Repair and Service Financing

RepairShopPro supports payment financing. You do not have to accept full payment at the time of check-out. Instead, you can defer payment by creating a loan and associating it with one or more invoices. When you do that, payment is bound to the loan and the invoice(s) cannot be checked-out until the loan is satisfied or rolled-back.

Note: If a structured loan is not what you need, you can also accept unstructured (random) payments. Please see the Take Deposits feature.

Creating a Loan

To create a loan, open a service and switch to the "Financing" tab. Next, select the type of loan (see definitions below) and run some scenarios by selecting the "Calculate" button. Once you arrive at the terms you like, create a payment schedule by selecting the "Create Payment Schedule" button. This will persist the loan and bind it to the currently open service. Each loan will be assigned a unique ID generated by the system.

Loans can also be bound to Combined Invoices for financing invoice groups. To do that, select "Manage Group Loans" from the "Utilities" menu. Next, create a new loan by selecting "New Group Loan". An invoice number picker will appear. Continue by multi-selecting the participating invoice numbers. Close the form, and the new loan group will be created. The "Group ID" variable, as seen in drop-down list, is used to identify the group loan.

Supported Loan Types:

Processing Loan

To process a loan, record payments using the "Make Payment" or "Undo Payment" buttons. If at check-out time, the service value has changed up or down and doesn't match the original loan amount, you can add any number of "Settlement Payment(s)" (plus or minus) to reconcile the difference. This saves time re-creating the loan when there are only minor changes. If you need to roll-back a payment, select the "Undo Payment" button. To roll-back the entire loan, select the "Clear Payment Schedule" button, then create a new loan.

Note: Invoices bound to a loan cannot be checked-out until the loan is satisfied.