What Are Store Credits And How To Issue Them?
Introduction
Store Credits is a type of payment that can be used in a sales transaction. Store credits are issued to customers at the time of refund.
Store Credits can only be issued to a registered customer and can never be issued to a Cash / Walk in Customer.
Issuance of Store Credits totally depends on the retailer’s sales policy. Some retailers allow refunds only in the same payment type(s) in which the original sales transaction was done.
Users can enjoy this feature upon activation of the "Customer and Credit Management" plugin.
Steps to define Store Credits as a Payment Type
To be able to use Store Credits as a Payment Type, you first need to define it as a Payment Type.
Navigate to: Home > Setup > Payment Type. This will open the Payment Type card.
Click the “Add Payment Type” button.
Pick “Store Credit” as the payment type from the drop-down menu and specify the order in which you want the “Store Credit” to be displayed as the Payment Type on the POS screen.
Mark the “Store Credit” payment type as active.
Don’t forget to mark the Store Credit payment type as active because a payment type not marked as “Active”, cannot be used for making payment at the POS terminal.
You can pick a “Rounding Method” from the drop-down menu and specify as to how the amount total is to be rounded off. However, the Rounding Method is not applicable to Store Credits.
The term “rounding off” is used when the amount total is rounded off to the nearest multiple of the smallest denomination. It is generally done to ease the calculation for hassle free transactions at the Point of Sale. The total amount can either be “rounded up” or “rounded down”. However, the recommended practice would be that the total is rounded down to benefit the buyer.
Click the “Save” button to save the settings, create the Store Credit payment type, and exit the Create Payment Type screen.
The Store Credits are generally issued to a customer when processing a refund.
Issue Store Credits
Open the Web Register. Click on the Recent Sales tile to bring up the Recent Sales window. Find the completed transaction that needs to be refunded.
You may either click on the arrow sign to expand the transaction and select individual products one by one and click Refund or Click on the […] against the transaction (collapsed) and click Refund.
This will bring all the products in the transaction list highlighting them with a negative ( – ) sign.
Click Pay to proceed to the Payment screen.
On the Payment screen choose Store Credit.
The refund can be processed in any of the following ways: Cash, Credit Card, Gift Card, Loyalty, Store Credit, and On-Account. However, the options Loyalty, Store Credit and O-Account are only available to Registered Customers.
You can check the Store Credit balance of a customer in the Web Register.
Open the “Web Register”, select a customer by performing a customer search and then click on Eye symbol. This will bring up the “Customer Information” page wherein you can view detailed information about the customer, including his store credits, loyalty points, list of recent transactions, etc.
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