The Standard Online Third Party Interface accommodates Installment, RTO (Rent To Own), in addition to Revolving providers. It can handle different types of finance plans per provider.
An application for financing is submitted to the finance provider for a customer.
The provider returns a response indicating if the customer has been approved for financing. In the case of Installment and RTO plans, a customer account number may or may not be returned for an application depending on the provider. If an account number is included in the application response, it is stored for future use.
Providers who handle revolving, installment and rent-to-own types of financing decide which finance type the customer is qualified for when an application is processed.
Once a finance application has been approved, an order can be created using a finance plan for the type of financing that was approved.
If account numbers are not assigned by a provider when an application is approved, entry of an account number is not required. A provider setting defines whether account numbers are required.
When you add an RTO plan to an order, the order is marked as non-taxable, and all sales tax is removed from the order. Any taxes required are handled by the finance provider and included in the payment structure that they define. Report Sales Tax reports orders that have had the tax removed.
When an order is being paid using an RTO plan, the full amount of the order must be financed. If a deposit of any amount has been applied to an order, an RTO plan cannot be added to an order.
The use of an Installment or RTO plan as a deposit (at the Payments field on the Payments tab of order entry) is not allowed. The Maximum Percentage When Used as a Deposit setting on the Financing Eligibility Restrictions screen is set to 0.00 and cannot be changed for these types of plans.
Printing of Installment contracts/RTO agreements, as well as collecting the first payment due, is not handled within STORIS. These tasks are completed via connection to the provider.
When processing exchanges with an Installment or RTO plan, the original order must have been financed with an Installment or RTO plan. Additionally, the Split Exchange action is not available.
An authorization request is submitted to the finance provider. Order details are included in the request.
A ‘pre-qualify’ response in the authorization returned indicates that the customer can be approved once additional information (e.g. bank account information, pay dates etc.) has been provided. Supplying this information is handled outside of the STORIS application via a web service. (This can be provided in the response by the provider, or accessed separately by the user on the provider's web site.) When a pre-qualify response is received, the order is placed on ‘F3’ credit hold.
If the financing is approved by the provider, an authorization number is returned.
Use of an account number may or may not be required by the provider. The ACCOUNT NUMBER - Require an Account Number When Requesting Finance Authorizations setting in Finance Provider Settings can be used to indicate whether the account number is required by the provider.
Any monetary changes (including changes to merchandise, discounts, sales tax, delivery and/or installation charges, fees) made to open orders that have had no partial completions and were approved with Installment or RTO plans, trigger a new authorization request to be sent to the finance provider.
Any monetary changes (including changes to merchandise, discounts, sales tax, delivery and/or installation charges, fees) made to open orders that have been partially completed and were approved with Installment or RTO plans, trigger an authorization adjustment request to be sent to the finance provider. This request details the differences between the original order and the updated order.
As orders are completed, settlement occurs immediately for Installment or RTO plans.
Finance Transactions Settlement
Revolving financed transactions settle at end of day or are settled manually via Transmit Financing Settlement.
Installment and RTO finance transactions settle when the transaction is completed.
Partial completion of orders sends partial settlements for installment and RTO financing.
Finance Provider Settings by Finance Type
Financing Payment Plan Settings
Financing Eligibility Restrictions
Standard Finance Credit Application - Primary
Standard Finance Credit Application - Co-Applicant
FR Authorization Display Screen
FR Manual Adjustments Detail Screen
Update Financing Credit Approvals
Enter a Customer Payment/Refund/Gift Certificate
View Finance Credit Application
Report Sales Tax - A No Tax Reason (NT Rsn) column indicates the reason tax was not collected on an order.