Installment Plans

Last updated: August 28, 2025

Understanding Installment Plans in BindHQ

Installment plans in BindHQ allow you to spread premium payments across several scheduled invoices rather than collecting the entire premium up front.

1. How does it work?

  • Automated billing: Each installment generates an invoice on its scheduled due date. The Effective Date, the Transaction Date and the Accounting Posting Date will be the same for all invoices generated

2. Creating an Installment plan

  1. Admins can create an installment plan under Settings / Customization / Installment plans

  2. Enter the key details:

    • Name

    • Description

    • Add Installments and set the Due date of the installments and the % $ amount captured for each line item type for each installment.

  3. BindHQ automatically calculates the amount for each installment based on the total premium and other line items

3. Apply an Installment plan

  • On Quotes users can select an installment plan and the Installment Invoices will be calculated automatically.

Notes: Currently, Installment plans and Premium Financing on the Quote are not concurrently supported.