Payment Terms is a personal feature for me, it was the first feature I planned to build after the first release, it was a feature that I pitched before Sprout Invoices was officially release. However with the “real life” of product management it took a back seat; it simply got pushed back for features that either had priority or had more requests from the community of Sprout Invoices users. My goal this year was to spec it out and create a solution, the deliverable was simple: allow for businesses to create a payment schedule for their clients.
You’d expect that a Payment terms solution would do a lot more than simply creating a payment schedule though, obviously right? Well here is a quick run-down of Payment Terms, the latest feature bundled with paid License of Sprout Invoices. I hope you love it.
Creating Payment Terms within the Invoice Admin
Payment terms create a payment schedule for your clients, so that you can set when all the payments for a particular project are due. In the example below I’m setting a $500 payment due on the 9th of May, if the payment is not paid on that or before a 5% fee 1 will be asses to the invoice subtotal.
The Client will See…
Payment terms add messaging to your invoices, so that the client can see that they’re past due, or has a payment due soon.
If the client ends up not making a payment based on a term than a fee is added. Here’s an example of a few payments being added to an invoice.
Don’t worry if you don’t like what see above, the payment terms feature has a ton of filters, allowing you to easily disable the messaging and customizing templates provides you with the ability to display your payment terms however you’d like.
Can this be automated?
Yes! With Sprout Billings an attempt to capture the payment based on the payments terms will be done automatically. In the example below Sprout Billings would attempt to capture a payment of $1,010 (payment due + fee) on April 6th if the client doesn’t pay on or before April 5th.
Payment Terms is bundled free a paid License of Sprout Invoices and headlines the release of Sprout Invoices v14.
- Payment terms can have a set fee too, they don’t need to be a percentage ↩