Paying over time after your business has been approved

  • Updated

You can pay in installments while your vendor gets paid in full. 

Once a business is approved for Pay over time, every eligible bill payment after that can be made in installments.


This article will guide you through:


Make a payment in installments:

1. Sign in to Melio.

2. Click Pay in the left sidebar. 

3. Create a bill to pay, select a saved bill, or pay without a bill.

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4. When asked to select a payment method, approved businesses and eligible amounts will have the option to Pay over time. 

Click Pay over time to see the repayment terms. Click Continue.

NOTE: Available credit

Your available credit from Credit Key is clearly indicated. 

If it’s lower than the payment amount, the Pay over time option will be deactivated.

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5. Click the repayment terms you prefer. 

IMPORTANT NOTE: Understanding the final repayment terms.

The installment terms include the following:

  • Number of installments- The number of repayments the bill payment is divided into. Every repayment term is different. Read this overview of Pay over time with Melio.
  • Amount/mo- The total amount that will be deducted from your account each month. This amount includes the fee based on the terms you selected. So there won't be additional costs.
  • Total fee (%)- The percentage and the total fee amount in USD for the payment.
  • Total amount- The total amount you’ll pay ultimately after all the repayments are paid. This amount includes the payment to your vendor and the fee.


6. When you select repayment terms, you see the suggested deduction date of the payment to the vendor, and the deduction date for the first repayment.

The first repayment date is automatically scheduled for 30 days after the payment is sent to the vendor. Also, a pre-selected bank account.
Click Continue.

NOTE: Change the pre-selected fields.

Payment date- the pre-selected date for the payment is a suggestion to make sure it will get to the vendor on time. 

You can change it by clicking the calendar icon .

The first installment date will be 30 days after the payment is sent to your vendor. From the 2nd repayment on, your repayments will be deducted on the same date every month until fully repaid. 


Bank account- Paying with Pay over time is only available with a verified bank account. 

The bank account that is already connected to your Melio account is automatically selected for the repayments.

If you have more than one bank account connected, click Edit and select one from the dropdown list. 


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7. In the Repayment Terms and Conditions popup, check the box I have read and agree to the Credit Key Business Loan Agreement if you agree to the terms and conditions outlined by Credit Key. Click Agree.

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8. (Optional) Leave a memo for your vendor. The default is the invoice number. Click Continue

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9. Review and confirm the bill payment using installments. This summary includes the following details of the repayment terms you selected:

  • Pay over time (X installments)- The number of repayments for this payment.
  • First installment debit- The date of the 1st repayment. To see the deduction date of the rest of the repayments click View installments

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10. Click Confirm and schedule to finish.


That’s it! You have successfully scheduled another payment with Pay over time.

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The email notifications you get from Melio

Payment scheduled notification

When you schedule to pay a bill with Pay over time, you get an email confirmation that includes the installment terms. Here’s what the email looks like:

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How installment payments appear in Pay

Pay over time is possible thanks to Melio’s ability to split the payment process between what the vendor gets and what you pay.

To make it easier for you to monitor your cash flow, the payment and repayments are reflected separately in Pay.

The payment to the vendor appears in the Payment tab. Like every other payment, it has a linear journey:

  1. The Scheduled sub-tab: When the payment is scheduled.
  2. The In progress sub-tab: When we process the payment.
  3. The Paid sub-tub: When it’s delivered to the vendor.

In the All sub-tab you can find all your payments (not just those with installments) and their statuses.

Click View payment next to the payment that was done with installments to see the repayments details.

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Repayments details are found in the Financing tab that appears only after you make a payment in installments. 

Every month the relevant repayment is shown with the following details:

  • Next debit- The nearest future date of the repayment.
  • Next installment- The amount of that repayment.
  • Remaining-The total of the repayments to be paid to date.

You can filter the list using the sub-tabs: All, Active & Inactive. The Inactive sub-tab includes payments with successfully completed repayments. 

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Click View details to see information about the repayments.

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