Below you will find very important information about how our Billing cycle works, what different documents are and how they behave and also how service suspensions are processed.
RENEWAL ORDERS
Our billing system is automatic. Renewal orders are generated and sent to customers trough email, 10 days before the actual renewal date, to give them time to renew their subscription for the next period. Subscription periods can be of 1, 3, 6, 12 or 24 months.
Once a payment is received, confirmed and approved, the order is processed and the corresponding "final invoice" is created for the subscription period.
Our subscriptions are setup to "Anniversary Mode", which means we DO NOT use a specific day to renew all customer subscriptions together (like in some services that do it on the 30th, the 1st or the 15th of the month). Each subscription will be renewed exactly 1, 3, 6, 12 or 24 months after the original first order was paid or processed.
INDIVIDUAL INVOICES
In some cases (the minority), invoices are created before we receive the payment and when this happens, they have to be paid within 1 day of creation, so that it does not become over due. Overdue invoices are charged with a late fee that is calculated per anum and prorated to months and days.
BILLING TERMS & POLICIES YOU SHOULD BE AWARE OF
1. Order validity period.-
This is the maximal period of time an open Order can stay in our system. The order validity period starts when an initial order, or a renewal order is created. After the validity date, an Order becomes canceled automatically. It is not possible to re-open a canceled order.
2. Due period.-
This is the period of time in which an Invoice should be paid. The due period starts right after an invoice is generated. If an invoice is still not paid by the due period end, such invoice becomes overdue and the overdue period for an invoice starts.
3. Overdue period.-
This period starts after an Invoice due period is over. An Invoice is considered as overdue, however, the charged services are still provided during overdue period. After the overdue period is over, an unpaid invoice becomes cut-off and disabled for payment. However, the cut-off invoices can be reopened and paid. Once the unpaid invoice is reopened and a Late Payment charge is created to the account in the form of an Invoice.
4. Late Payment charge.-
This is the penalty amount (percents of Invoice sum). It is applied on yearly basis. Penalty is calculated during an invoice's overdue period. Charge rate is used to calculate the Overdue invoices amount.
5. Minimal charge.-
This is the minimal penalty amount, regardless of the actual penalty calculated in accordance with charge rate. Minimal charge is used for Overdue Invoices' amount calculation, in case the charge rate amount is too small.
SUBSCRIPTION EXPIRATION AND TERMINATION TERMS
1. Grace period.-
This is the period that starts after a Subscription period expires. The grace period can be considered as additional chance for a customer to renew his/her Subscription. During Grace period, HostingPanama(TM) already has the right to suspend services. After Grace period runs out, a Provider terminates Subscription.
2. Expiration period.-
It is the period of time in which an expired subscription is stored in the database. During this period, services are suspended for the customer. After an expiration period is over, a subscription is deleted, i.e., all the data related to a subscription is lost.
IMPORTANT NOTE: Once the system automatically deletes all data related to a subscription, it is impossible to recover. HostingPanama(TM) does not keeps backups of data that are in EXPIRATION PERIOD. CUSTOMER IS SOLELY RESPONSIBLE FOR THE LOSS OF THEIR DATA AND SHOULD ALWAYS KEEP BACKUPS TO PREVENT DATA LOSS.
TERM DEFINITIONS | |
Order validity period
| 1 Month |
Invoice due period
| 1 Day |
Invoice overdue period
| 2 Days |
Charge rate
| 25.55 % per annum |
Minimal charge
| $5.00 |
Credit limit
| $0.00 |
SUBSCRIPTION EXPIRATION TERMS
|  |
| Subscription period | Grace period | Expiration period | Renewal order period |
|---|
| | | |
| 1 month | 3 Days | 10 Days | 10 Days |
| 3 months | 3 Days | 10 Days | 10 Days |
| 6 months | 3 Days | 10 Days | 10 Days |
| 1 years | 3 Days | 10 Days | 10 Days |
| 2 years | 3 Days | 10 Days | 10 Days |
| Subscription Termination Terms | |
| Subscription period | Method of subscription termination | Termination period |
|---|
| Trial | Terminate automatically in a period | 1 Month |
| 1 month(s) | Terminate automatically in a period | 1 Month |
| 3 month(s) | Terminate automatically in a period | 1 Month |
| 6 month(s) | Terminate automatically in a period | 1 Month |
| 1 year(s) | Terminate automatically in a period | 1 Month |
| 2 year(s) | Terminate automatically in a period | 1 Month |
