Paying over time after your business has been approved

  • Updated

You can pay in installments while your vendor gets paid in full. The first time you pay a bill in installments can take a few minutes longer, but after that, it’s just like making any bill payment on Melio.

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

 

SPECIAL NOTE: Melio is getting a fresh look.

This won't affect how you used to do things, only the way to get there. Customers will get the revamped look gradually to ensure a smooth transition. It might take a while before you see it.

If you’re using the new table look follow these steps. Otherwise, continue reading to follow the original view.

 

Here’s how to pay a bill in installments in the original view after your business has been approved:

This article will guide you through:

Make a bill payment in installments:

1. Sign in to Melio.

2. Click Pay in the left sidebar. 

3. Add a bill to pay or select one from your inbox.

select_a_bill_to_pay.jpg

 

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

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

select Pay over time.jpg

 

6. Choose the repayment term you prefer. Click Continue.

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.

 

choose_repayment_terms.jpg

 

7. 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. 

 

terms_selected.jpg

 

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

leave_a_memo_to_the_vendor.jpg

 

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

a. Installments- The number of repayments for this payment.

b. First installment deducts- The date of the 1st repayment. To see the deduction date of the rest of the repayments click View installments.

review_and_confirm.png

 

10. If you agree to the terms and conditions outlined by Credit Key, check the box I have read and agree to the Credit Key Business Loan Agreement at the bottom of the summary.

agree_to_the_terms.jpg

 

11. Click Confirm and schedule payment to finish.

 

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

payment_scheduled.jpg

 

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:

email_confirmation-_payment_scheduled.jpg

 

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.


There are 5 different stages until your payment and repayments are paid in full:

Stage 1: When you schedule the bill payment with Pay over time.

Right after you schedule the bill payment, it will appear under the Scheduled tab. This is the payment to the vendor and includes the amount they will get from you.

Under Future installment deductions on the right, click Reload to see the details of the repayments.

stage_1-_Scheduled_tab-_payment_to_the_vendor.png

 

Stage 2: When the payment to the vendor is processed and the 1st repayment is scheduled.

Paid tab- Your payment moves to the Paid tab with the status Paid on. In the progress bar, you can see the status SENT and the date.

On the right, under PAID BY, you can see the details of the repayments.

Click View details to see information about your next repayment.

stage_2-_paid_tab.png

 

Scheduled tab- In the Scheduled tab, you see your first installment repayment under Installments + number of the repayment. 

 On the right, under PAY BY, you can see the details of the repayments. 

Click View installments to see information about the payment to the vendor.

stage_2-_scheduled_tab.png

 

Stage 3: When the vendor gets paid and the 1st repayment is scheduled.

Paid tab- Your payment stayed in the Paid tab but added the label COMPLETE because the vendor got paid in full. In the progress bar, the status changed to DEPOSITED.

On the right, under PAID BY, you can see the details of the repayments.

Click View details to see information about your next repayment.

stage_3-_paid_tab.png

 

Scheduled tab- 30 days after the payment is sent to your vendor, your first installment is deducted. In the Scheduled tab, you see your next installment repayment under Installments + number of the repayment. 

On the right, under PAY BY, you can see the details of the repayments.

Click View installments to see information about the payment to the vendor.

stage_3-_scheduled_tab.png

 

Stage 4: When the 1st repayment is deducted.

Paid tab- In the payment details, you can see what repayments were deducted. 

stage_4-_paid_tab.png

 

Scheduled tab- In the repayment details, you can see what repayments were deducted and when the next one is.

stage_4-_scheduled_tab.png

 

Stage 5: When the installments are paid in full.

Paid tab- In the payment details, you can see that all repayments were paid in full. 

stage_5-_paid_tab.png

 

 

Here’s how to pay a bill in installments in the table view after your business has been approved:

This article will guide you through:

 

Make a payment in installments:

1. Sign in to Melio.

2. Click Pay in the left sidebar. 

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

Pay- Bills sub-tab.png

 

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.

select pay over time as the payment method.png

 

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. 

 

select the repayment terms.png

 

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.

Repayment Terms and Conditions.png

 

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

leave a memo to the vendor.png

 

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

Review and confirm.png

 

10. Click Confirm and schedule to finish.

 

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

payment scheduled.png

 

 

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:

confirmation email.png

 

 

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.

Stage 1- payments tab- scheduled sub-tab.png

 

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. 

Stage 1- Financing tab.png

 

Click View details to see information about the repayments.

repayments details.png

 

 

Was this article helpful?

0 out of 0 found this helpful

Have more questions? Submit a request