What is a payment plan?

A payment plan is a billing plan designed to create payment installments for existing balances and for cases that have been completed and do not need any additional billing. A negative matter ledger balance is required to create a payment plan.

This feature also offers an automatic billing option to charge your client automatically with Rocket Matter Pay, our payment processing in-app! If you choose to opt out of this feature, your clients will receive an email with a link to make each payment.

Payment plans allow choosing where you'd like the payments received posted:

  • Operating: This option will apply collected funds toward the Operating account.
  • Trust: This option will apply collected funds toward the Trust account.
  • Automatic Accounting: This option will apply collected funds toward any unpaid balances and anything excess will post to the Trust account.

If you start a payment plan for your client and then add new billable entries after setting up the plan, these entries will be automatically added to the Invoice (not to the plan itself) the next time the plan runs. If you need to add additional billable time to a matter that has a payment plan, we suggest stopping the existing payment plan. Then, add the additional billable time, disable invoice sharing (if applicable), invoice the matter, and then restart the plan based on the new matter ledger balance.

While setting up the payment plan, you will also designate a user(s) who will receive a payment failure email receipt if the payment is unsuccessful. Additionally, select contacts who will receive the invoices and receipts.