Yes, you can switch from a yearly plan to a monthly plan at any time through 'Manage Billing' under Settings, Organisation. When you make this change, Stripe's billing system, which we use for processing payments, will handle the proration automatically.
Here’s how it works:
- Proration Calculation: The moment you decide to change your plan, Stripe calculates the unused portion of your yearly plan and issues a credit to your account. It then applies this credit towards the cost of the new monthly plan.
- Immediate Invoice: If there's any additional amount owed (because the monthly plan might be more expensive per month than the yearly plan when broken down), Stripe will generate an invoice immediately for this proration difference.
Example: If you're two months into your yearly plan and decide to switch to a more frequent billing cycle like monthly, here's what happens:
- Credit for Unused Yearly Plan: You receive a credit for the remaining ten months of your yearly plan.
- Debit for New Monthly Plan: You're then charged for the new monthly plan rate, prorated from the date of the switch.
- Net Balance: The credit from your yearly plan may cover the immediate monthly charges, and if there's any excess, it will be applied to future months, or if there's a shortfall, you'll be billed the difference immediately.
This proration ensures that you are fairly charged when switching plans, without any penalty.
Note: We do not refund or transfer unused credit if you choose to close the organisation account.
