Installment Payment
Collection of the card amount by the bank split over several periods. Whether installments are available, the number of installments and any interest charge depend on the card, the bank's policy and the store's payment infrastructure settings; the valid options are only those listed at the payment step.
Installments are offered by the bank issuing the card, not by the store. The payment infrastructure recognises the bank from the first digits of the card number and shows the options defined for that bank on the payment screen. For this reason the same cart can produce different options with different cards.
- Installments are generally not offered on debit cards and some corporate cards.
- If an interest charge applies, the total amount is shown separately at the payment step.
- In case of a return, the amount is refunded to the card; how the remaining installments are closed depends on the bank's processes.
In corporate purchases, current account and deferred payment terms come into play instead of installments; those terms are subject to contract. If you use the right of withdrawal on an installment transaction, the refund amount is applied to your card, but when it appears depends on the card institution's statement period. Since which payment options are open can change with the store setting, the binding information is the list on your payment page.
Context in which this term is used: contact page