There are multiple types of discounts you can create within a billing program.

Code Discount

Takes the full amount off the first payment. If the code is more than the first payment, the remainder rolls over to the next one.
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Sibling Discount 

Applied to fee groups for families with multiple children playing within the club.

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Early Bird Discount

To encourage early registration, create an early bird discount that is active for a date range.
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Scholarship Discount 

Can be a percentage or a fixed amount, that is evenly distributed across all payments.
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General Discount

The code can apply either a percentage or a fixed amount. The full discount is applied to the first payment. If the discount exceeds the first payment, the remaining amount will be applied to the next payment.
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