​Prepaid Settings

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Prepaid (Layaway) Set up on CAS

First phase - Defining the Program (CAS)

In CAS under Management --> Transaction Codes --> Prepaid Settings users with appropriate rights can define/modify a Prepaid Program. This screen will be used to define the program name and rules. Only one program can be in place (but it can be modified). Modifications affect all transactions that are currently in the system.

 

The rules would include the following (Mandatory fields have an asterisk to identify them) :

  • Assign a Name for the Prepaid Plan

  • Status of the program (Active appears on the payment screen and report option, Inactive appears on report dropdown but not payment screen)

  • Layaway fee to be charged for the transaction

  • Minimum % of the sale or fixed amount of the initial deposit or whichever one is the higher option

  • The penalties for cancellation would also be calculated out on canceled transactions. This can be in the form of a fixed amount and/or %.

  • The language that would appear on the customer receipt on each layaway transactions, and also print on a merchant copy with the signature line. (Samples below)

  • Select a customer group associated with this transaction

  • Enable STS or STS Not Enabled. If STS is not enabled the merchant is keeping track of their own layaway balances. Once STS is enabled, you cannot revert back to Not Enabled.

  • Agree to terms and conditions/Save.

Sample Layaway Disclaimer Statements

Sample Layaway Disclaimers:
Sample #1
  • Layaway deposit - 20% of total balance at the time of layaway

  • Layaways will be held for 90 days - Monthly payments required

  • 20% fee for all canceled layaways - $10.00 minimum, Remaining balance given as a store credit. The person initiating layaway must be the same person picking up layaway.

Sample #2

With our layaway program, there are no fees, and deposits are 100% refundable. All layaways require a minimum deposit of 25% of the purchase price, with 30 days to pay the balance and pick up. Layaways that have reached 30 days will be canceled; the item(s) released and the deposit will be placed as a fully refundable credit on account in your name. Some items may not be available for layaway.

Sample #3

25% down payment on all layaway

50% of the balance after the down payment due within 30 days and the remaining 50% of the balance due within 60 days.

If the payment is not made within this allotted period following the due date:

1. The transaction will be closed.

2. The item(s) will be returned to stock.

3. The customer forfeits the down payment and any payments made toward the layaway purchase.

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