Payment Schedule

These options allow you to define payment parameters for pending transactions. A payment schedule can consist of up to seven payment deadlines defined at certain intervals (in days) from the initial transaction date. Using these options you can set:

The payment start date
The minimum and maximum number of payments
Days you want to define as business days when calculating payment schedules
Financing options
Whether you want to print payment schedule information

Example Example

A layaway transaction can have payments scheduled to occur at 30, 60, and 90 days after the initial transaction date.

End of the example.

You attach payment schedules to pending transactions using the pending transaction parameters. For more information, see Pending Transactions: Advanced.

You can attach payment schedules to tenders using the Payment Schedule ID field on the General screen of the Tender Setup function. For more information, see Tender Setup: General.

Example Example

You create a tender type for Predated Check and then attach your organization's predefined check payment schedule to print the details on the customer's receipt.

End of the example.

Structure

General
Screen Element	Description
Break Out Payments	Allows you to show the number of payments and payment due dates on the POS terminal
Print Payment Schedule	Allows you to print the payment schedule on the customer’s receipt
Show Payments Breakdown	Allows you to choose the receipts on which you want to print the payment schedule. You specify the target for printing payment schedules by selecting one of the following options: All Copies Customer Copies None Store Copy Tender Copy None is the default; if you select this option the payment schedule does not print on the receipt.
Interest Rate	If you are charging interest, allows you to enter the interest rate

Payment start options can either be entered with a start date or to begin after a number of day; you cannot use both options when defining a payment schedule.

Payment Start
Screen Element	Description
Force Start Date	Allows you to choose what payment start date to use: When selected and the Use Start Date option is also selected, the system uses the date entered in the text box next to the Use Start Date check box When not selected, the system calculates the next payment start date to use
Use Start Date	Allows you to specify a specific payment start date, enter the date in the adjacent field using the format `mm/dd/yy`.
Day Numbers	Allows you to enter the number of days that pass before payments are to start. For example, if a customer puts a deposit down on an item on Monday, and wishes to begin the payments 10 days later. This field is not activated when you select Use Start Date.
Force Number of Payments	Allows you to set a specific number of payments; select the checkbox and enter the number of payments in the adjacent field

Business Days
Screen Element	Description
Sunday	Allows you to define the days of the week you want to use as business days when calculating payment schedules. Select the days to use as business days; the system does not use unselected days when calculating payment schedules.
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday

Schedule
Screen Element	Description
Payment Line	Allows you to include up to seven payments within a layaway sale; enter the payment information for each line. The percentages are cumulative and should total 100. For example, you might enter a layaway sale due in 90 days as follows: Payment 1 -- 30 Days -- 50% Payment 2 -- 60 Days -- 25% Payment 3 -- 90 Days -- 25%
Days	Allows you to enter the number of days after the layaway sale that each payment is due.
Percent of Balance	Allows you to enter the corresponding percentage of the transaction total that must be paid on that payment day.

Payment Numbers
Screen Element	Description
Min.	Allows you to enter the minimum number of payments that must be made as a part of this transaction
Max.	Allows you to enter the maximum number of payments that must be made as a part of this transaction
Interval	Allows you to enter the number of days on which payments must be made. You set the interval by selecting one of the following options: Monthly Bi-Monthly n Days where n Days is a number of days from 1 to 999.

If finance changes apply, you can specify either a fixed dollar amount or a percentage of the total transaction amount for the finance charges; you cannot use both options when defining a payment schedule.

Finance Charge
Screen Element	Description
Use Amount	Allows you to define the finance charge as a fixed amount; select the checkbox and enter the amount in the adjacent field
Percent	Allows you to enter the percentage you want to use as the finance charge