Payment Plans
- Kayleigh Bradley-Vogt 📊 (Unlicensed)
Why it matters:
Local real estate associations offer payment plans to retain members who may not be able to pay all of their membership dues at once. Agents often have peaks and valleys in their income and a payment plan can help the association retain a member who would otherwise have to drop. This is even more important for associations with local competition. A smooth payment plan experience can be the difference between keeping a member or losing them to a competitor offering a transfer discount and a way to float their dues until they make another sale.
What we built:
Payment plans are a frequently requested feature of our REALTOR® associations. This feature allows for a membership to be billed outside of our traditional payment frequencies (annual, quarterly, etc.). It also empowers the association to define the allotted amount of each line item that will be represented in the defined invoices.
Customers who can use Payment Plans Today:
Use Case: Renewals
A payment plan can be assigned to a member at the time of renewal, or just ahead of the annual payment date.
An association would setup their payment plans and send notice to the eligible members. A member can review the payment plan details and make the choice to opt-in to the specialized payment plan.
Once the it’s time to begin generating invoices, the payment plan will function like any other membership billing.
Use Case: New Members
A payment plan can be shown as a payment option on a member application. This allows the member to select a payment plan at the time of joining.
Constraints:
Only available for fixed renewal memberships
Must have a 12 month term
Fixed date setup for invoice dates and the eligibility period
Requiring a review and rebuild each year.
All invoice dates have to be greater than the eligibility end date
The only recurring goods/service from the membership are available to use in the payment plan
Makes adding an admin fee challenging
Bruin customers should not be using Payment Plans
Must be set to a Cash basis. Does not work for accrual accounting
Must be using V2 of the member application to use payment plans for joining members
Training Materials
Overview Slide Deck
Payment Plans Knowledge Base Article