This article provides an overview of how to configure price and payments section when you create an individual membership type in the admin site.
Membership Price and Renewal Price
Monthly Installment Payment Option
Validity
A lifetime membership enables admins to establish a membership type that remains valid indefinitely. This option is ideal for associations looking to provide long-term benefits to their members. It is also suitable for membership renewals completed outside of Tradewing, ensuring that members maintain access during the renewal period. Additionally, you can modify the settings any time if you wish to terminate the lifetime membership.
Once a lifetime membership is granted or purchased by at least two members, the admin can no longer modify it. If the admin wants to change the lifetime membership to a limited one, they must terminate the current membership and either create a new membership type or select from the existing membership options.
The specific membership option enables admins to define a set duration for the membership type by specifying the number of months the membership will remain active. Once the specified duration has elapsed, members will be prompted to renew their membership. This option is particularly beneficial for associations whose membership terms are shorter than a full year. Admins can set the membership duration to anywhere between 1 month and 12 months, depending on the needs of their association.
Currency
Admins can now modify which currency they wish their members to pay with. This currency is linked to the association's Stripe account. Therefore, the currency selected in the Stripe settings will automatically be reflected in Tradewing.
This feature is particularly beneficial for clients located outside of the United States who want to offer event tickets or memberships in their local currency.
Membership Price and Renewal Price
The enhanced features for membership pricing allow administrators to set different fees for both the initial membership purchase and subsequent renewals.
The Membership Price refers to the amount members pay when they initially sign up.
In contrast, the Renewal Price is the fee applicable when members decide to renew their membership, which can differ depending on the specified duration for that membership type.
This is particularly useful if you provide early bird discounts for new members and want to adjust the price upon renewal or if you prefer to set a lower renewal price compared to the initial membership fee.
Monthly Installment Payment Option
Admins have the option to provide monthly installment payment plans for members. This enables members to acquire an annual membership while spreading the total cost over the course of the year, paying a set amount each month. This option is ideal for associations that want to make membership payments more manageable for their members.
Allow New Memberships
This option enables new members to acquire this type of membership for the first time. Once checked, it restricts existing members of the association from purchasing this membership in Tradewing. However, if this option is selected, admins can grant this membership type to individuals who do not already hold an active membership.
Allow Renewals
This option permits the renewal of the membership type. If this option is not selected, members can only purchase this membership once, and renewal will not be possible. Consequently, members with this membership type will need to choose a different membership type for future participation.
For memberships with a validity of up to 12 months, if the renewal option is not enabled, members will receive expiration notifications. Three reminder emails will be sent out: the first will arrive 30 days before expiration, the second 15 days before, and the final reminder will be sent one day before the Grace Period begins.