Creating a payment plan and preset methods
In order to add a finance option to EXACT, you will need to configure a payment plan.
Please Note: You will need the payment plans module enabled in your software, this does not cost you anything, however, an EXACT team member will need to register the EXTEND module to enable this functionality. |
Creating a payment plan
In order to create a payment plan the dentist will need to first chart out the entire COT that they will be doing on the patient to give the total price of treatment. Once the estimate is created
- Click on the payment plans tab.
- Click on +1 under the top window.
- Add the Description, Provider, confirm the Date and Review Date (this can be used for the practice to track if the treatment is going on longer than expected and may require more treatment at a greater cost).
- At the bottom of the create payment plan screen the first instalment date will be automatically set to the date you have created the payment plan and can be changed as necessary.
- The first instalment amount is usually the deposit and will be higher than the subsequent instalments. Enter the instalment amount and the instalment frequency (Instalments Every) and the number of instalments will be automatically generated.
- Press OK with everything entered. You will now be prompted to select if you would like to invoice the first instalment now (only say yes if you want to charge this to the patient immediately).
If the you decide to use a preset payment method this is usually where they have an external finance company that will pay you outright for the treatment when it starts. This option will automatically charge the patient the total amount of the estimate and the practice will need to process the payment through as normal (if the practice are using this option it is advised to have a payment option set as Finance so that they can easily differentiate them from normal payments)
Preset method
This is usually where an external finance company will pay you outright for the treatment when it starts.
This option will automatically charge the patient the total amount of the estimate (there will be two invoices one for the interest amount charged by the finance company and one for the actual money you have received).
To configure a preset method,
- Click on the payment plans tab.
- Click on +1 under the top window.
- Add the Description, Provider, confirm the Date and Review Date (this can be used for the practice to track if the treatment is going on longer than expected and may require more treatment at a greater cost).
- Click on the List button to the right hand side of the box and then press the +1 in the bottom right hand side of the pop up window.
- You can now add the details of the finance company in to the box below by entering the company name into the description box.
- After adding the description click the +1 button to add in how this company pays. You can now enter the Interest Amount e.g. how much the finance company take from the value of the invoice, in this example it is 5%.
- Press OK then +1 again to add the remaining amount that the practice will actually receive.
Please note these amounts must be equal to 100%.
- Once everything is set up, click OK and you will be able to use your new finance company from the list.
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