Using Recurring Invoice for Customer Installments

Recurring Invoices are a great way to handle installment payment plans with your clients. By scheduling invoices of a set value, you can rely on Wave to deliver invoices to your clients on the frequency you choose. And if you are a Wave Payments user, Wave can help automate payment on your client’s end as well!

There are times in which you may need to negotiate a payment plan with your clients; such as a subscription based service; large project; or an installment plan. Managing a number of payment frequencies can become tedious and complex, especially if you’re creating invoices from scratch every time. Wave Recurring Invoicing allows you to automate this process so that you schedule the creation and sending of invoices on a regular basis.

If you have a client whom you will be invoicing on a regular basis, in equal payment installments, you can set up a recurring invoice in a few easy steps.

  1. Head over to Sales > Recurring Invoices and create a new Recurring Invoice for your client. Here you will be setting up the cost of each installment. Say you’ve come to an agreement with a customer that to pay off a $1000 project, they will pay you $100 on a monthly basis. Because you’re automating what each monthly invoice will look like, you’ll want to add a product/service line for $100.
  2. Once you’ve saved your Recurring Invoice draft, it’s time to set the frequency. You have a number of options for scheduling, from daily to yearly, as well as the ability to create a custom cadence. In the example above, we’d want to set the frequency to monthly.
  3. At this point you will also need to set the end date for your recurring invoice installment plan. Because this is a payment plan, you’ll likely want to choose ‘end after’ and then enter the number of invoices you intend to send to the customer. For example, a $1000 project with a monthly payment of $100, you’d want to choose 10 invoices.
  4. The last step involves choosing whether or not you want payment and sending to be automatic. If you have a Wave Payments account and your client will be paying by credit card, they’ll have the option to opt into automatic payments going forward. This means that each time a new invoice is generated for them via this specific Recurring Invoice, their card will be debited and a receipt emailed to them, ensuring you get paid on time. For more information on automation and Recurring Invoices, refer to Step 4 and 5 here. Should you choose manual, your client will receive the invoice each time one is generated, at which point they can pay you directly or enter their bank or card details to pay via Wave Payments.

Recurring Invoices work best in Wave when you are dealing with equal installment payments. Though it is possible to adjust your recurring invoices on the fly - especially when set to manual sending - we’d recommend using regular invoicing for variable amounts.

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