The Instalments payment method allows customers to break down a larger purchase into smaller, more manageable payments over a set timeframe. This can involve fixed payments at regular intervals (e.g., monthly) until the total amount is paid. Instalment plans are often offered with interest (adding to the total cost) or interest-free (requiring full payment within the specified timeframe). They are common for high-value items, making them more accessible to a wider range of buyers.
Benefits
Affordability
Makes larger purchases more affordable by spreading payments over time.
Budget Management
Helps customers manage their budget by breaking down expenses.
Increased Sales
Encourages higher-value purchases for businesses.
Features
Fixed Installments
Regular payments of a set amount.
Interest (Sometimes)
Some instalment plans include interest charges.
Defined Period
Payments are made over a specified duration (e.g., 6 months, 12 months).
Contract or Agreement
Often involves a formal agreement outlining the payment schedule and terms.