The Annual Prepay Plan is a payment option that gives Method customers the option to pay for 12 months of Method up front, for a discount. The below image shows an account not on the Prepay plan.
How does it work?
When you select the Prepay option, we take 10% off your monthly total and then multiply it by 12. You will pay this amount and that will be put into your balance.
Every month, the 10% discounted monthly total will be deducted from your balance.
For example, let's say you have the cost of $49 per month (as shown in the above image). Once you go on the Prepay plan, your subscription page will look like the below image.
Let's break down how this was calculated.
- The original $49 monthly total was discounted by 10% to give us $44 per month.
- The discounted monthly total, $44, is multiplied by 12 to give $528. This becomes your Remaining Prepaid Balance.
- Every month, your monthly total of $44 is deducted from your Remaining Prepaid Balance.
If you are wondering why this is so complicated, it's because your monthly total could change halfway through the year. For example, imagine you remove a pack and your monthly total goes down to $36 dollars per month.
Your prepaid balance will now deplete slower every month, so you will not need to pay for a while. Of course this works the opposite way as well. If you add a pack or user, then the monthly billing will go up and the prepay balance is deducted accordingly.
What are some keywords I need to understand and use?
- Monthly Plan: The payment option where Method customers pay a month in advance for the Method service. Customers are charged their Current Subscription Price and can cancel at any time.
- Annual Prepay Plan: The payment option where Method customers pay for 12 months of Method up front, for a discount. We calculate a Prepay Balance for your as follows: 12 x Current Subscription Price x 10% discount. Every month the Prepay Balance is deducted by the amount of your Current Subscription Price less a 10% discount. Please see the special handling when canceling within the Prepay Grace Period.
- Prepaid Balance: The amount remaining on Method customer Prepay plan.
- Prepay Grace Period: The 30 day period after a Method customer signs up, renews or auto-renews for the Prepay Plan. During this window they may switch to a monthly plan without penalty.
- Current Subscription Price: The value of the customer’s subscription, represented as a monthly price. It considers point in time packs and licenses… and any metered usage such as portal, public pages and storage. This is calculated every month on the Monthly Billing Date and is used to update the Prepay Balance and Prepay Renewal Date.
- Monthly Billing Date: This is the day of the month that customers on the Monthly Plan are charged and customers on the Prepay Plan have their Prepay Balance deducted.
- Prepay Renewal Date: The projected renewal date for Method customers on the Prepay Plan. It is calculated based on the Current Subscription Price and the Prepay Balance. This date may shift earlier or later based on increase or decrease in Current Subscription Price respectively.
Where will I see the option to select Prepay?
You will see a link on your monthly payment receipt if you qualify.
What happens when my Prepay balance runs out?
We will automatically renew (and charge) the subscription when the Prepay balance runs out. The amount charged will be 12 months (less the discount) on your current subscription amount.
If necessary, to opt out of renewal, please contact us.
What happens if my subscription decreases and my Prepay balance is longer than 12 months?
Balances will expire within 18 months of original purchase.
How do refunds work?
Method provides the choice between monthly and prepaid (Prepay) payment plans. There may be a price difference between the two plans. You are free to choose whichever option that best suits your needs.
Prepaid Balance is not considered a credit and hence is not eligible for a refund.
However, after enrolling in the Prepay plan, within the Prepay Grace Period, you may switch back to monthly billing. We will make this switch and refund any remaining paid balance (prorated on the daily basis) minus any applicable discount. Please contact us if you need to make the switch back to monthly.
What if I modify my account? Add/remove users/packs? Upgrade/Downgrade?
Method believes in providing software that fits your ever evolving needs. Method allows you to change your subscription (including but not limited to number of users, number and types of packs, metered usage etc.) as you see fit and as your needs change.
At any time, you may change the usage of your Method products.
For the Prepay plan, once a month, on your Monthly Billing Date, we calculate your Current Subscription Price. This will be deducted from the Prepay Balance (taking into account discount and taxes) until it is fully used up, as long as it’s within the time specified by the Balance Expiration policy.
If your usage (for example, numbers of users) has increased, your monthly deductions will increase accordingly and your balance may be depleted before the annual anniversary date. When your balance runs outs, we will automatically renew your Prepay Plan and charge a payment accordingly. Correspondingly, if your usage has decreased, your anniversary will be delayed up to the period specified in the Balance Expiration policy.
As your Monthly Subscription Price changes, your balance will be charged accordingly.
Does the Prepay Balance expire?
Your annual prepaid balance expires 18 months from when you last enrolled into Prepay plan or the last past Prepay Renewal Date. Prepay Balance is not credit and hence not eligible for refund or carry forward.
For example, if your usage (such as number of users, packs and other metered usage) dramatically declines after you enroll such that your prepaid anniversary date is delayed by more than 6 months past the initial 12 month period, you may have some balance outstanding at the end of 18 months. At this time, this balance will expire.
What if Method changes pricing?
For Method accounts enrolled in the Prepay Plan, applicable prices of packs installed during enrollment or renewal are guaranteed for the duration of the initial balance (typically a year but may be shorter or longer as defined in the Balance Expiration policy.)
Any Method product price changes for packs you are using (have installed and are currently being charged for) will not be applied and Method will honor the original prices for those specific packs. Any applicable tax changes will be applied on monthly basis and may change according to applicable laws.
What happens if I want to move from one account to another? (E.g. QBDT to QBO migration)
We will transfer the Prepay plan balance from one Method account to another Method account given the closure and creation happen at the same time. The customer will not be eligible for any free trial or grace period.
Multiple Method accounts are billed separately and based on their own usage and payment plan. Additional professional services charges may apply should you choose to engage Method staff for consulting, data migration or any other services.
How can I cancel my account?
You may cancel your Method account at any time by contacting your Method Account Manager and receiving a confirmation back.
For Prepay Plan accounts, with the exception of aforementioned Refund and Transfer Policy, no refund or credit will be issued within the term of the Prepay plan. Before a plan renews, you may cancel it to ensure it is not renewed.
How do I opt-out of automatic renewal?
For your convenience, the monthly and Prepay plan subscriptions will auto-renew until you cancel the service in accordance with the Cancellation policy.
For Prepay plans, within 30-days in advance of the auto-renewal date, you may notify Method in accordance with the cancellation policy to cancel your account on the renewal date. After the renewal date, in accordance with the Refund Policy, you may switch back to the monthly plan within the Grace Period.
You may choose to opt-out of auto-renewal by notifying Method and confirming with a Method representative. The auto-renewal amount will be based on the expected monthly Current Subscription Price at the time of renewal. You will be immediately charged the full Prepay amount at the time of renewal.