How to accept installment payments?
Installment payment, also known as "Buy now, pay later", is a payment method that allows merchants to sell their products to customers who wish to pay in multiple installments. This option enables your business to receive the full payment immediately, while your customer pays only a portion or nothing at all at the time of purchase. The process is 100% automated. Payment collection and invoice status change are done automatically.
Several installment payment solutions are supported by our invoicing software, Toolcie, including:
- Afterpay / Clearpay
Note that "Buy now, pay later" methods offered are only supported for consumers and not for businesses.
How it works
The customer receives the invoice and fills in their information online. Once the payment is made, the customer is notified by email, and a notification is sent to the business.
How to activate this payment method
Here are the steps to activate "Buy now, pay later" on Toolcie:
- Add or modify your current payment method from your invoice in edit mode.
- Enable the "Online Payment" mode.
- This setting is also available from the main menu "Settings > Payment methods".
- When activated, you will need to sign in or create an account with Stripe, our payment partner.
- Once your Stripe account is connected, you can activate the desired payment method, such as Klarna, Afterpay, through your Stripe account.
How to send the invoice to the customer
Once the payment method is updated, you can send the invoice to the customer via email through the application. The email will contain the direct link for online payment. You can also retrieve this payment link by sharing the invoice or copying the link displayed in the invoice under the "Payment Information" section.
How to verify that the payment method is activated
If the Stripe payment method is properly configured and activated, you should see the "Pay" button.