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Word forms: installment plans plural. countable noun. An installment plan is a way of buying products gradually. You make regular payments to the seller until, after some time, you have paid the full price.

There are several types of payments available: Cash (bills and change): Cash is one of the most common ways to pay for purchases. ... Personal Cheque (US check): These are ordered through the buyer's account. ... Debit Card: Paying with a debit card takes the money directly out of the buyer's account.

Some of the sections most commonly used in a payment agreement contract include: Contract Identification. You will need to identify what the payment agreement is being drafted for. Consenting Parties. ... Agreement. ... Date. ... Signature.

While your agreement should fit your unique circumstances, there are a few essential elements every payment agreement should include: Payment timeline. Payment method. Interest rate. Terms and conditions. Parties involved. Contact information. Dispute resolution policy. Signatures.

A payment plan can refer to paying off any outstanding debt, or sometimes more than one debt by means of consolidation into an organized payment schedule. Alternatively, different types of consumer financing involve a payment plan, such as car loans and point of sale retail loans.

A payment arrangement is an agreement with a customer to payoff severely overdue debt in installments. Bills sent to customers with payment arrangements contain charges for both their current services and their payment arrangement installment amount.

To distinguish between payment arrangements and pay plans, it is helpful to understand some terminology: 1) an agreement with a customer to pay off their debt as part of their future bills (sometimes referred to as "current bill plus") is a payment arrangement, 2) an agreement with specifically scheduled payments is ...