When processing the application via the
Queue, and the customer already has accounts with providers in the Queue,
a message displays asking if you want to skip those providers or exit
the queue process. The finance receivables application queuing process allows you to easily provide financing options to your customers. With finance application queuing, you can quickly process multiple requests, without the need to decide each time which provider should be processed next, and without accessing multiple entry processes. The queuing concept consists of utilizing a list of providers based on the your processing preferences. Finance credit application information is submitted to the providers in the order defined until the requested amount is approved, the maximum number of approvals has been received, or the list of providers has been exhausted.
Since the application information can be submitted to multiple finance providers with different requirements, a Standard Finance Application entry process is used, consisting of all fields that exist on the short applications of the currently certified finance providers. In order to be included in the STORIS Finance Application Queuing process, the provider must be a STORIS certified Third Party provider and the merchant must have the Queuing module licensed and active.
Because submitting applications to multiple providers can have an impact on a customer’s credit score, when a decline response is received from a finance provider, a message is displayed indicating that the application was declined and asking if you want the application to be submitted to the next provider in line. You can communicate this information to the customer, giving the customer the option of deciding whether they want the application submitted to the next provider.
When processing the application via the
Queue, and the customer already has accounts with providers in the Queue,
a message displays asking if you want to skip those providers or exit
the queue process.
STORIS does not track providers receiving a customer’s finance application. Therefore if a customer had submitted an application previously and then applies for financing again months later, the application is submitted to the queue and processed in the manner described above. The application is submitted to a provider in tier 1 and continues through the tiers, if necessary, until a provider or providers can be found to approve the dollar amount requested.
General System Control Settings - The Finance Receivable Application Queue module must be licensed and active.
Financing Control Settings - Optionally, set a maximum number of finance queue approvals.
Finance Provider Settings - One or more active providers must exist and must be set to be included in the queuing process. (Online Transmit tab).
Finance Application Queue Tier Settings - Either a default tier table or a table for the location or district of the selling store must exist.
Create a User/Group Receivables Security - Determine whether users have permission to override the finance queue.
Financing Payment Plan Settings - Entry of a Finance Type for online providers is mandatory.