Recurring Payments

Introduction 

Managing fee collection efficiently can be challenging, especially when payments are made in multiple installments. Collexo simplifies this process with its Recurring Payments feature, which enables institutions to set up automated installment plans for smooth and flexible fee collection.

With this feature , institutions can eliminate redundant fee structures, collect larger amounts upfront, and customize installment amounts, due dates, and fee breakups for each student. It streamlines installment-based payments, subscriptions, and recurring payments while providing students with multiple payment options, including credit/debit cards, net banking, UPI, and loan-based payments.

Additionally, applicants can easily track their payment progress, viewing the number of installments paid, pending, dues, total amount paid, and the remaining balance, ensuring a seamless and transparent fee collection process.

How to configure a Recurring Payment Plan?

1. Create Payment Plan: Define a payment plan for each applicant by structuring fee collection. These plans break down the total fee into smaller payments, making it easier for students to manage their expenses while helping institutions streamline installment-based collections.
2. Assign Payment details to the applicant: Since each applicant can have unique requirements, they can be assigned different payment details accordingly. Set up installment amounts, due dates, and fee heads to create a smooth and flexible fee collection process.
3. Configure Recurring Payment Fee: Define the rest of the details necessary for configuring fees, including selecting the applicable payment plan, payment channel, gateway, and any discounts or concessions.

How to Configure Payment Plans?

Follow these steps to set up a recurring payment plan for your students/applicants:

Step 1: Navigate to Payment Plan Settings

• Go to Global Settings and click on "Payment Plan".
• Click on "Add New Payment Plan" to create a customized installment plan for students/applicants.

Step 2: Enter Payment Plan Details

Fill in the following details to define the plan:

• Payment Plan Name: Enter a clear and easily understandable name for the plan (e.g., Semester Plan, Quarterly Plan).
• Maximum Number of Installments: Specify the maximum number of installments allowed for the selected plan.
• Payment Plan Status: Enable the plan.

Step 3: Save & Manage the Plan

• Click Submit to save the payment plan.
• Once created, you can edit, delete, enable, or disable the plan at any time as per your needs.

How to assign Payment Plan Details to Applicants?

You can assign payment plans to the applicants from the Applicant Records Page. To navigate to the Page, you need to follow these steps:

• From the menu, select Applicant Data.
• Click on Applicant Records to open the Applicant Records Page.

There are two methods of assigning the plan :

1. Assign a payment plan to a single applicant: If you want to assign a payment plan to a single applicant, you can perform the following steps:

• Click on "Add Plan Details" 
  • This option appears against the applicant’s details.
  • It allows you to assign a previously created payment plan to the applicant, against which you click on the add plans details button.
    
    
• Fill in the Required Details:
  • Payment Plan: It shows the name of the plan you selected.
  • Applicant Name: This shows the applicant’s name.
  • Currency: Select the preferred currency from the available dropdown options.
  • Installments: Select the number of installments you want the student to pay.
  • Add Due Date: Enable this toggle if you want to assign a due date for each installment.

For each installment, fill in the following details:

• Installment Name: Assign a name (e.g., "First Installment").
• Select Fee Heads: Choose applicable fee heads for the installment breakup.
• Amount: Enter the appropriate amount corresponding to the selected fee head.
  • Start Date: Set the date from which the applicant would be able to pay the installment.
  • Due date: set the due date of the instalment (this column would be visible only if “Add Due Date” is enabled.
  • End Date: Define the date from which the applicant won't be able to see the fees.

You would be shown the Total Amount of the Payment Plan for the applicant.
You can also add surcharges to the installments as per your preferences
Enable or disable the payment plan status using the toggle. Click Submit to finalize and apply the plan to the applicant.

2. Bulk Upload: This option would be suitable if you want to assign payment plans to multiple applicants at once by uploading a file with the necessary details.

• To Navigate to Bulk Upload, go to “Manage Applicant Records” and click on "Add Applicant"
• Choose bulk upload as the upload type.
• After choosing Bulk Upload, you need to specify what type of data you are uploading:

• Only Fields Data: Upload data for custom fields that have been enabled in the Manage Fields Page.
• Only Plan Data: Upload only payment plan details
• Both Plan & Fields Data: Upload both custom field data and payment plan details together.

Note: Based on your selection, you can download a sample file containing all the necessary data points for easy upload in the next steps.

• Before uploading, you need to fill in the following Plan details :

• Payment Plan: Select the plan you want to assign applicants to.

• Fee heads:  Choose applicable fee heads for the installment breakup.
• Once you complete these steps, proceed with the applicant upload process as usual.

• Mapping Columns
  • Map the columns from your uploaded file to the corresponding Collexo fields.
  • Any unmapped columns will not be imported.
  • If you would like to define due dates for the records as well, map a column to the “Add due date” field which should have either True or False as its values depending on whether you’d like to define Due Date or not.
  • Click Submit to continue.
• Once the upload is complete, you will be redirected to the Upload Logs page, where you can track the status of your uploaded data.
• To verify the uploaded records, go back to the Applicant Records page.

How to Configure Fee Connect for Recurring Payment? 

To add recurring fees, follow these steps:

• From the menu, click on Fee Setup.
• Select Fee Connect and click on Add Fees to create a new fee. 
• Choose “Recurring” as the payment channel.

• Choose the applicable payment plan and configure the rest of the fee connection as usual.
• Allocate the fees by clicking on the Action button against the fees and then clicking on Allocate Fees.

Visualizing Recurring Payments in Ledger and Applicant Profile

• Once recurring fees are allocated, you can track them using the Payment Ledger located under Menu → Applicant Data → Payment Ledger. It would function as usual and you can visit individual applicant profiles by clicking on the Application No.

Viewing Recurring Fees in the Applicant Profile

• In the Applicant Profile, the recurring fees that are assigned to the applicant will be visible. You can view the installment details by clicking the "+" icon next to the fee title.
• Upon clicking on the + icon, you would be shown the details of each installment, including Fee Amount, Paid Amount, Due Amount, Start Date, Due Date, End Date, Status.

Applicant’s View

• For illustration, let’s consider an applicant who is assigned a recurring fee along with a corresponding payment plan.
• When the applicant visits the fee selection page, recurring fees will be marked with a blue tag in the top right corner. Upon clicking on “Continue”, the applicant would be able to select which installment(s) they would like to pay. They can select either a single installment or multiple installments. After making the selection, and clicking on the "Pay Now" button, the applicant would be redirected to the Checkout page to make payment.
• On the checkout page, a summary of the applicant’s payment will appear, showing which installment(s) the applicant is paying for. If the applicant wants to make any changes,  they can do so by clicking on "Change" to adjust the number of installments.
• The payment flow of the applicants remains the same after this step.