Payment method overview

With the business solution, you can choose the activate multiple payment methods and each one of them works in a different way. In this article, we will describe how every one of them can be applied.

Listed below are the options you can choose from:

• Pay Later
• Line of credit
• Stripe
• Check
• Interac transfer

You can choose which ones to activate for your internal management and/or for your customers when they place an online order. To see how to configure your payment method click here.

Pay later

This method will allow you/your client to create an invoice with pending payment status. You/your client will be able to apply a payment afterward. This option allows you to edit your invoice. 

Line of credit

The line of credit is usually chosen by customers that like to pay monthly or in advance. Once a line of credit is activated, you/your client can decide to add a payment anytime. The invoice will be applied to the line and at the end of every month, your client will receive an email with his balance and a PDF statement attached. In case of a delay in submitting a minimum payment after the 21st of each month, interests will apply.

The line of credit offers few options:

• Automatic approval:  If you activate this function, any client who requests a line of credit, will have an authorized credit limit equal to the amount specified by you.
• Annual interest: you can adjust the rate of each one of your clients.
• Minimum payment: Your minimum payment is calculated as a percentage of the outstanding principal balance, therefore, it will change each month.
• Credit card fees: If your client chooses to pay the line of credit with a credit card, a fee can be charged.
• Activate it for your client or for you
• Adding terms and conditions

This option marked the invoice as paid and doesn't allow invoice editing.

Stripe

If you want to use Stripe, you will need a business Stripe account which will have to be connected to your UI Business Solution account. This method will allow you to save your credit card credentials on the account and customers will remain on your URL to make the payment. If you choose this method, you can also:

• Activate to pay Line of credit
• Activate for your internal needs
• Activate for your customer online purchases

This option marked the invoice as paid and doesn't allow invoice editing.

Check

With this payment option, the client will be able to submit a payment using checks. You will indicate to whose order the check needs to be made and where to send it. The system will mark the invoice as outsanding until a payment is received and applied. If you choose this method, you can also:

• Activate to pay Line of credit
• Activate for your internal needs
• Activate for your customer online purchase.

Interac transfer

Customers will be able to transfer the amount due by logging into their bank account (each bank differs). For the transfer to occur, the client will have to use the information that you entered in your text block:

Please send your Interac transfer to "interac@urbanimmersive.com" using the following combination:
- Question: What is the payment method?
- Answer: Interac

 The system will mark the invoice as pay if you/your clients select this method. You can also select options with this method;

• Activate to pay Line of credit
• Activate for your internal needs
• Activate for your customer online purchase.

This option allows you to edit your invoice only if your customer chooses it. If the invoice is paid by the provider with the bank tranfer method, the invoice is marked as paid and cannot be changes