Retailers can now manage their accounts receivable within their point-of-sale software — allowing customers to charge purchases to their account and pay later.
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Credit limits: Retailers can set credit limits to determine the maximum amount of money that a customer can charge to their account. By receiving AR balance notifications when a customer is loaded to an invoice, staff can stay in the know — especially when they have reached their credit limit. Plus, POSIM gives the option of printing an on-account balance to invoices.
Payments on account: Allow customers to make payments on their account — the payment can be processed through a sales invoice. Offer customers convenient options, like mailing payments to the store — the store can then process through a batch, as part of the store’s scheduled procedures whether weekly, bi-weekly, monthly, etc.
Apply finance charges: Keep account balances up-to-date in your point-of-sale system by charging monthly interest and finance charges for past-due accounts. POSIM allows customization with the option of setting grace periods before charging interest on an account.
Run statements and reports: Print customer statements and other AR reports as part of end-of-month procedures. Statements have a payment stub referencing all the necessary information to process a received payment.
Recurring Billing: Automate the process of billing groups of customers who are billed regularly for a product, subscription or other service. This can be especially helpful if you have a monthly service or product, like our wine merchants who offer wine of the month memberships.