Using Recurring Invoice for Customer Installments
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Using Recurring Invoice for Customer Installments
Recurring Invoices are a great way to handle installment payment plans with your clients. By scheduling invoices of a set value, you can rely on Wave to deliver invoices to your clients on the freq...
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Why not take a regular invoice and have an option to pay in X installments and the system automatically figure it out the reoccurring piece of it by converting it? Seems like a hack for something that could be easily automated.
Hi @SI_MN! You bring up an interesting point. For Wave, it just seemed like a natural fit with our Recurring Invoice feature as you can set the schedule for you want each invoice to send out, as well as choose an end date for the invoice. In theory, you could also create regular invoices and send them out in installments too if you would like, but you would not have the process automated as you would be able to with recurring invoices. I do see where you are coming from though, but because we have a process in place for this, I do not believe we have plans of adding a new feature for installments in the near future.
I agree with @SI_MN 1,000%. First of all, I am a fan and long-time user of Wave and am thankful for you all
But, yes, the solution for recurring invoices is definitely clunky, not intuitive, and requires us to do unnecessary steps based on the project rate for a given client and the number of monthly invoices to be sent out to equal the total project rate. It would be far easier, a much better UX, and better for everyone involved for us to input the number of monthly/bi-weekly installments on a given invoice and Wave would do the rest.
@QuinnB Thanks for leaving your insight about the need for installment invoices. Are you able to explain the kind of industry that you operate within? Understanding the industry allows Wave to understand if there are many Wavers within that industry that would find the feature valuable and also allows us to investigate if this is an industry standard or whether this a business preference - both of which are valid, but would frame how we tackle the feature should we go that route.
Hey @JordanD ! I am in the interior and architectural photography industry.
Because each project varies from client to client and I price on value (not per hour, per photo, etc.), no invoice is the same and even line items vary from project to project. (E.x., Image usage for one client may be $300, and image usage for another client may be $3,000.) For very large projects, there may be upwards of 15 line items, and there is never a set "plug and play" amount for a given service.
In the photography world, there are some photographers who have a studio with set rates (e.x. for headshots, family portraits, and other very templated kinds of shoots) and there are also photographers like me whose business model is not and should not be set up with a set rate per project.
Because of this, it would be amazing if Wave automatically saw the total for a project invoice, and calculated and sent installment invoices to the client based on the number of payments we'd agree on for that project and the timeframe between each payment.
This would be a win for both types of models (projects with standard set rates and projects with variable rates based on value).
I hope this is insightful and can help Wave grow and keep making better tools for users!
I agree with everyone here. Great to have the recurring invoice for automatic payment, but I have a yearly membership that can be paid monthly. Both the customer and myself want to see the balance of what is remaining after each of their payments.
Greetings to all Wave Team
It's good very and it's perfect ✨✨✨✨✨✨
But we don't know how we can cancel this Recurring Invoices! 🤔🤔
I'm trying to find some answers here but I really can't,
If someone could help us know this procedure I would appreciate it
Hey @Ribier , if you select the drop down menu beside the recurring invoice from your recurring invoice list, there is an option that says 'End'. That will end any recurring invoice from sending out.
Greetings to @AlexL
Thanks for your quick response and I will check it.
I hope always to make it more easy and flexible.
Best regards to all Wave Team
This process is way too convoluted and doesn't offer the customization I need. I offer my clients 2 payment options: full payment upfront with a 3% discount or 50% upfront at the remaining 50% at a certain milestone. Please update it so we can pick the exact dates we want to invoice people.
Hello! I originally set an equal installment recurring invoice, but I would like to adjust the second installment to a different amount than the first. I have the customer's credit card already on file and want to automatically charge her this different amount. How do I adjust the second amount on the fly without having to switch to manual? I don't want to bother the customer by asking her CC details again. Thanks!
Hey @Karpar !
If you are charging your customers credit card automatically with your existing recurring invoice, you won't be able to edit the amount as your client is required to agree to the price listed on the invoice. If you'd like to charge your client a new amount, you will have to "end" your current recurring invoice, duplicate it (this will speed up the process), and edit the amount before re-sending it to your customer. I hope this helps!
Thanks for the response! If I duplicate the invoice, will that carry over the client's credit card information or will I have to obtain it again from the client?
Hey @Karpar !
If you saved your customer's credit card information in Wave, you won't have to punch in their details again. However, if you send your customer a new recurring invoice with automatic credit card payments enabled, they will still have to approve the automatic payments. This applies to duplicated recurring invoices as well. With that being said, once automatic payments are approved again by your customer, they won't need to take any further action.
I cant send any recurring invoice becouse the exchange rate its bad in your system