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Payment plans offer payers the flexibility to make credit card purchases and pay off the entire purchase amount in installments.
The issuer or a third-party provider offers the payment plans. The issuer or other third-party provider will charge the payer in accordance with the conditions of a payment plan, but you will be funded for the total amount of the purchase. You must provide details about the terms and conditions to the payer, and in cases where there are several possibilities, the payer may select the specific conditions, such as the number of installments from these possibilities.
Payment plan terms can include any of the following:
The Payment Plan can consist of any combination of these terms. Examples include:
Ensure that your merchant profile is enabled for the Payment Plan service. If not enabled, please contact your service provider. To enable the Payment Plan for the merchant profile, see the Merchant Manager portal and the Merchant Manager User Guide.
The MasterCard payment plan offers the following key benefits:
The Mastercard Gateway supports the following types of payment plans: