Pay over time lets you pay a bill in installments while your vendor gets paid in full upfront. Once your business is approved by Credit Key, Credit line is available for eligible bill payments. It appears as a payment method next to Card and Bank account when you pay a bill.
In this guide, you will learn how to:
- Check what you need before you start
- Pay a bill with Pay over time
- View your payment and repayments after you schedule
Haven’t been approved yet? A business owner can apply from the Financing tab on the Pay dashboard.
Not sure if your business qualifies? Check out our guide: Who is eligible for Pay over time with Melio?
Check what you need before you start
- Only Owners and Admins at approved businesses can use Credit line when scheduling a payment.
- Pay over time is for one-time, domestic payments. Recurring and international payments aren’t supported.
- Your vendor can be paid by ACH bank transfer or paper check only. Other delivery methods, including virtual card and wire, aren’t supported.
- Fast delivery options, including Same-day ACH, Instant ACH (RTP), and fast check, aren’t available.
- Your vendor receives the full amount upfront. Your first repayment starts 30 days after the funds are sent, and each installment is automatically debited from your verified bank account by ACH.
- The delivery date can be up to 30 days from the day you schedule the payment.
- You can’t edit a Pay over time payment after you schedule it.
Pay a bill with Pay over time
1- Go to Pay in the left sidebar.
2- Select New payment. The Create bill page opens.
3- Enter the Vendor business name and Bill amount. Leave Payment frequency set to One-time payment and review the Due date.
4- (Optional) Enter an Invoice #, Invoice date, Note to self, or Line Items. You can also upload an invoice file to fill in the details automatically.
5- Select Continue to pay. The Pay bill page opens with your vendor, amount, and due date already filled in.
Want to pay a bill you already saved? Go to the Bills tab, then select Pay next to the bill.
6- Under How you pay, select Credit line as your Payment method.
7- Review your Available credit. The amount you’ll have left After this payment also appears.
If your payment is more than your available credit, you won’t be able to schedule the payment. Lower the Payment amount to your available credit or less, then schedule another payment for the rest. For more information, check out How to make a partial payment with Pay over time.
8- From the Repayment terms dropdown, select the number of installments you prefer. Each option shows the monthly amount and the total fee.
9- From the Repayment method dropdown, select the verified bank account you’ll use to repay. Each installment is automatically debited from this account.
10- Under What your vendor receives, review the Delivery method. To use a different one, select the dropdown and choose a saved option. To add or edit delivery methods, select Manage delivery methods.
Pay over time only works with ACH bank transfers and paper checks.
Don’t see a delivery method? Select Add delivery method, then choose how your vendor gets paid.
11- Review the suggested Delivery date. To choose a different date, select Custom date.
The delivery date can be up to 30 days from the day you schedule the payment.
12- (Optional) Enter a Memo to vendor. Memos can be up to 50 characters.
13- Review the Summary. It shows your Payment amount, your fee (listed as Repayment amount), the Total amount to repay, and the date your first repayment starts. Select View repayment schedule to see each debit date and amount.
14- Select Confirm and pay to open the Repayment Terms and Conditions popup.
15- Review the agreement, check the box to confirm you agree, then select Agree.
Selecting Agree submits your payment right away. You can’t edit it after this step.
16- On the Payment scheduled page, review your Payment summary. You can also select the download or print icon to save a copy. Select Go to dashboard to finish.
That’s it! You’ve scheduled a bill payment with Pay over time.
View your payment and repayments
Your payment to the vendor and your repayments appear in different places on the Pay dashboard.
View your payment to the vendor
1- Go to Pay in the left sidebar, then select the Payments tab.
2- Find your payment in the list. Use the search bar or Filters if needed.
Under Debit date, Pay over time payments show which installment is next, such as Installment 1 of 3. The count updates as each installment is paid.
3- Select View payment to open the payment details. Under Pay By, select View Details to see your repayment schedule, including the amount repaid, the amount remaining, and each installment.
View your repayments
1- From the Pay dashboard, select the Financing tab.
2- Review your Available credit and Total credit at the top right of the page.
3- Find your payment in the list. You’ll see its Status (such as Active or Completed), Next debit, Next installment, Remaining, and Total amount.
Under Next installment, you’ll also see which installment is due next, such as 1 of 3.
4- Select View details next to your payment. Your repayment schedule opens and shows how much you’ve repaid, how much remains, and the debit date, status, and amount of each installment.
That’s it! You can now check your payment and repayments anytime from the Pay dashboard.