Here are the payment plan elements and their definitions:
- Number of installments: # of monthly payments in a payment plan.
- Installment amount: Payment amount to pay monthly.
- Payment date: Day of month payment is due; this also refers to the auto-debit date.
- Plan balance: Current sum of bill amounts on the payment plan.
- Accounts on plan: What account(s) the payer is paying off with this plan.
- Autopay plan: A payment plan that is set up to auto draft the payment installment on a set date each month using a credit/debit card or bank account. Most plans that are activated via the Flywire portal are autopay plans.
- Manual plan: A payment plan that is set up where the payer must pay their monthly installments or mail in a check by a set date each month. Plans that are activated offline via mailing in a check and coupon stub will create manual plans.
- Service fee: Set dollar amount fees that can be tied to the monthly installment payments in a Flywire payment plan.
- Payment method (if enrolled in Autopay): Credit Card or ACH payment method.
- Plan origination: Where the plan was created (Flywire or Payzen).
- Grace period: The number of days after a payment due date where a payer can still make a payment before it's "missed"
- Provider funded plan: the plan/account balance(s) are held/owned by the client.
- Financed plan: the plan/account balance(s) are purchased by Flywire's finance partner.