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WHAT IT IS
Allows finance charges on store charge accounts to be setup to be automatically waived if the customer’s payment meets or exceeds store defined payment thresholds.
WHAT IT DOES
Gives you four system options to set this up: Store Charge Options Store Charge Account Balance Threshold Dollar Amount: Statement Wording When Store Charge Account Balance Thresholds Are Set Store Charge Account Balance Threshold Interest Waived Message: Controls whether or not to print a message on the statement when interest waived True - Any time interest is waived a message will be printed on the statement False - No message is printed Store Charge Account Balance Threshold Percentage: Waive current month's finance charge if the customer's payment meets or exceeds this percentage of total house account balance Statement Wording When Store Charge Account Balance Thresholds Are Set: When a threshold percentage is set this message will print on the statement indicating how much must be paid to avoid finance charges
HOW IT WORKS
To setup a threshold:
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Click Administrative → System Options and scroll down to Store Charge Options.
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Enter a percentage threshold. If the customer pays at least this percentage of their total balance then finance charges will be waived.
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Optionally, you can also enter a dollar threshold. The system will use the higher of the two thresholds when determining if finance charges will be waived.
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Click OK to save your settings.
NOTE: To use this feature you must specify a threshold percentage greater than 0. If you specify 0 the feature will not work.
EXPAND YOUR EDGE EDUCATION
To learn more about setting about the House Account Threshold feature, and to read case study examples, click below or visit EdgeUser.com and search for House Account Thresholds. You’ll also find a tip sheet to guide you through the process.
