EZ Process Pro
Software to Manage your Furniture Stores Financing Department
EZ Process Pro has the most powerful and comprehensive finance department available in the industry. Developed by an actual finance manager the system handles everything necessary to smoothly operate a business that does third party finance, In house finance (term and revolving), or both. When dealing with third party finance companies, being able to easily submit an application and quickly get a response is extremely important. The EZ Process Pro point of sale is built to collect all pertinent information needed for a finance application submission. Once it is entered, the information can be directly sent to the processor of your choice. Since the data is saved in your software, your staff doesn’t have to ask the customer to repeat the information a second time when completing the sale or submitting the application to a different company. This automation saves your staff a substantial amount of time, freeing them up to help additional customers more quickly.
Once an approval is provided, the sale is updated to account for the balance thru the appropriate finance company. Accounting for the balance then allows the sale to continue thru the process of ordering, reserving and delivering product to the customer. Remembering to collect funds that are owed to your business from a third party finance company is extremely important. EZ Process Pro has finance department reports built specifically to ensure that nothing has been forgotten. When a finance deal is funded, pertinent information such as the received amount, payment method, and payment date are recorded directly in to the system. All other accounting and commissions are automatically updated accordingly. By simply glancing at the non-confirmed receivables report, it will be clear which deals you have not been paid on yet. Ensuring you get your money is the finance department’s number one priority. To nurture the relationship between your business and the third part finance company, tracking is also tracking included to make sure your finance customers have received all of their merchandises and are content with their purchase.
For those companies that offer In house finance, EZ process Pro is one of the rare systems that offers both Term and Revolving In House finance options. The system can even pull the customer’s credit report for your review. Term contracts operate much like a home loan. They have a formal contract, pre set payment amounts and a predetermined interest should the client complete the entire term of the contract. However if they should pay off early the system has the ability to adjust the interest upon the final payment. Payments can be scheduled, monthly, semimonthly or weekly. Revolving loans are similar to a credit card. The customer is extended a line of credit and purchases are applied against the line of credit decreasing their available balance. Although the interest rate is set, the customer payment (based on a percent of the balance) determines the total interest for a sale. Multiple sales can be applied to a clients revolving account as long as there is an active balance available. EZ Process Pro also gives your company the option to pre set special term finance options and late fee criteria. Instead of having to track down a customer to make a payment the system can do it for you automatically using the integrated auto charge feature. Payments can automatically be withdrawn directly from the customer’s checking account or credit card on a weekly, semi monthly or monthly basis. All automatic payments update the customer’s account balance and email them a receipt. If the customer comes in to the local store to make a payment the system will adjust the balance and update the auto charge. This feature alone saves both time and money while increasing your revenue by getting payments from people that otherwise may not have paid. Should you choose to do so EZ Process Pro provides reporting tools that allow you to report your customer’s payment history to the credit bureaus in mass. EZ Process Pro’s server environment holds SSAE16 soc 1 and soc 2 (was sas70 in past)data security clearances as well as PCI- DSS to ensure the safety of all information saved within the system. Further, the records are secured behind password controls only allowing particular staff members within your company to access certain key information. Those without the proper permission to see the information will instead be shown stars in its place.
Managing your finance department and ensuring you get paid doesn’t get any easier then this!
Department Features
- In House Revolving Financing: Revolving loans are similar to a credit card. The customer is extended a line of credit and purchases are applied against the line of credit decreasing their available balance. Although the interest rate is set, the customer payment (based on a percent of the balance) determines the total interest for a sale. Multiple sales can be applied to a clients revolving account as long as there is an active balance available.
- Billing Statements: System generated statements can be sent or emailed on a monthly basis for both term and revolving accounts. The statements provide your customer all pertinent information regarding their account, the outstanding baa=lance and the current payment due.
- Auto Charge In House Finance or COD accounts: Instead of having to track down a customer to make a payment the system can do it for you automatically, then update the customer’s account and email them a receipt. Saves both time and money while increasing your revenue by getting payments from people that otherwise may not have paid.
- Credit History Retrieve: EZ Process Pro’s server environment holds SSAE16 soc 1 and soc 2 (was sas70 in past)data security clearances as well as PCI- DSS to ensure the safety of all information saved within the system. Further, the records are secured behind password controls only allowing particular staff members within your company to access certain key information. Those without the proper permission to see the information will instead be shown stars in its place. These security measures have afforded us the ability to retrieve credit history thru Equifax, which is proven to be the most accurate of the reporting agencies. The credit report can be helpful for companies that offer external financing, in-house financing or both. Having the credit report to analyze assist you in making important decisions including which financing company is best fit for the buyer or if you feel comfortable extending them a line of credit though your business for an in house finance account.
- Credit Reporting: For those companies that do offer in-house financing services, EZ Process Pro provides a reporting tool that allows you to easily update the credit bureaus about events and payment history concerning your clients accounts. This is commonly called reporting to the bureaus.
Challenge
Chances are, you're not a finance expert. Figuring out who qualifies for financing, how much they're eligible for, and where to submit their application can be really confusing. Once you've got approval from a customer, how do you ensure they actually make a purchase and don't just let the approval go to waste? How do you guarantee the customer receives their delivery and you get paid before the approval expires? And if you only partially deliver, how do you make sure you deliver the rest of the product and get paid for it? It's scary to think about the potential costs if you deliver products but never get paid, or if you lose your financing company because of pre-funding and the customer doesn't receive the rest of the merchandise!
Sometimes, there's a cost to financing, so how do you easily track it in your bookkeeping, especially when deducting it before paying commissions? These challenges need solutions, or they could seriously harm your company's financial health!
Solution
EZ Process Pro offers fully integrated financing modules, both from third-party providers and in-house, to simplify the credit analysis, application processing, and payment tracking processes. You can seamlessly apply financing against a sale and track payments to ensure you receive payment from the financing company once the deal is delivered. The system provides extensive reporting to prevent any oversights.
If the financing company withholds a percentage, it's accurately accounted for in your financial records and can be automatically deducted before commission calculations.
For in-house financing, the system manages contracts, tracks payments and collections, and calculates interest and fees for both term and revolving credit options. It even includes credit reporting tools to facilitate sending payment history to credit reporting agencies.
Handling financing within your company has never been easier with EZ Process Pro!
