Generating Income with InOrder Using Installment Billing
As we said in our article about generating income with your ERP system, installment billing can help you generate income by making your products available immediately to your customers while accepting payments over time. Installment billing can be used for subscriptions or large purchases, which customers might otherwise put off indefinitely. With installment billing, your customers can buy when they’re ready to buy. You can even link an installment plan to a promotion so your customers can take advantage of special purchasing opportunities before an offer expires. Installment billing is the perfect tool for providing your customers with a personalized and professional shopping experience.
InOrder provides an accurate and efficient payment schedule for each order using a billing plan. Simply add the payment and InOrder does the rest. InOrder Installment Billing Plans work with Customer Service orders, Order Entry orders, and with orders entered on your web store.
Setup is easy. Installment plans are defined to identify the installment plan, determine the minimum amounts, dates, payment schedule, order classes, and promotions. Associating installment plans with order classes provides templates for each of your order types. They provide default settings for shipping, handling, promotions, territories, pricing, payments, messages, etc. This gives you control and consistency, while still being flexible with the ability to verify or override specific information.
Automatically generate payment transactions and invoices. Simply run the installment processor. You can even schedule it to run automatically, and notify your customers of payment transactions with Emails InOrder.
Users with the proper security may edit installment schedules – even for posted orders. Statements, reports, and dunning letters support Installment Billing information display. Future installment payments are shown in the A/R Lookup window. For each customer with an installment plan, you can see how much is due, and when it is expected.Merchandise returns are handled as efficiently as always. Issue a credit memo for the original invoice for the refund amount and receivables will be reduced.
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