Prepaid Terms

Overview

An account using the Prepaid account term must already have a credit balance on their account. Purchases can only be made up to the credit limit available. This option is typically set for individual accounts and not as the default standard term.

This feature is only available with Interact Pro.

Terms

Set Custom Terms

To configure Prepaid Terms for a specific account select Maintain | Accounts, select the account to configure for Prepaid terms and click the Terms tab. A window similar to the following appears. 

Click the Set Custom Terms button.

Select Prepaid from the Terms drop-down list. In the Finance Charge section set Monthly Percent to 0.0% and Days Overdue to 0 (zero).

Click the  Save button.

Credit Limit

Setting a Credit Limit has no affect when using the Prepaid feature. Leave the Credit Limit set to $0.00.

Exemptions

Check any exemptions that apply to this account.

Invoicing

Processing invoices and statements for prepaid accounts is possible. Using account groups would be helpful.

Select Setup | Configure - Account Groups to add additional invoice and statement groups.

Receive Payments

Interact will determine if a Prepaid account has a credit available based on charges and credits. To enter a payment for an account select Accounting | Receive Payments. A window similar to the following will appear. Select the Prepaid account from the list of accounts. Select the Payments tab.

Select the payment type from the drop-down list, enter the amount, enter a note in the Reference field (i.e. check number), and click the  Save Receipt button.

The above example indicates the customer has a credit balance of $10.20 available. 

If the next transaction exceeds the credit balance a warning similar to the following will appear.

The total charge listed in the background is $12.15, the estimated balance is a credit of $10.20. This transaction will cause the account balance to be exceeded by $1.95. 

The operator can click Yes to accept the transaction or No to deny the transaction.

The customer must make another payment to increase their account balance.

DataSync and Licensing

DataSync is configured to synchronize all transaction data between all locations. When Interact Pro is in use this includes payments, invoices, and statements. This ensures all locations have the current account balance after every synchronization.

In a multiple license configuration, as long as one Pro license exists to receive payments, the other licenses can be licensed for SE or Invoice. The locations running Interact SE or Interact Invoice will not be able to enter payments. Receiving payments on an account is only available with the Interact Pro license.

Information about an account balance will only be available using the accounting reports available.