Setup partial payment pricing plan

Fermion lets you add and manage multiple pricing plans for your digital products. You can setup a fixed pricing plan, which requires a one-time payment from the students, or you can setup a partial payment plan for your students which works like a custom-EMI plan.

In this documentation we will learn how you can setup a partial payment pricing plan for your courses or products.

📝 You can use the same flow to setup pricing for other products (course bundles, ebooks etc). For simplicity, this documentation covers the setup flow for a course.

What is a partial payment pricing plan?

Partial payment pricing plan is a type of pricing plan on Fermion where your students can pay you in installments instead of paying the entire amount in a single go.

After speaking with a lot of educators, we've realised that most of the students may not be able to afford course or product pricing, thus, you can setup a partial payment plan where you encourage your students to pay in installments.

You can also consider this as a custom-EMI plan since your students can pay you in installments. You can configure the EMI collection interval, minimum amount to pay, total cost and EMI options.

Understanding terminologies

Before we figure out how to setup this pricing plan, there are a few things to understand. Let's go over them one by one:

• Total cost of product
  This is the total price of your product or the final price the user will pay overall. All the EMIs you will be setting up should result as a sum equal to this number.

• Minimum mandatory amount
  This is the mandatory amount that the user must pay upfront. User can pay more than this amount as well. Paying this amount will give user the access to product.

• EMI collection interval
  You can set the interval in days, ie, when want the user to pay the next EMI if available.

How does a partial payment plan work?

We've developed the core infrastructure to setup a custom-EMI based plan on products, at Fermion.

A partial payment plan or a custom EMI plan encourages students to pay the product fees in intervals.

📝 You can configure the entire installment plan as an instructor, including setting up the minimum amount to pay, the collection interval and the total EMIs required.

Let's understand this with an example. This is how a 4 installment plan will work:

Assume that the user pays the minimum mandatory amount: $5 on November 19th, 2024. Then, their (4 installment) EMI plan becomes:

• Base payment of $5 done on November 19th, 2024
• Installment #1 of $1.25 to be paid on or before December 19th, 2024
• Installment #2 of $1.25 to be paid on or before January 18th, 2025
• Installment #3 of $1.25 to be paid on or before February 17th, 2025
• Installment #4 of $1.25 to be paid on or before March 19th, 2025

How to setup a partial payment pricing plan?

Step 1: Head to the courses tab

From your dashboard, head over to the courses tab.

💡 If you are setting the price for course bundles, ebooks or other digital products, head over to their respective tabs.

Step 2: Select the course

From the courses page, select the course for which you are setting the fixed pricing plan.

Step 3: Head over to the pricing tab

Select the pricing tab from your landing page manager.

Step 4: Click on partial payment plan

Click on the partial payment plan option on the screen and it will expand showcasing you multiple options. Make sure that the plan is in draft state unless and until you want to publish it.

• Draft state means that your plan would not be visible to users. You can use this state to edit and setup your plan.

• Unlisted state means that the plan would be functional but not visible on landing pages. You can use it to open checkout through API endpoint.

• Published state means the plan would be functional and visible to users. Users will be able to purchase access to your product with this plan.

Step 5: Configure the pricing plan

• Setup the total cost of the product
• The minimum mandatory amount (users can pay more than this amount as well, think of it as the amount to book their seat for your product)
• And the EMI collection interval (in days). This is the interval time when the user will pay their next EMI.

These are the EMI options available by default. After you setup the above details, your installment plan will automatically be made depending on which plan the user opts for.

For example:

If a user opts for a 2 installment plan, here's what it will look like based on the numbers we have configured above.

Assume that the user pays the minimum mandatory amount: $5 on November 19th, 2024. Then, their EMI plan becomes:

• Base payment of $5 done on November 19th, 2024
• Installment #1 of $2.50 to be paid on or before December 19th, 2024
• Installment #2 of $2.50 to be paid on or before January 18th, 2025

If you'd like to setup a custom installment plan, you can also do that. Click on Add another installment plan

Now, enter the installment count

Your new installment plan will be added here. Make sure to click on save changes to save the changes.

Step 6: Support multiple currencies

To support your pricing plan in multiple currencies, simply click on Add a new currency button like shown below.

Select your currency and add a price amount in the next input field.

Once you add the currency and price, click on Add currency and your pricing plan will be updated with a new currency. This is how it will look like:

📝 All the available installment plans are shown to your students and they can select one which fits best for them.