What’s new with Rundoo?
We now support discount finance terms!
What does this mean?
This means more options and flexibility with finance terms that incentivize early discounted payments for customers and increases cash flow for retailers. For example, you can now automatically apply a 1% discount to statements paid within the first ten days of the statement run.
How do you set up new discount terms?
Admin>Customers>Finance Terms>Add Finance Terms
Toggle “Early payment discount” to then specify the “discount reference days” and “discount percentage”
The example terms below offer 1% discount to statements paid within the first ten days of the statement run, with net 30 terms. This will be represented as “1/10 Net 30 EOM”.
How does this look within Bill Payments?
When processing a Bill Payment, you’ll see the “Early payment discount” applied; note that it’s applied to the Subtotal, not the Sale total.
How does this look on Statements?
Statements will now show the discounted total in the top right summary box:
What else?
Please note that right now, in order for customers to take advantage of the discount terms, retailers need to also process bill payments within the discount window. Using the discount terms example above (1/10 net 30), this means that if someone pays with a check on the 9th of the month, within the eligible discount window, but the retailer doesn’t record that check payment until the 11th of the month, the discount will not be available because 10 “discount reference days” has passed. The workaround from here would be to apply credit to that customer account.
What next?
Let us know if we can help set up these new terms or try creating some yourself. As always, reach out with any questions and feedback!