The installment object

The installment object allows customers to pay a purchase in multiple instalments instead of one. It can take the form of regular or recurring payments.

The amount is cut into several operations according to a defined intervalUnit, a starting date and potential charges.

The CentralPay platform manages the first account immediately or at a specified starting date.

Thanks to Centralpay, the merchant can also:

• Add additional fees (FeeAmount) to the amount.
• Define a deposit (DepositAmount) that will be deducted from the amount. It can also start at a specific date (depositStartingDate)

Note: whole numbers are applied to the first payment (not applied if the deposit is used).

In case of acceptance of the first instalment by the issuing bank, the platform processes the following instalments on the dates indicated automatically.

You can receive an e-mail notification for each transaction and the customer an email notification for each successull payment.

Example:

You can plan to charge your customer € 1,000 divided in 3 months from 05/07/2018, with a deposit of € 200 on the 28/06/2018 and add a fee of € 10.

The outcome: