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.