Finance request template

Payment plan agreement signing request template

An agreement setting out an instalment schedule for paying an amount owed, including amounts, dates and what happens if a payment is missed.

Send a payment plan agreement request Browse all templates

What is a payment plan agreement?

A payment plan agreement sets out how a customer or debtor will pay an amount owed over time, by listing the instalment amounts, the dates they fall due and the total being repaid. It gives both parties certainty and a written record of what was agreed. Getting it signed confirms the debtor accepted the schedule rather than simply being told about it.

Payment plans are common when a customer cannot pay in full but wants to avoid further action, or when a business prefers a structured arrangement to recovery. A signed plan helps prevent later disagreement about the terms and the consequences of default. It is not formal debt-recovery or insolvency advice, so seek professional guidance for larger or disputed debts.

When to use a payment plan agreement

Arranging instalments for an overdue invoice or account
Offering a hardship arrangement to a customer who cannot pay in full
Structuring repayment of a settled dispute or agreed amount
Formalising a deposit-plus-instalments arrangement for a large purchase

What to include in a payment plan agreement

Total amount owed: the full balance the plan covers, including any agreed fees
Instalment schedule: the amount and due date of each payment
Payment method: how each instalment will be paid and to which account
Default terms: what happens if a payment is missed, such as the balance falling due
Acceptance: confirmation the debtor agrees to the schedule and terms

Pros and cons of sending a payment plan agreement as a signing request

Pros

Gives a dated, signed record of the agreed instalment schedule
Private link keeps the debtor's account details confidential
Tracks opens and signature so you know the plan was accepted
Reminders help chase signature before the first instalment is due

Cons and things to watch

A signed plan does not guarantee the instalments will be paid
Default and interest terms must be fair and clearly stated
Larger or disputed debts may need professional recovery advice
Hardship situations may require sensitivity and flexibility

How to send a payment plan agreement with Cosign

Upload your payment plan agreement and preview to check the schedule, totals and default terms
Add the customer or debtor as the signer and reference the account or invoice in the subject
Set a 14-day expiry and add a password, since the plan contains financial details
Send the private link, track the signature, and keep the completion receipt as your record

Payment plan agreement request details

Email subject

Payment plan signing request

Default message

Please review and sign this payment plan agreement if the schedule is accepted.

Signer setup

Customer or debtor

Suggested expiry

14 days

Button label

Sign payment plan

Best fit

Finance teams

Payment plan agreement FAQs

Is an electronically signed payment plan valid in Australia?

Electronic signatures are generally recognised in Australia when the signer consents and can be identified, so a signed payment plan is commonly accepted as a record of agreement. Confirm any specific requirements for your situation. This is general information, not legal advice.

What happens if the debtor misses an instalment?

That depends on the default terms written into your plan, which may state the full balance becomes due. Cosign records the signed agreement but does not process payments or enforce the schedule.

Is the payment plan kept private and not indexed online?

Yes. The plan is sent through a private link and is not published or indexed by search engines. Only the intended signer can open it.

Does Cosign collect the instalment payments?

No. Cosign sends and tracks the signing request only. You will need a separate payment method or direct debit arrangement to collect the instalments.

Should I get advice before offering a payment plan?

For larger, disputed or hardship-related debts, professional advice on recovery and your obligations can be worthwhile. A signing tool records the agreement but does not replace that advice.