How can we help?

You can offer customers a discount whenever they choose to pay off their Rent-to-Own (RTO) contract early. The discount is applied as a percentage of the payoff amount and you can configure it based on how early the customer settles the contract.

 

Configuring Discounted Contract Payoff

You can find the settings for discounted payoff under Settings > POS Settings > Rental Contracts.

Scroll down the Rental Contracts tab until you get to the Rental Contract Profile section. You will see the discount settings when you create a new profile or when you edit an existing one, as described below.

Configuring Contract Payoff Discounts

You can set your discounted contract payoff to be based on how many months early the renter is paying it off. If you want, you can add greater discounts for increasing numbers of months paid early, as pictured above. Here are the fields you can configure:

1. Months Paid Early — Enter the number of months early a renter must pay off their contract to get the discount (e.g., pay off entire remaining balance 3 months early).
2. Percent Discounted — Enter the discount percentage off the remaining balance you will offer if the renter is paying off the balance within a number of months equal to or greater than the Months Paid Early number (e.g., 3% discount for 3 months early). The discount will be applied to the entire remaining balance on the contract.
3. +Add Tier — You can add greater discount percentages depending on how many months early the renter is paying off their contract by using the +Add Tier button to create more levels of discount, as in the example above. You can click to Remove tiers on the right, if needed. Here is an example configuration:
   • Payoff 3 months early = 3% discount
   • Payoff 5 months early = 5% discount
4. Save — After you have configured the tiers and discounts you want, click the Save button at the bottom of the panel. Also, be sure once you're done with changes in the Rental Contracts tab that you go to the bottom of the page and click the Save button there as well.

 

Discounted Payoff in the Register

For rental items that are set to use a discounted Rental Contract Profile, the discount will now be active whenever a renter pays off the contract early. Rental products are set for a Rental Contract Profile in the Advanced Settings tab of the Edit Product page, as pictured here:

Once the discounted payoff option is enabled, when you click the Purchase button on an RTO contract that uses a discounted Rental Contract Profile, the system will check if the discounted payoff feature is active. In our example, the contract below is being paid off more than 6 months early, so the system will apply the highest tiered discount to the payoff amount using the settings pictured above, so this pay off will be discounted 6%.

After clicking Purchase, the Purchase line item and the customer will be loaded into the Register, and the discount will be applied, as pictured below: