Help your customers choose the best lease payment terms.
After adding all merchandise to the lease, work with the customer to select their payment terms, explaining how each program works and determining which option is best for them.
Table of Contents
Select Payment Terms Page
Depending on the pricing tier that the customer has qualified for, there will be two or three lease payment term options available.
Below is an example of options showing terms for a 12-month or an 18-month lease:
Additional details shown in the table include:
- Merchant Fee: A percentage fee paid by the merchant based on the total price of the merchandise plus applicable delivery charges
- Initial Payment: The total dollar amount the customer will pay with a credit or debit card after signing the lease agreement
- Early Purchase Option Period: The number of days available to the customer to exercise their early purchase option
- Early Purchase Option Processing Fee: The percentage fee the customer will pay when choosing the early purchase option
- Kafene Cash Price: Total price (including tax) the customer will pay if they purchase their merchandise from Kafene in the Early Purchase Option Period (before Early Purchase Option Processing Fee)
- Total of Payments (Full Term): Total price (including tax) the customer will pay over the term of the lease, provided all payments are made
- Cost of Rental: Equal to the Total of Payments minus the Kafene Cash Price; includes tax
- Estimated Tax per Renewal Payment: The estimated tax amount for each lease renewal payment
- Renewal Payment (with Tax): The amount the customer will pay for each lease renewal payment, along with how frequently the payment will be made (weekly, every other week, twice a month, monthly)
After the customer has agreed to a lease payment terms option, click the Select Lease button at the bottom of that column to move forward to the Sign Agreement step.
Now that you have added merchandise to the lease and selected the lease payment terms, it's time to sign the lease agreement!