Set up Billing Terms

What are Billing Terms?

A billing term defines which invoices would be paid through automatic payments. The billing term also defines whether the invoice would be immediately paid when synced or scheduled for payment. To process automatic payments, the ConnectWise Manage or Datto Autotask PSA billing terms are mapped to Wise-Pay billing terms. To configure a billing term, ensure that you have defined billing terms in your PSA.

How do you get there?

To configure Billing Terms, click Configure from the top menu then select Automatic Payments.

What do I do?

Before setting up billing term, ensure that you have created/associated billing terms in ConnectWise Manage or Datto Autotask PSA. Some billing terms such as Wise-Pay (net 7) and Wise-Pay (Net 7) no processing fee are generally created during the Wise-Pay onboarding process.

Once you have defined billing terms in your PSA, then these billing terms can be mapped in Wise-Pay. Here's how to do it:

  1. Navigate to Configure > Auto Payments to view the Automatic Payment Settings
  2. Under the Billing Terms section, use any of the following actions to view the Billing Terms Settings screen:
     - Click Add Billing Term to add a new billing term
     - Click the Edit icon for an existing billing term to modify the details.
  3. Enter the name and description of the billing term.

  4. Select the relevant ConnectWise Manage or Datto Autotask PSA Billing Term
  5. Select the Processing Method:
    Real-time: If selected, the invoices would be paid in a real-time This means the invoice would be paid as soon as Wise-Pay receives it.

    Scheduled: The default processing method that schedules invoices for payments according to the selected Scheduling Mode such as Invoice Due Date. This is a recommended method of payment processing.

  6. Select the Scheduling Mode to use while scheduling this invoice for payment. Select any of the following values:

    Invoice Due Date: Select this option to process the invoice on the due date mentioned on the invoice.

    Day Of Month: Select this option to process the invoice on a specific day of the month and then specify the day of the month. For example, you can create a specific billing term to get payment for recurring invoices on the first day of every month. In this case, if an invoice is synced on 15th of April, it would be scheduled for payment on 1st of May.

    Number Of Days After Invoice Date: Select this value to add a delay in payment processing by the number of days specified in the Scheduling Period (In Days).

    Real Time: If selected, the invoices would be paid in a real-time This means the invoice would be paid as soon as Wise-Pay receives it.

  7. Select the following:

    Accept bank payments: Select this to accept bank payments for invoices that satisfy this billing term.

    Accept credit card payments: Select this to accept credit card payments for invoices that satisfy this billing term.

  8. Click Save

Note:

The payer must log in and save their credit card, bank account, and with automatic pay settings. In an automatic pay mapping, a payer can only select one of the payment methods.

Refreshing Wise-Pay Billing Terms 

You can refresh your Wise-Pay Billing Terms if:

  • you have created a new Billing Term in ConnectWise Manage or Datto Autotask PSA
  • you have deleted a Billing Term in ConnectWise Manage or Datto Autotask PSA
  • Cannot find the Billing Term in Wise-Pay

Here's how to do it: 

  1.  Click Configure

  2.  Select Auto-Payments

  3. Click the Edit icon then select Add New Billing Term

  4. Click Refresh Billing Terms

  5. Select Billing Term

  6. Fill out Billing Term Details

  7.  Click Save

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