A simple payment agreement (SPIA) is a legal form of agreement between two or more parties, which allows them to exchange payments made by their respective businesses on a regular basis. This form is designed for small businesses to be able to make one monthly payment, rather than having to pay various fees and interest rates that can build up over time. Although SPIA templates are a good way to make your business run smoothly, it’s a good idea to check with a lawyer who specializes in financial matters before making your purchase.
A simple payment agreement can include all of the basic terms that you might expect to see in any standard contract between a business and its customers. For instance, you might find that the agreement allows the merchant to accept a credit card for a purchase, as well as provide a specific address and method of payment for your customers. In addition to these details, the agreement may also require that your customers pay their debts in full before the agreed upon date, or that they return their purchases with their money intact. This information should be carefully discussed with your attorney to ensure that you get the most from your agreement.
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Because a SPIA can take care of all of the financial aspects of your payment agreement, you should be careful not to make an assumption regarding how much money you should be able to earn from your customers. If your customers are paying you by check, then you don’t want to give them a payment that is too low, or that will cause you to default. Keep in mind that if you allow your customers to pay you using other methods, such as direct deposit, that they can easily use these funds to avoid paying back your payments.
As with any type of document you’re drafting, you’ll want to be sure that you have your lawyer look over your SPIA. Your attorney will be able to determine if there are any errors or inconsistencies in your document, and help you to make adjustments where needed. If any portion of the agreement seems to be unclear or confusing, you’ll want to talk to your attorney about it.
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If you have a merchant processing account, you may want to consider using a third-party company to help you create your payment agreement. This company will be able to work with you to create an agreement that’s specific enough to cover all of your transactions, but will be easy to maintain so that you don’t have to worry about creating new ones every month. If you don’t have a merchant account with a third-party processor, then you can take advantage of an online service that will take care of all of your processing needs, including creating, and updating your agreements, as well as monitoring your accounts for your payment processor.
If you choose to use an online service, make sure that the agreement you create is not too complicated. Many of these online services allow you to create a single form that contains all of the basics. While still leaving you to include the details of the details that are important to you. Make sure that you review these documents before signing to make sure that you understand them.
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The last thing you’ll want to consider before signing a deal like this is how the payments will be made between the merchant and your customer. Will the merchant simply issue a check each month? If so, then you may want to include an automatic debit of the amount due, or if your company will be offering a payment plan that lets you set up a minimum payment for each customer. The rule of thumb here is to make sure that your payments are consistent.
When you are ready to put together your simple payment agreement, you should keep in mind the details that will affect your success with it. If you find that your processor won’t allow you to use an automatic debit or set a minimum payment, then you’ll want to think about creating one yourself instead.
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