Payment Plans

Payment plans offer payers the flexibility to repay the payment amount in accordance with the terms of a payment plan. The terms can include one or more of the following:

  • Installments: Payment is made over a number of instalments. For example, $1200 paid in 12 instalments of $100 each.
  • Deferral Period: Payment is deferred for a period. For example, $1200 purchase with no payments for 6 months.
  • Interest: Payment can include interest or can be interest-free according to the plan.

A payment plan can include any combination of these terms. For example, $1,200 purchase paid in 12 installments with interest; $5,000 purchase interest free for 12 months with a deferral period of 3 months, etc.

The MasterCard Payment Gateway supports the following types of payment plans:

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