Included in this Article
Summary
There are two types of Payment Plans available in a Client Portal: Recurring Payments and AutoPay.
A Recurring Payment Plan refers to a series of payments that are scheduled in a Client Portal for a specific client account.
- Recurring payments are not tied to a specific invoice, but rather are tied to a specific client account.
- Recurring payments are on a frequency determined by the client (or firm) during the setup of the recurring payment plan.
- When a recurring payment is made, your payment export file publishes this type of payment as a "payment without an invoice". Therefore you will need to manually reconcile these payments towards any outstanding invoice the recurring payment may be intended to pay off, if applicable.
AutoPay allows Clients to create their own parameters to automatically pay one or more of their outstanding invoices with their chosen payment method on a monthly basis. Unlike a recurring payment, AutoPay are payments that tie specifically to one or more posted invoices, and only process on a monthly basis.
Both types of payment plans can be set up by clients themselves, or can be set up or edited by the firm on the client's behalf.
All payment plans active in any client portal can be viewed across your client base from the Firm Portal under Payments > Payment Plans.
The processing fees you have set for your client credit card payments are set by default but can be adjusted specifically for AutoPay and Recurring Payments as well. For example, if you wish to absorb credit card fees for clients using these features but not one-off transactions, this can be configured. To do so, please submit a ticket to support@aiwyn.ai for assistance.
Recurring Payments
- Create a new Recurring Payment Plan for a Client
- Modify or Skip a Single Recurring Payment
- Recurring Payments Manager
- Recurring Payment Plan Emails
AutoPay
Unlike Recurring Payments, AutoPay is a payment specifically towards one or more of the Client's Invoices as they're posted by the Firm. As such, it would replace any Recurring Payment(s) and only one AutoPay plan is needed per Client Account. Furthermore, if a Client has AutoPay, they will be excluded from receiving Smart Statement reminders.
During Implementation, we will ask that you choose your firm-wide Buffer Days (e.g. 5, 7, or 9 days), which will determine the number of days before AutoPay processes that the client will receive their AutoPay reminder email.
Please review the AutoPay article for a full breakdown of how to setup AutoPay, how it works, and other FAQs.
Up Next: Appendix: Configuration Options