Payment plans are an incredibly useful and time-saving element of the Lawmatics Time & Billing module. For firms who want to offer their clients more flexibility of payment, use this feature to set up invoice installments to be paid over time on a fixed cadence.
To set up a payment plan, you will first begin by creating a new invoice. Learn more about creating invoices here.
When creating your invoice select the Allow Installments toggle, shown below, to add a payment plan to your invoice.
Of course we’ve made this feature highly customizable, allowing you to create unique terms for each individual invoice as needed. This includes setting a start date, installment period, initial payment amount, and the number of installments. You will see all of these options near the bottom left corner in the image above.
The system will automatically calculate the installment amount based on the total invoice amount and the number of installments. You can also override this calculation and enter a manual installment amount, and opt to Add Remainder to End if needed.
Should a client decide to submit a payment larger than the balance due per installment, the difference will be applied towards the total invoice amount and will be reflected in the final installment.
Any payments towards a Payment Plan can be entered manually, or collected via LMPay. If you're not yet using LMPay, click here to learn how to get started with that registration process, and then select the Enable Online Payment option when creating your invoices.
Not yet using Lawmatics Time & Billing? Email us at email@example.com to add these features to your active Lawmatics account or register for LMPay following these instructions.