Financing Payment Plan Settings

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Support Files: Finance Company, Warehouse Location.

Tabs:  General, Text  

Use this routine to create and maintain records for the payment types you use with third-party financing. We recommend you create a record for each third-party financing payment plan you offer to your customers.

Payment Type CodeEnter the user-defined Payment Type Code. The field accepts up to 5 alphanumeric characters.

General

DescriptionEnter a description for this financing Payment Type record. Up to 50 alphanumeric characters can be entered in this field.

Finance ProviderSelect the code of the finance receivables company associated with this Payment Type. The company must exist in the Financing Provider Settings.

Finance Type

Track ReceivablesSelect this field to indicate that financing supplied under this Payment Type is to be tracked within the Finance Receivables module. For 3rd Party Payment Types, this field should always be selected.

Receivable GLA

Usage Fee PercentEnter the Usage Fee percent charged by the Finance Company when this Payment Type is used, or leave this field blank if no Usage Fee is to be calculated. This may be a positive (deducted from amount Finance Company owes) or negative (added to amount Finance Company owes) number. For example, if the Finance Company is charging your store a Usage Fee of 3 percent, enter 3.00 in this field. The Usage Fee will be deducted from the amount due to your store from the finance company and will be reflected in a net amount in the financing module. If the Finance Company is paying your store a 3 percent Usage Fee, enter -3.00 to add 3 percent to the amount due to your store from the finance company and will be reflected in a net amount in the financing module.

Usage Fee GLAUse the TPA GL Account Entry screen, available from the Action button at this field, to enter the General Ledger Account to be used for tracking Usage Fees that have been charged to this payment type.

Due DaysEnter the number of days from the date of submission of the receivables that payment is due from the finance company. Any financed transaction that is not reconciled within the system prior to this number of due days will be flagged as past due and reflected appropriately in the applicable financing reports.

Activation DateEnter the activation date (if any) you want to apply to this payment type.  If you enter a date here, the selected payment type is valid starting on the specified date.

Expiration DateEnter the expiration date (if any) you want to apply to this payment type.  If you enter a date here, the selected payment type is valid only up to the specified date.

Finance Provider Payment CdUse this field with the Credit Application interface for use with electronic transmissions.  Enter the code that the finance company recognizes as the proper identification for this payment plan. This code does not need to match the code you have defined in this third-party payment type record. This is supplied by the Financing Provider.

Card Validation(LOCKED - STORIS access ONLY!) This field is used to validate the type of card, card number, and format. Entry of this field is required for electronic authorizations for the payment type, and is not always the same as the Finance Provider code. The value in this field is dictated by the type of financing, as set by the financing vendor.

Equivalent Pay TypesThis field is used only in the finance credit application process. Use this field to specify finance plans from other finance providers the system can use in place of the current finance plan. If accounts are set up with one finance provider and authorizations are obtained from another, the system automatically changes these finance plans in any associated sales order when the system receives an account number for a credit application. To select multiple payment types, click on the Action button to access the Equivalent Pay Types selection screen.  

Valid Approval DaysEnter the number of days from the sales order date the financed approval received from the financing company remains valid.  Orders older than the number days you enter here may not be eligible for delivery or completion.  You must either approve the order by entering a new approval number or delete the order.

 Transmit TransactionsSelect this field only if the Transmit Transactions field in the Financing Provider Settings (Finance Provider) and Financing Control Settings (Finance Receivables ACF) records have also been selected. Select this field to classify this payment type as an electronically transmitted payment type.

 Prompt for InsuranceSelect this field to cause the Sales Order Entry program to prompt as to whether or not insurance was sold and being provided by the finance company. Although prompting will allow for the collection and storage of the information for reporting, it is not used when obtaining authorizations.

Limit Use to Stores

Text

Charge TextIf the Transmit Transactions field in the Financing Provider Settings (Finance Provider) and Financing Control Settings (Finance Receivables ACF) records have been selected, this text prints as the credit agreement on a customer’s sales receipt when charges are made to this payment type. You can enter up to 1500 characters.

Credit TextIf the Transmit Transactions field in the Financing Provider Settings (Finance Provider) and Financing Control Settings (Finance Receivables ACF) records have been selected, this text will be printed as the credit agreement on a customer’s sales receipt when credits are made to this payment type.