The tender screen indicates remaining balance due on an installment plan as a single line item. If the sale includes multiple items sold with installment plans, each item has a separate line for remaining balance due.
Sales tax on any product sold on installments is due in full at the time of sale.
The down payment and first payment, if applicable, are included in the total amount due at the time of sale. The first payment amount is calculated by subtracting from the handset price any down payment and/or discount/price adjustment as applicable and then dividing by the number of installments.
Note:
If the sale results in a negative remaining balance due on the installment plan (for example, down payment + discount exceed the retail price), the tender screen will display an error and not allow the sale to be completed. At that point, users can backtrack to make adjustments in order to complete the sale.
4-inch Reciept
For each Retail Installment Plan on the order the four-inch receipt provides a block of information related to the Installment Plan comprising:
Product Catalog Description and Equipment ID
Amount collected at time of sale with the following broken out separately (or omitted if not applicable):
Down Payment
1st Installment collected at the time of sale
Unpaid Balance – This is the remaining amount due after accounting for down payment and 1st payment at time of sale.
Number of Payments – This is the number of payments as specified by the profile unless the first payment was collected at the time of sale. In that case the number of payments is decremented by one.
Estimated Installment Amount – This is the amount due with each installment (balance/number of payments). This is estimated as the calculation may not result in whole pennies (e.g. $2.166). In this case last installment may be slightly higher or lower.
Network Receipt
For each Retail Installment Plan on the order the network receipt provides a row of information equivalent to what’s provided on the 4-inch receipt.
POS Complete Sale Form
The Complete Sale form provides the same summary presentation as the Network Receipt.
Installment Agreement
An Installment Agreement form is printed the end of the sale for each Installment Plan sold on the order. The Installment Agreement is associated to the retail product via the product’s Installment Plan Profile.
Installment Agreements are stored in Document Storage as other similar documents. They can be accessed from two locations in Customer Management:
The Retail Installment Plans Grid
The associated billing product
The agreement comprises for basic sections:
Header
Carrier’s Company logo – provided by the carrier
Carrier’s Company name, address, and phone number
Billing Information for the subscriber: Name, Address, Phone Number
Date of the Sale
Account Number
Federal Truth in lending Disclosure
Annual percentage rate
Finance Charge
Amount Financed = sale price - down payment (if any)
Total of payments = Amount Financed + Finance Charge
Total Sale Price = Unit price - discounts/promotions
Payment Schedule
Number of Payments with a line for first payment collected at time of sale if applicable
Number of payments after first collected at time of sale (if applicable)
Estimated Installment amount
When payments are due
Itemization of Amount Financed
Sale Price = Unit price - discounts/promotions
Down Payment Amount (per profile)
Amount Financed - as in 2c above
First Installment at Sale (0.00 if none)
Unpaid Balance = Amount Financed - First Installment at sale
Prepaid Finance Charge
Financial Responsibility Acknowledgement
Customer provided terms and a place for the customer’s signature
Billing Product
The Billing Product associated to the installment plan is transparent during the sales process to ensure users cannot remove the product from the sale.