blue box to see what it says and you should have a great idea from there what you are doing with the pricing setup.
7) Now when you go to your checkout page, you would just select the payment plan as the product like you see here:
8) When someone visits your sales page, the payment plan will be broke down for them above the payment button like you see here:
Order Summary is what they pay today
Future Payments are what they will pay in the future.
If no trial period is setup then it would just show the Future Amount there and not “Payment starting in xx days”
Well that wraps up what setting up a payment plan is like. If you need further help just reach out to us in support and we’ll be happy to guide you further.