Manage Partial Payment Installments from Stores
Partial payment allows customers (distributors or stores) to pay a portion of the total bill in installments. Payments are made until the total amount is fully paid before the specified date.
Why Offer Partial Payments?
To maintain cash flow, partial payments are common in the market. Salesmen or collectors who come to the store to collect invoices are often faced with a situation where the shop owner is only able to pay part of the amount of the bill. So that the collector has to come again at a later time to collect the remaining payment.
There are also cases where a portion of the payment is required in advance as collateral for completing the payment. For example the service and construction industries. Construction work is usually lengthy and often requires the purchase of materials and equipment early in the project. Therefore, customers are usually charged in advance and the remaining payment will be paid when the work is fully completed.
How to Manage Partial Payment Processes?
However, processing partial payments is not as straightforward as agreeing to a schedule for recurring payments. Many problems arise when a customer pays a bill through a series of payments. One of them is that it’s easy to lose track of how many unpaid bills.
Collecting payments from customers can be a difficult process without an effective invoicing system. If done without a mature strategy it can cause problems such as negative cash flow for the company.
Partial Payment Collection feature in Advotics DMS
The Partial Payment feature in the DMS Advotics Invoice module can help companies follow up on invoices automatically, from tracking partial payments, matching each payment with the appropriate invoice, to sending notifications on deadline dates.
- Bill customers exactly according to the agreed schedule, specifications, and prices
- Control the installment plan/payment plan flexibly according to company needs
- Send notifications/reminders starting from a reminder of installments before due dates
- Salesmen can define the type of payment for the bill (full or partial payment) via the application. Then enter the nominal payment received and the date of the next payment.