Prompt Pay Discount

Prompt Pay Discount allows you to give customers a discount for paying their bills on time. You can set a percentage to be added to the payment to reduce the amount of the invoice being paid.

Topics in this article include

• How does it work?

• Setting Configuration

• Applying a Prompt Pay Discount

• Reports

How does it Work?
Prompt Pay Discount does not give a discount based on an amount owed but will extend the amount being paid by the Prompt Pay Discount percentage.
For example, an $11 payment with a 10% Prompt Pay Discount amount will offer a payment of as much as $12.


Setting Configuration

Here's how to get there
Expert: Program Menu > Configurations > System Configurations > Parameters > Accounting Tab
Elite: Configuration Gear > App Configurations > System Configurations > Parameters > Accounting Tab

Under the Discount area enter the Prompt Pay Discount amount you want to give to the customer. 




Applying the Prompt Pay Discount 

When paying the contract, you can pay through Accounts Receivable or the Customer Dashboard. In this example, we are going to show you how to do it through the Customer Dashboard.

Here's how to get there.
Expert: Counter System > Customer Dashboard
Elite: Left Menu > Tools > Customer Dashboard

1. To start the payment process you can go to Tools and Make Account Payment.

2. A new window will pop up. Click on Make Payment.

3. Follow the process of making a payment.

Process starts with numbered steps but then stops?

A new dialog box will appear for you to enter the value of the Prompt Pay Discount amount.
You can apply the full amount or a partial amount towards the customer's invoice, in case you do not want to give a customer the full prompt pay discount amount. This allows you to enter a range from zero to the maximum prompt pay discount.

How is this calculated? Point of Rental will take the percentage amount entered in parameters under the Prompt Pay Discount and multiply it by the amount that is being paid. For example, a $30 payment with a 10% prompt pay discount will result in $3 discount. The math is to make the payment amount the result of a 10% discount. 10% of $30 = $3, resulting in an amount due of $27.



Once you enter an amount, the same value will appear in Funds Remaining, where you can apply it to the customer's invoices. If you are paying multiple invoices, then the prompt pay discount will apply to each one of the contracts being paid.




Reports

You can run a customer payment report from Customer Dashboard > Reports > Payment Report. This will break down the payments and discounts applied toward the invoices.