Payment Terms

Manage payment terms

Payment terms are crucial as they define the conditions and policies under which customers must pay when renting a vehicle. This generally includes the mode of payment, payment policy, cancellation and no-show policies, and any additional charges.

Add payment terms

1. Navigate to the 'Payment Terms' tab.

2. Click on the "Add Payment Terms" button.

3. Enter a Term Name to help identify these terms within the system.
4. Define the Payment Terms, which specify how much the customer has to pay at different stages of the rental process: At the time of Booking, Before the Journey, and Post Journey. These values can be specified in percentages or absolute figures.
5. If applicable, add cancellation slabs which detail different penalties or refund amounts based on the time of cancellation relative to the booking date.
6. Input details for the Cancellation Policy and Booking Policy, which describe the rules and penalties associated with cancelling a booking or failing to show up.

7. Once all details are entered, click the "Save" button.

In the Payment Terms section, you can define the terms according to your company policies. Here are the details you might include:

1. Term Name: The name or identifier for the payment term.

2. Enter Term Name: A field where you input the specific name or description of the payment term.

3. Payments Terms: The details of the payment terms, including:

   a. At the time of booking: Any payments required to be made at the time of booking a service or product.

   b. Before Journey: Payments to be made before the commencement of a journey or service.

   c. Post Journey: Payments to be made after the completion of a journey or service.

   d. Cancellation Slabs: Different levels or stages of cancellation fees or penalties, if applicable.

   e. Cancellation Policy: The overall policy governing cancellations, including any fees or conditions.

   f. Booking Policy: The policy regarding bookings, including any advance payments, deposits, or reservation requirements.

These terms help clarify the expectations and obligations regarding payments and cancellations for both your company and your customers. They ensure transparency and help avoid misunderstandings or disputes. Adjustments can be made based on your company's specific policies and industry standards.