Credit Application & Financing FAQs

If the amount received from the finance company is more than owed from the customer, place the remaining amount on account using Apply Payments From Finance Provider. You can then apply the FR on account money to open finance receivables using Apply Payments from Finance Provider or Maintain Financed Balances.

You can refund a credit amount back to the finance payment plan using Enter a Customer Payment/Refund/Gift Certificate.

In the Process Receivables tab, Completed Order Number field, indicate the order number or on-account reference containing the credit.
At the Issue Refund By field, check the Other box.
The Payment Summary window appears, in which you indicate the finance plan Type and Amount you want to refund (negative amount).
Specify the required information in the Finance Receivable Entry window and then click Save.
In the Payment Summary window, click Save. Then, on the Process Receivables tab, click Save to update the refund.
You can view the refund transaction via View Current Financing Activity.

To correct an open item posted to the wrong financing plan, use the Maintain Financed Balances routine to re-write the transaction using a different Financing Payment Plan. Once you select a reference line from the grid, you then select the Re-Write option at the Action field on the FR Manual Adjustments Detail Screen.

The following provides an overview of the steps involved in implementing an online Finance Receivables provider. Please contact your STORIS representative for further detail.

STORIS receives notification from the client that they have contracted with the finance provider.
Client installs and works with the finance provider to set up hardware if applicable.
STORIS is available to assist in ensuring the hardware is working correctly and all connectivity is functional.
STORIS provides data sheets to the client outlining required setup data.
Client contacts the provider to obtain required setup data, such as the IP address and merchant numbers, and makes decisions regarding payment plan setup, etc.
Client fills out the data sheets (provided by STORIS) with setup data obtained from the provider and returns the sheets to STORIS.
STORIS activates the module and finance provider in the software, as well as establishing the connection, merchant, and payment plan settings for testing and training.
STORIS tests the connections and responses. This can vary by provider.
Client attends training class, conducted by STORIS, to learn the operation of online Finance Receivables.
STORIS provides applications and Finance Receivable test scenarios so that the client can begin testing and gain a better understanding of how to process online Finance Receivables in STORIS.
Client testing phase begins. The client is responsible for testing the process and connections and for becoming familiar with Finance Receivables functionality.
STORIS is available for any questions that arise during the client testing phase, as well as at any point in the process.
Before going live, the client is responsible for setting up all merchants and payment plans in their LIVE account.
STORIS coordinates with the finance provider and the client to determine the official Live date.
STORIS updates the LIVE account with the Live IP address and any other necessary communication information. This can vary by provider.
STORIS reviews the initial transactional data for any potential issues after client is Live.

First, you use Maintain Financed Balances to adjust the Finance balance on the open item. This adjustment posts to the FR adjustments account in G/L. Next, create a journal posting to move the amount from FR adjustments to the FR fee account.

If the application is in the Review Pending Credit Requests queue, you can access the application and change the option to individual. The program deletes the co-applicant. However, once the application is in the View Completed Credit Requests queue, you cannot remove the co-applicant. You must create a new application for the one individual.