Payment Plans

Agreements are a fundamental building block for a strong chapter. They set a precedent that your organization has policies, and to be a member; they must abide by those policies.

Note: Charges must be assigned to the member before a payment plan is signed, or the system will not have charges to read. If charges are not invoiced to members before they sign their payment plan, the plan will not work correctly.

There are two types of Payment Plans:

  1. Percentage-Based

  2. Set Amount

Percentage-Based Payment Plans

This option takes breaks the balance at signing into installments. The member pays a percentage of the principal balance (current balance) for each installment. The benefit of this option is that you can create one plan and assign it to multiple members, and no matter what their balance is, everyone agrees to the same installments and due dates.

Example:
25% - due 2/15/YYYY
25% - due 3/15/YYYY
25% - due 4/15/YYYY
25% - due 5/15/YYYY

Example: 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 amount of the installments is calculated based on their current balance on the date they sign the plan.

Caution: The current balance does not include pending charges, so you must ensure all charges are invoiced before the member signs.

Set Amount Payment Plans

This option is broken down into installments with a set dollar amount for each due date.

Example:
$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

Note: This type of plan can be limiting if you have multiple members with different balances. The plan only covers the amounts broken down in the payment plan. In the example above, if a member's balance exceeds $400.00, the rest of their balance will be added to their 1st installment.

You can create a custom plan for each member(s) with set payment amounts.

Tips:

  • "Active" Payment Plans - Only one active payment plan can be assigned to a member's account.

  • Members can only sign one payment plan at a time. The last installment of a member's current payment plan must pass before a new one can be assigned to them.

  • Editing Payment Plans - Once a payment plan is signed, you can no longer edit it. To edit the payment plan, you must either create a new version or contact re:Members Choice Finance Support to remove all of the signatures on the existing plan.

  • Removing Payment Plans - If you need to remove a signed payment plan from a member's account, reach out to re:Members Choice Finance Support to un-assign the payment plan (support@greekbill.com).

  • Paying Off Plans Early - members can always choose to pay off their plan sooner than the plan outlines. However, if a member has enabled payment plan autopay, autopay will still process on the installment dates until the member's total balance is $0. If members have payment plan autopay enabled, they shouldn't make proactive payments to avoid being double-charged.

Additional Payment Plan Features

  • Disable Pay on Your Own - this option forces the member to set up autopay when signing the plan. Autopay will then run on the agreed-upon installment dates. If the member sets up payment plan autopay, they cannot delete their payment information - they can only substitute it for another payment method. If they need to extend or alter their plan, you must deactivate the current plan and assign them a new one. Contact re:Members Choice Finance Support (support@greekbill.com) to make this request.

  • Mandatory Payment Plan - this option requires the member to sign the plan to access the rest of their re:Members Choice Finance account. When the member logs in, the payment plan is the first and only page they see. They cannot see their account or make a payment until they sign the payment plan. If they click "Cancel" or "Done" without signing the plan, re:Members Choice Finance logs them out of their account.

  • Hide After the First Due Date - This is an accountability feature. If the member does not sign the plan by the first due date, it disappears from the member's account, and they lose the ability to sign that specific payment plan. If you select this feature and later decide to allow a member to join a payment plan, you must create a new payment plan with a later start date and assign it to the member's account.