Second-time (on) paying with installments on Melio

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Melio lets you split a bill payment into installments while your vendor gets fully paid in one go. The first time you pay a bill with installments, it can take a few minutes longer, but from the second time on, it’s as easy as making any bill payment on Melio.

Once a business is approved for installments, every bill payment after that is evaluated and gets tailor-made installment options.

 

This article will guide you through:

Here’s how to pay a bill with installments from the second time on:

1. Sign in to Melio.

2. Click Pay in the left sidebar. 

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

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4. When asked to select a payment method, eligible businesses and eligible amounts will have the option of installments.

5. Click the small black arrow next to Select installments to see the different options for this payment.

 

IMPORTANT NOTE: Understanding the installments offer.

The installments offer includes:

1. Number of installments- The number of months you will repay. Every repayment term is different. Read this overview of installment payments with Melio.

2. Monthly repayment amount- The total amount that will be deducted from your account each month. This amount includes the fee, so there won't be additional costs.

3. Total fee- The total fee amount in USD for the payment.

4. Total amount- The total amount you’ll repay. This amount includes the payment to your vendor and the fee.

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6. Select the option you want from the dropdown list. Click Continue.

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7. Click the black arrow to select a bank account for the repayments from the dropdown list. Click Continue.

NOTE: Paying a bill with installments is only possible with a bank account.

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8. Select the delivery date. Click Continue.

 

IMPORTANT NOTE: When are my repayments deducted from my account?

The first repayment will be deducted from your account 30 calendar days after the date the vendor gets paid. 

From the 2nd repayment on, it will be deducted 30 calendar days after the previous repayment. So, your repayments will be deducted on the same date every month until the total amount is repaid.

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

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10. Review your payment details before confirming the bill payment with installments. This summary includes the following details of the installments you’ve selected:

a. Installments- The bank account from which the repayments will be made.

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

 

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11. 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.

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12. Click Confirm and schedule payment to finish.

 

That’s it! You have successfully scheduled your first payment with installments.

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The email notifications you get from Melio

Payment scheduled notification

When you schedule to pay a bill with installments, 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

Paying with installments 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 installments.

Right after you’re scheduling 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 PAY FROM MY on the right, you can see the details of the repayments.

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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 PAY FROM MY, you can see the details of the repayments.
Click View details to see information about your next repayment.

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

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

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

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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 PAY FROM MY, you can see the details of the repayments.
Click View details to see information about your next repayment.

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Scheduled tab- 30 days after the vendor gets paid, 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 FROM MY, you can see the details of the repayments.
Click View installments to see information about the payment to the vendor.

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Stage 4: When the 1st repayment is deducted.

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

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

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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. 

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