> For the complete documentation index, see [llms.txt](https://docs.verifone.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.verifone.com/online-payments/checkout/instalments.md). # Instalments Installments allow consumers to pay for a purchase in parts. An installment typically covers one purchase/order and multiple payments over time. Installments differ from recurring payments because unlike recurring payments it is not a single purchase, but an ongoing service like bills or subscriptions. In an installment transaction, a single transaction is sent to the issuer, which in turn splits the total amount into several monthly payments. ## Installment Types There are two installment types: * issuer-funded (credit installments) * merchant-funded (regular installments). ### Issuer-funded (credit instalments) * The bank issuing the card to the consumer offers the installments to the consumer * The bank charges the consumer's account in the agreed number of installments and charges an interest * The merchant receives the total purchase amount at once * The issuer takes the risk ### Merchant-funded * The merchant and consumer agree on the number of installments, free of interest fees * The bank charges the consumer's account according to the installment plan between the consumer and the merchant * Merchants receive payments as the bank charges the consumer's account * The merchant takes the risk --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://docs.verifone.com/online-payments/checkout/instalments.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.