Understanding Payment Plan Software: A Comprehensive Guide

What Is Payment Plan Software?

It helps businesses offer and manage installment-based payment arrangements. With this excellent solution, you transform your payment process. 

It provides complete control over creating payment plans that suit your customers' needs.  Thus, you help your customers pay for your services in smaller amounts. 

What's More?

Credee is for businesses from all industries

Its admin management dashboard lets you track all the payment plans you have created. Additionally, you can access comprehensive payment data from a central location. 

It provides insights about the amounts collected and the remaining balance to give you a clear picture. 

Moreover, you can adjust the billing schedule to allow early repayments or extend existing payment plans as needed. Credee handles all the related administrative tasks, so you can focus on growing your business.

Will Offering Payment Plans Using Credee Help My Business Grow?

Payment plan management software like Credee can help unlock your business's potential in the following ways:

1. Boost Sales

When you offer flexible payment options, people are more likely to choose your services. As a result, you can improve your customer conversion rate while boosting loyalty.

2. Recurring Payments

The customers make payments in installments, so your business can have consistent cash flow. Also, Credee offers protected payment plans. You won’t have to worry anymore. 

3. Gain A Competitive Edge

Offering payment plans helps differentiate you from your competitors. And with Credee’s no credit check policy and 97% approval rate, you can sell to more customers and watch your business grow.

4. Efficiency And Time-Saving

By automating the payment process, you can eliminate many manual tasks. Hence it reduces administrative burden and frees up your time for other crucial business operations.

5. Financial Reporting

The software also creates detailed reports with a clear overview of all your payments. It helps you make informed financial decisions and optimize your revenue streams.

How Do Credee Payment Plans Work?

Credee allows you to create flexible payment plans in just a few simple steps. Here's how it works:

1. Payment Plan Setup

The software allows you to customize payment plans based on your customers' needs. You can set the number of installments, the frequency of payments, and other terms. 

2. Automated Billing And Invoicing

Once the payment plan is ready, the software automates the billing and invoicing. It sends a payment link to your customers so they can pay from anywhere. Also, it generates and sends regular payment reminders to customers. 

3. Payment Processing

The software uses a secure payment gateway (such as Stripe) for a seamless experience. Your customers can pay in installments using credit cards, debit cards, or bank transfers.

4. Tracking And Reporting

The software keeps you informed of the status of your account receivables. You can use it to view reports of each contract, paid payments, and pending amounts at any time from anywhere.  

5. Compliance And Security

Credee ensures complete compliance with industry regulations regarding data protection and privacy laws. It prioritizes safeguarding sensitive payment data.

Are Payment Plans Different From Buy Now, Pay Later?

Payment plans and BNPL work differently in the following ways:

1. Flexibility:

Payment plans offer greater flexibility in payment options. With Credee, you have full control over payment plans, so you can adjust them to meet your customers' unique needs. 

But, Buy Now, Pay Later (BNPL) companies have their own terms and conditions for your customers. 

2. Cost Saving:

With BNPL, you receive payments instantly, but you also need to pay a hefty fee to the company. By offering payment plans, you can avoid the potentially high fees BNPL companies charge on every transaction.

However, you don’t need to pay any fee for creating payment plans with Credee once you get the subscription. 

3. Customer Relationship:

You have full authority over the payment plan transactions and can maintain a direct relationship with your customers. However, when you use BNPL services, the BNPL company maintains a relationship with the customer.  

4. Duration:

Buy Now, Pay Later is a short-term patient financing solution. But, payment plans allow customers to pay off the money in feasible installments. For example, you can set up any duration for your customers, ranging from 6 months to 12, 15, 18, and so on.

Who Uses Credee To Create And Manage Payment Plans?

As inflation and the cost of living increase, businesses that make their services affordable for their customers are thriving. Thousands of businesses already use Credee. 

For example, hospitals usually provide ongoing medical treatments that can be pretty expensive. Many patients delay getting the care they need until their condition gets serious. Ergo, many healthcare providers use Credee to offer affordable healthcare payment plans. It makes their services more easily accessible to their patients. 

Credee has also been benefiting a range of businesses from different industries.

What Are The Features Of Credee For Managing Payment Plans?

Here are the powerful features of Credee that can help you manage payment plans with ease:

You can view all the payment plan-related reports from the dashboard. These offer insights into top-performing plans and collected revenue.

The software automatically keeps track of every plan. It updates the information as you receive payments. You can also use it to view payment history and other info.  You won't need to worry about following up with customers individually.

Its automated reminders feature sends notifications to your customers to encourage them to pay on time and reduce the risk of missed/failed payments.

The payment plan management software also allows customers to update payment information. For example, they can request you to move the due date up or repay early with one click.

Its CredeeBill feature can help you save time spent on bad debt recovery. Automating AR with Credee saves you from the risk of not getting paid or jeopardizing your business-customer relationship.

Credee works as an all-in-one flexible patient financing. It supports both ongoing plans and one-time payments. Thus, you have a unified platform for all payment types.

The software generates easy-to-use payment links, so your customers won't need technical help.

Final Thoughts

In conclusion, integrating the payment plan software Credee can greatly benefit your business. Offering convenient payment plans can help you boost sales, ensure consistent cash flow, gain a competitive edge, and enjoy many other benefits. 

Also, it comes with various powerful features to streamline your payment plan management process. So, don't miss out on the opportunity to grow your business – try Credee today!