IDI platform software supports the configuration, sale, and management of retail installment plans. This functionality is only available to IDI platform users on a fee basis. When an IDI customer pays this fee, an authorized IDI associate will enable this functionality in their system.
Knowledge Articles
If you prefer ti to the IDI Knowledge Center, these articles provide a comprehensive guidelines and instructions for configuring, selling, and managing retail installment plans in the IDI platform.
Go here for a quick overview if Retail Installment Plan functionality in the IDI platform. Getting Started with Retail Installment Plans. This article provides links to more detailed articles for using retail installment plans in IDI Desktop and web applications.
A Quick Overview
Installment Plan Profiles
Product Management in the IDI Desktop Client supports setting up Installment Plan Profiles. These profiles are assigned to retail products to establish the parameters that govern installment plans for that product. For a given profile, users can set up any number of rules based on a selected Credit Class and/or Account Type. These rules specify:
Whether or not to allow installment plans
Whether or not to require an installment plan at time of sale
Number of payments range
Whether or not to require a down payment
Down payment range
Down payment as currency or as a percentage of retail price
Whether or not the first payment is required at the time of sale
Users can rank the rules to establish precedence in the event that more than one rule, based on Account Type and/or Credit Class, applies to a customer.
The ability to add, edit, and delete profiles is restricted through permission profiles.
Any retail product that may be sold with an installment plan must be assigned an Installment Plan Profile. This is done via a new drop down menu on the Add/Edit Retail Product form. A retail product can only have one profile assigned at a time. If a profile is not assigned, the product cannot be sold with an installment plan.
Note:
Retail Installment Plans can only be sold on serialized retail products. Therefore, the corresponding drop down will not be enabled unless the product is marked as Serialized.
Allow/Disallow Installment Plans by Credit Class
Credit Classes are defined and managed via the Credit Class table in Data Management. The Add/Edit form provides a control to allow or disallow installment plans on a Credit Class basis. When further granularity is needed, users may choose to allow/disallow installment plans by Credit Class on a Profile Rule basis.
Note:
Both settings (global in Data Management or the ruled-based in Product Management) are subject to Manager Override. At their discretion, users having Manager Override authority can allow an installment plan sale that would otherwise be disallowed due to poor credit.
Selling Installment Plans
POS Make Sale and Make Sales Request follow the rules established by the Installment Plan Profile assigned to the retail product being sold. In addition, the following enhancements have been implemented:
Single tender
The tender screen displays a single line for the installment amount due rather than a separate line for each pending payment. Note: All sales tax due on the installment plan is collected at the time of sale.
Use billing products in place of adjustments
A single billing installment product/package drives invoicing instead of an Adjustment for each installment payment. This SKU is not part of the Guided Assignment flow and is auto-assigned by the system when the order is submitted. This ensures the product cannot be removed during the sale.
Returns/Void/Cancel
These processes are automated to minimize manual steps:
The return amount will include any down payment initially collected, plus any installment payments that have been invoiced.
The Billing product is disconnected.
An additional installment tender record for uninvoiced balance is created to offset tender balances.
Voiding or Canceling a return will reconnect the billing product.
Managing Installment Plans After sale
The Retail Installment Plans form in Customer Management facilitates managing installment plans after sale. The form provides pertinent account-level and sales-related information. Users can select an installment plan on the account and initiate the pay-in-full process or an exchange, access order information related to the installment plan, or display the receipt for the sale.
General ledger
General Ledger functionality has been enhanced to support installment plans.
Other Help Topics
For more on configuring, selling and managing retail installment plans see: