Standard Recurring Pricing
Recurring pricing is used for products/services that are billed on a regular basis. It is most commonly used for subscription services but can be used in many other use cases.
In GleanQuote, you can associate a Billing Frequency or Recurrence Period with products with any pricing type and any currency. Billing Frequency options are Non-Recurring, Per Week, Per Month, Per Quarter, and Per Year.
You can view the pricing and billing period of your products in the products tab list view by toggling on Standard Price and Billing Period columns and dragging and dropping your columns to fit your desired view.
Recurring pricing products display on quote tables with their billing frequency included. Products with the same billing frequency will be grouped together in the quote subtotals.
You can toggle on separate tax, shipping, additional discount and custom subtotal fields for each billing frequency type by selecting them from the Recurrence drop down. Each one has it's own toggle and input boxes for amount and checkbox for allow edit.
Recurring price totals are displayed separately in the Proposal Stat summary at the top of the Proposal list view:
You can toggle on the columns for different billing frequencies if you want to see all of the proposal totals in the proposal list view:
And you if a proposal has totals with different billing frequencies, you will be able to see them on the proposal overview page:
Recurring Prices as Product Options:
Recurring products can be used as fixed product options for any other products (recurring or non-recurring). This allows you to create configurable recurring products or configurable products that contain non-recurring and recurring option products. But if the option type is not Drop Down (Fixed product, separate) or Multi-Drop Down (Fixed product, separate), the billing frequency of the option product must be the same as the billing frequence of the parent product.
Here is an example of a configurable Recurring Product that has other recurring products as options. Software Plan is the parent product and Additional Users, Extra Storage, and Extra API calls are fixed product options with editable quantities.
Prorated Recurring Pricing:
If you need to prorate an existing recurring price, GleanQuote can auto calculate the current amount due based on your term and proration settings.
- A customer has an annual agreement for 5 users at $600 per year per user.
- Their annual subscription started on Jan 1, 2022, and runs through Dec 31, 2022.
- On June 13th, they requested to add 5 more seats to their license but need to now charge the prorated balance for the remainder of the annual term.
Go to Quote Settings and determine how the Proration will work and display:
- In this example, we have decided to prorate by the day and show the customer the value in years
- You can Prorate by Days / Weeks / Months / Quarters / Years
At the top of the Quote Editor, a new box will appear showing the default term
Select how you wish to calculate the term. There are two ways this can be done.
- Option 1:
Entering the Start Date / Term time left in the period you will be charging them for:
The Amount due as a one time fee (Non-Recurring) will be calculated and show the customer that this is for the Year Term prorated for the new 5 users and will display the balance of the term in exact dates.
- Option 2:
Entering the Start Date / End Date for the time left in the period you will be charging them for:
Here, we chose to change the Time Frame shown to the customer in Months which is rounded to 7.
EDITING TERM FOR LINE ITEMS
You can edit the term of individual line items by clicking the three dot menu at the right side of the line item and selecting Edit Term.
A term edit modal then displays where you can edit the term for that individual line item.
If you select Default as the term for a line item, then when you change the default term settings for all line items, the term settings for this line item will automatically be set to the default values you selected.
Otherwise, you can select any combination to dates and term to set the term for an individual line item.
* Note The Proration Settings apply to one Quote Table at a time. If you need to show different prorated values for different items, please use additional Quote Tables.