Payment Plan Payoff (Early Manual Payoff)

One of our Payment Plan management features is the ability to manually run a charge to pay off the remaining balance of a plan. We have found that Spiffy users often have customers on Payment Plans that reach out to pay off their remaining balance early, and with this feature, you will have the ability to run a manual charge of the remaining balance and complete the payment plan.

If you include 'Finance Fees' in your Payment Plans, you will even have a couple options to lower/remove the remaining 'Finance Fee' amount, or even retroactively remove the finance fee by lowering the remaining balance by the amount of the finance fee that has already been collected in previous payments.

NOTE: If you do not include 'Finance Fees' in your payment plans, you will not see the additional options surrounding removing these fees when running the 'Payoff' charge. It will simply have you confirm the payoff amount.

To get started, navigate to your customer's Payment Plan record, and click on the 'Payoff' option

In the Pay Off & Complete popup, you will see the final payment amount, as well as some additional options surrounding finance fee removal (These additional options will not be displayed if you do not currently include 'Finance Fees' in your Payment Plans)

Next, we will go over the two options surrounding the 'Finance Fee'.

Remove Entire Finance Fee: This option will subtract the amount of the FULL finance fee from the 'Final Payment' amount. This includes any portion of the finance fee that has already been collected in previous payments, as well as any remaining finance fee amount

Adjust Remaining Finance Fee: This option will allow you to adjust the remaining finance fee amount. You can change this to $0 to subtract the remaining finance fee amount from the 'Final Payment'. 

Once configured, you will have the option to add a note that will be stored in the Payment Plan 'History' feed. From here, just click the ' Charge $---' button

Just confirm the charge in the popup, and you are all set! Once the charge has ran, the payment plan will be marked as 'Completed'

Questions? Let us know at Support@Spiffy.co