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Choose Finance Company |
  
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Choose Finance Company |
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When tendering a customer invoice, you can assign payment responsibility to a third party, known as a finance company.
IMPORTANT NOTES:
| • | This is NOT used for placing customer charges on POSitive's "store account." |
| • | Finance Company can only be used on Invoices, not orders or layaways. |
| • | Finance Company can not be used on "Quick Sale" invoices; a customer name and address is required. |
The term Finance Company is used to mean any third party billing source. Typically, major or big ticket purchases can be taken over by an outside Finance Company which then becomes your AR account customer. But POSitive takes it one step further to allow you to bill a customer's employer or insurance company for all or part of the customer's purchases.
Managers: Advance Setup of Finance Companies
For Finance Company or Third Party Billing to work you must
| • | Add Finance Companies to POSitive through Maintenance: Definitions: Lists: Finance Companies |
How Third Party Billing Works
1) A customer makes purchases from your store.
2) When tendering his or her invoice, you may assign all or part of the charges to a Tender Type named Finance Company.
3) You will be prompted to select from the list of defined finance companies, (the employer, insurance company, or finance company) the third party which will accept the charges.
4) The customer signs the invoice and leaves with his or her purchases.
5) The selected finance company now becomes one of your AR accounts to whom you will send monthly statements. The AR Statement will list all purchases made by all of their clients' (employee, insuree, or financee).
6) Third Party Billing works very well with companies who give employees matching funds for purchases or insurance companies who will pay all or part of their client's expenses directly or indirectly to you. In the event that only partial payment will be paid, as with insurance policies which only pay fixed rates, you can manually add offset credits.
Adding A Finance Company
Go to Maintenance: Definitions: Lists: Finance Company
Use the Add, Edit, or Delete* buttons as necessary.
The Select button will be active only when appropriate to the task.
A View Of Finance Company Charges
Sales Clerks: How To Invoice To a Finance Company
When tendering an invoice for a specific customer (Quick Sale invoices will not display this option), one of the options you will see is Finance Company.
If the charges on the invoice are to be paid in part or in full by a third party,
1) Highlight Finance Company
2) Enter the amount to be paid by the third party.
3) Enter any remaining amount to be paid by the customer on the appropriate tender type
4) Press F10 and a listing of Finance Companies is displayed
5) Select the appropriate Finance Company
6) The invoice will be processed.
History Of Transactions
Invoice History will show payment made under the term "Financed."
Finance Companies will be sent AR Statements and payments from them are taken as AR Payments.
Transactions - Edit a finance company and choose the Transactions button to display the highlighted company's AR History.