# Payment Plans 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.

Payment Plan Create Flow - Step 1 Example

Field	Description
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 Four-Weekly: The payment will be taken every four weeks 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 Plan Create Flow - Step 2 Example

Field	Description
Payment Method	The dropdown list comes from the account level. Read more in /pages/oJMCm7F74Z2NQJfoISJ3
Payment Provider	The dropdown list comes from the account level. Read more in /pages/oJMCm7F74Z2NQJfoISJ3
Attach another payment method	Click if your payment plan should support more payment methods.

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