How does the Billing of the Subscription Plans work?
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Subscriptions (Purchasing of licences) are billed on a monthly/yearly cycle.
Purchase Licences for the First Time (Purchase Plans)
When you first login to MAF Cloud, you can purchase licences to any subscription plans by clicking on 'Subscription' from the navigation sidebar on the left, followed by 'Purchase Plans' and completing your purchase.
The day you purchase your licence(s) will be deemed as the billing date which will determine the subscription period and billing cycle for subsequent purchases.
After your first purchase, you may return to the 'Purchase Plans' page to purchase licences to the subscription plans that you have not purchased before only.
Otherwise, you will see the 'Manage Your Current Plans' button, which will direct you to the 'Current Plans' page to purchase additional licences by clicking 'Add Licence' instead there.
Purchase Additional Licences Subsequently (Add Licences)
To purchase additional licences, click on 'Subscription' from the navigation sidebar on the left, followed by 'Subscription Plans', then 'Current Plans', and 'Add Licence'.
A subscription's billing date is anchored based on the first time a licence is bought (or, if a trial period was used, at the end of the trial).
The subsequent payments will be made:
For monthly plan: on the same day each month, or at the end of the month (if the former is not applicable)
For yearly plan: on the same date each year (or every 28 Feb, if first payment was on 29 Feb)
If any additional licences are bought after the first purchase, their payment schedule will follow the first purchase. This means any recurring payment(s) for new licence(s) purchased will be on the same dates as the first purchase. Cost until the first recurring payment date will be pro-rated accordingly (to the nearest second and/or US$0.01).
Please note that the cost is pro-rated based on the original cost, from time of purchase to the billing date of your first purchase.
Scenario 1: Day falls on any day except last day of the month
Billing Frequency: Monthly
For example, if you purchased your first licence(s) on 12 Jan 2020, your subscription period will be until 12 Feb 2020. This means that the 12th of subsequent months will be the billing date (payment will be deducted on this date) of your subsequent purchases (i.e. for any additional licence(s) you purchase, the billing date will be fixed on the 12th of each month).
If you continue to purchase additional licences on 20 Jan 2020, the cost of the licences will be pro-rated based on their original cost (to the nearest second and/or USD0.01), from 20 Jan 2020 to 12 Feb 2020. Subsequently, all the licences will be renewed automatically (unless cancelled) on the 12th of each month (payment will be made automatically) at the original cost (e.g. USD100 per month for each portfolio under MAF Portfolio Management Suite) - Payment will be made on 12 Feb 2020 for all the licences for the subscription period from 12 Feb 2020 to 12 Mar 2020. This is to ensure that all recurring payments will be made at the same time.
Billing Frequency: Yearly
For example, if you purchased your first licence(s) on 12 Jan 2020, your subscription period will be until 12 Jan 2021. This means that the same date in subsequent years will be the billing date (payment will be deducted on this date) of your subsequent purchases (i.e. for any additional licence(s) you purchase, the billing date will be fixed on the same date of each year).
If you continue to purchase additional licences on 20 Jan 2020, the cost of the licences will be pro-rated based on their original cost (to the nearest second and/or USD0.01), from 20 Jan 2020 to 12 Jan 2021. Subsequently, all the licences will be renewed automatically (unless cancelled) on the same date of each year (payment will be made automatically) at the original cost (e.g. USD1080 per year including discount for each portfolio under MAF Portfolio Management Suite) - Payment will be made on 12 Jan 2021 for all the licences for the subscription period from 12 Jan 2021 to 12 Jan 2022. This is to ensure that all recurring payments will be made at the same time.
Scenario 2: Day falls on last day of the month
Billing Frequency: Monthly
For example, if you purchased your first licence(s) on 31 Jan 2020 (with a monthly billing frequency), your subscription period will be until the last day of the next month, which is 28 Feb 2020 (or 29 Feb on a leap year), 31 Mar, 30 Apr and so on. This means that the last day of the subsequent months will be the billing date (payment will be deducted on this date) of your subsequent purchases.
If you continue to purchase additional licences on for example, 4 Feb 2020, the cost of the licences will be pro-rated based on their original cost (to the nearest second and/or USD0.01), from 4 Feb 2020 to 28 Feb 2020. Subsequently, all the licences will be renewed automatically (unless cancelled) on the last day of each month (payment will be made automatically) at the original cost (e.g. USD100 per month for each portfolio under MAF Portfolio Management Suite) - Payment will be made on 28 Feb 2020 for all the licences for the subscription period from 28 Feb 2020 to 30 Mar 2020. This is to ensure that all recurring payments will be made at the same time.
Billing Frequency: Yearly
For example, if you purchased your first licence(s) on 31 Jan 2020, your subscription period will be until 31 Jan 2021. This means that the same date in subsequent years will be the billing date (payment will be deducted on this date) of your subsequent purchases (i.e. for any additional licence(s) you purchase, the billing date will be fixed on the same date of each year).
If you continue to purchase additional licences on 4 Feb 2020, the cost of the licences will be pro-rated based on their original cost (to the nearest second and/or USD0.01), from 4 Feb 2020 to 31 Jan 2021. Subsequently, all the licences will be renewed automatically (unless cancelled) on the same date of each year (payment will be made automatically) at the original cost (e.g. USD1080 per year including discount for each portfolio under MAF Portfolio Management Suite) - Payment will be made on 31 Jan 2021 for all the licences for the subscription period from 31 Jan 2021 to 31 Jan 2022. This is to ensure that all recurring payments will be made at the same time.
You may find the next payment date and amount due under 'Billing Estimate', and any past payments under 'Billing History' from the 'Subscription Overview' page.
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