Spread an amount over daily, weekly or monthly payments, share one link with whoever is paying, and watch every payment arrive. Works from your dashboard, with no website needed.
An installment plan is a repayment plan for one person: for example a borrower paying back a loan, or a member paying thrift contributions. You choose the amount, how often they pay and the interest (or none). We keep track of every payment, remind your customer, and tell you who is paid up and who is late.
Before you start
- You need an account. If you do not have one, create it here.
- Open Take Payments and fill in your business name and type. Going live also needs your email address and phone number to be verified there. If you only want to try things first, use test mode (below): no real money moves.
Create a plan
- Open Take payments in your dashboard, choose the Take installment payments tab and press New plan. (Choose Test at the top right if you want to practise first.)
- Enter your customer's name. Add their email and phone number so they get reminders (the phone number is used for WhatsApp reminders).
- Enter the amount and the number of payments, then the date of the first payment.
- Choose how often: daily, weekly or monthly. Use the gap box for every 2 weeks, every 3 days and so on.
- Choose the interest. You can have none, a share of the amount once, a share every period, or a reducing balance. How interest works.
- Decide who pays our small charge on each payment: you (it is kept from what you receive) or your customer (it is added on top of each payment and shown to them). About the charge.
- Look at the preview. It lists every date and amount, how much of each is interest, and the total. Press Create plan.
- Press the plan, then Copy link, and send that link to your customer on WhatsApp, SMS or email.
What your customer sees and does
The link opens their own page with their schedule, what they have paid and what is left. They can pay any amount, any time, by bank card, bank transfer or USSD. Whatever they pay clears their oldest unpaid payment first. If they pay less than a payment, we record it, the payment shows as part-paid, and it stays open until the rest arrives. If they pay more, the extra goes on to the next payment.
- Example: a payment is ₦10,000. They pay ₦5,000, then ₦4,000, then ₦3,000. The first payment shows ₦5,000 paid and ₦5,000 left, then ₦1,000 left, then it is cleared and the last ₦2,000 goes to the next payment.
- They can tick a box to save their card, so their next payments are taken automatically. Automatic card payments.
- You can give a person their own bank account number to pay into: tick the box when you create the plan. Transfers to it are added to their plan automatically.
Money you receive in cash
Open the plan and use Record money you received. Enter the amount (and a note if you like). It is applied to the oldest unpaid payment the same way.
Your money
Money paid into plans shows in your balance straight away, and can be withdrawn 24 hours later. When you can withdraw.
Reminders and tracking
- Your customer is reminded the day before, on the day, and when a payment is 3 days late (email, and on WhatsApp if you link an approved number).
- Your list shows who is paid up, who is due and who is overdue. Press a plan to see every payment and what was paid.
- Developers can follow all of this through the API and webhooks.
You decide the terms with your borrower or member, and you are responsible for any licence your business needs to lend or collect contributions. We give you the tools and the record.
