Payment Plans
Receive the payments the way you want it.
Last updated
Receive the payments the way you want it.
Last updated
Once the Pricing Logic calculates the premium, the customers will need to go through a payment process to bind the offer into a policy. This is where the Payment Plan kicks in.
The Payment Plan defines how the payment should be taken and by which payment provider for your product. This includes a 2-step setup. Firstly, to define what type of payment the product supports, e.g. Single Payment (one-off payment, usually taken upon policy purchase) or Recurring Payment (repeated payment based on a fixed frequency). Secondly, to define which payment provider and method should process the payments.
Name
This is name of the Payment Plan that you will use to identify on KASKO Platform.
Description
This is an optional field for you to add additional notes for this Payment Plan.
Type
The Payment Type for this Payment Plan.
Single Payment: A one-off payment, usually upon policy purchase.
Recurring Payment: Series of repeated payments, taken on a fixed frequency.
Payment Frequency
If you select the Payment Type as Recurring Payment, you can select one of the 4 frequencies.
Yearly - The payment will be taken every year until the policy expires
Half-Yearly - The payment will be taken every 6 months until the policy expires
Quarterly - The payment will be taken every 3 months until the policy expires
Monthly - The payment will be taken every month until the policy expires.
Date
This is to specify the recurring charge date. You’ll be able to choose:
Policy Purchase Data: This will be on the same day of the month in the recurring payment month.
Custom: You will be able to select a fixed day of the month in the recurring payment month.
This date will be apply to all the policies paid with this payment plan.
Failed Payment Retry
Learn more about Failed Payment Retry
Payment Method
Payment Provider
Attach another payment method
Click if your payment plan should support more payment methods.
The dropdown list comes from the account level. Read more in
The dropdown list comes from the account level. Read more in
