How to Add Setup Fees to Your Recurring Invoices
Let's say you have a product with an initial setup fee and then a monthly recurring charge. So far, you were not able to use a single invoice to let the customer pay for both and had to rely on 2 invoices. Not anymore.
What's new
- You can now add a recurring product -> add a set up fee to it in its prices -> Add it to a recurring invoice -> 2 line items for the same product (One with Setup fee and other with recurring price) would appear
- For subsequent invoices, the setup fee line item will be removed and only the recurring part of the price will be sent out
How to use?
- Go to Product section and create a product with price type = recurring and add a setup fee to it
- Create a recurring invoice from invoices section
- Add the product which has a setup fee in it
- 2 line items for the same product will be shown with the Suffix "Setup Fee" added to the setup part of the price
- For all subsequent invoices that are auto-generated as per your schedule, will only have the recurring element of the price.
Why did we build this?
- For all service providers where a signing fee was to be collected along with monthly recurring charges, this feature would make invoices super useful to them