How do I configure my payment plan settings in Pencil?

This article covers the steps required to set up and configure the payment plan settings you offer your customers

Please follow these steps to configure your payment plan settings:

1. Log into your Pencil account.
2. Go to: Settings -> Payment Plans -> Payment Plan Settings
3. Configure the following settings:
   1. Enable payment plan after days overdue: we recommend that you set this as 14, 30 or 60 days (if you don't want your customers to manually set up their own payment plan set this to 600 days).
   2. Upfront Payment: 
      This is the deposit a customer will pay to lock in a payment plan. We recommend between 20-40% of the total payment plan value.
   3. Transaction Fee: 
      
      1. Absorb 
      2. On-charge
   4. Further Payments:
      This is the balance of the money owed, paid over a number of instalments. Payments can be charged using various payment plan lengths & intervals. 
      
      1. Daily
         
         1. Toggle OFF if you don't want to offer daily payment plans.
         2. Set the maximum number of days that Pencil will offer your customer their daily payment plan.
      2. Weekly
         1. Toggle OFF if you don't want to offer daily payment plans.
         2. Set the maximum number of days that Pencil will offer your customer their daily payment plan

1. 1. 1. Monthly
         1. Toggle OFF if you don't want to offer daily payment plans.
         2. Set the maximum number of days that Pencil will offer your customer their daily payment plan
   2. Retry Failed Payments After:
      Pencil will retry to process the failed instalment payments after x days based on this setting and the plan frequency which comes first. By default, Pencil will retry to process the failed instalment payments on the next frequency.
   3. Active:
      1. If you want to utilise Pencil's payment plan feature this setting is required to be toggled ON>
2. Please see video below for more details.