There are times when a client prefers to pay their invoice in smaller increments rather than in one lump sum, or would like to split their invoice payment onto different credit cards. If you've already requested and collected a deposit payment on that document, the best way to handle these cases is by working with retainers.
Retainers allow you to collect a specified dollar amount from your client, which you can then apply as a payment to any relevant proposals or invoices within that project. For example: you've already collected a $5,000 deposit on your $10,000 invoice, and the client would like to pay the remaining $5,000 in two increments or on two different credit cards. Here's how you can use retainers to collect payment on the remaining $5,000:
- Create a retainer request for the amount of each incremental payment you'd like to collect. In this case of collecting the remaining $5,000 balance in two increments, you'll need to create a separate retainer for each incremental payment you want to take. You can do this by going to the credits/retainers tab in your project, and clicking +Request a New Retainer. Enter the retainer name and $$ amount you would like to collect.
- Send each individual retainer request for the incremental payments to your client to collect payment via Ivy or offline. In the example of a $5,000 remaining balance, you can send your client two retainer requests, each for $2,500, so the client can pay each via their preferred payment methods. If payment is received offline, manually record the payment method on the retainer request. (http://help.ivy.co/ivy-faqs/how-to-manually-record-a-payment)
- Go back to the original invoice to which you need to apply payment. Click +Add New Payment, select "Record Received Payment," and select "Apply Retainer." You'll see the available retainer balances within the project, and can select the specific retainer and amount you'd like to apply as payment to that invoice.
This method will allow you to collect payment for a single document in multiple increments.