"Installment payment" refers to the option of paying a total amount for goods or services in multiple installments over a specified period. Typically, installment payments are made at monthly or regular intervals.
Typical features of software in the installment payment domain could include:
Create Installment Plan: The software allows for creating a detailed installment payment plan that defines the amount of each installment, the timeframe, and the total payments.
Automatic Deduction: Features for automatically deducting installments from the customer's payment methods according to the defined payment plan.
Flexible Terms: Ability to customize installment payment terms, including interest rates, durations, and fees.
Customer Communication: Features for communicating with customers regarding installment payment agreements, payment reminders, or changes to installment plan conditions.
Reporting and Tracking: Generation of reports on the status of installment payments, outstanding amounts, and other relevant metrics.