Salesforce Docs Portal

Create Payment Plans to Manage Financial Hardships

As a collections specialist, create a payment plan from the collection plan record details page. Collections and Recovery offers flexible payment plans to customers based on their financial account types and their financial hardship situations.

Required Editions

Available in: Lightning Experience
Available in: View product and edition availability.
User Permissions Needed
To create a payment plan: Collections and Recovery Specialist
To access financial account and related standard objects:

Financial Services Cloud Extension

OR

FSC Foundation

OR

FSC Service

OR

FSC Sales

You can create payment plans only for Financial Services Cloud customers.

  1. From the App Launcher, find and select Collections.
  2. To launch a collection plan record details page, from the collection plans section, click a collection plan.
  3. Click the Payment Plans tab.
  4. Click New Payment Plan.
    You can create a payment plan only when the collection plan has an associated financial account and no active payment plans are linked to it. Additionally, a collection plan can have only one active payment plan associated with it at a time.
  5. Select a payment plan type that is feasible for your customers, and click Next.
  6. View the selected payment plan type, and click Next.
  7. Review the payment plan summary, and click Next.
  8. To view the newly created payment plan, go to the Payment Plans tab on the collection plan record details page.
    A payment schedule record and payment schedule item records are created to manage the payments for the newly created payment plan.