Subscriptions

Learn about subscriptions.

Overview

Subscriptions is a recurring billing engine within the Yorlet platform for collecting rent. It generates Invoices. The Billing engine then automatically collects Payments on those Invoices, and moves on to the next one. Invoices left unpaid after their due date are visible from the Billing dashboard so you can easily track arrears.

A subscription will always generate the first invoice on the first day (or move in day) of a tenancy. After that, all Invoice are created at the end of the Billing interval, which is set during the creation of an application.

Collection method

You can determine the method by which an invoice is paid by setting the subscription collection method to either automatic or manual collection. Initially this is decided when creating an application, but it can be edited while the subscription is active.

Automatic

Collect a payment method from your customers during the application process, this becomes the subscriptions default payment method and invoice payments are automatically charged.

Manual

An email is sent to your customer with a link to a hosted invoice. If you select this method whilst creating an application your customer will not be asked to provide a payment method.

Editing a subscription

You can edit the amount, description or collection method.

Optimised collection

Some payment methods can take several days to complete so Yorlet Billing automatically applies optimisations to make sure you're being paid when a subscription is due.

For example, Bacs Direct Debit payments take two to three business days to succeed.

Timing

Description

T+0

Payment initiated and debit request submitted

T+1

Debtor's bank receives request and prepares to debit funds

T+3

Funds received and payment succeeds

Without optimisation the payment would settle 3 days after the subscription due date, so Yorlet Billing will initiate the payment early to avoid late payment.

Next steps

Now that you've learnt about Subscriptions, you may also want to learn about Invoices, or move on to related subjects:

Questions?

We're always happy to help with any questions you might have. Search our documentation, contact support, or connect with our sales team.