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Former Member
Feb 12, 2011 at 01:32 PM

Periodic billing plan vs Installment plan

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Hello Professionals,

I need to clarify the difference between the 2 plans.

I know that installment plan uses the term incoming payment dates while Periodic billing plan uses Settlement dates.

1. Simply, what is the main difference between incoming payment date and settlement date? Why installment plan cannot use the term settlement date?

2. Periodic billing plan eg. rental is where fixed amount is paid periodically like monthly. Likewise, Installment plan also requires customer to pay a fixed amount (fixed % amount for installment plan) at fixed payment dates. Both payment dates are the same.

So, not sure how to differentiate the 2.

regards

Pascal