Managing Credit for Retail Customers Through LayBy and Other POS facilities

credit-limit.jpgSmart retailers in today’s economic climate want to remove as many barriers as possible between an opportunity and a sale.  This is why we have seen a rise in the use of LayBy as well as store credit and other payment mechanisms in a variety of retail situations over the last year.  Retailers who want the business sometimes need to provide funding.  While this approach has been common in big box and furniture situations, it has been less common in marketplaces in which we serve: jewellers, bike retailers, gift shops, homewares stores and newsagents … until recently.

Our Point of Sale software provides robust and flexible facilities which enable retailers to provide and manage the LayBy, store credit and other flexible payment options.

Using the credit limit facility, partially shown in the image, our retail business partners are able to control the acceptable credit limit balance at the customer level.  This can bee set and controlled by senior management, thus removing the challenge for retail associates having to deal with this as they can say that ‘the system’ does not allow an increase.

By managing credit limits, retail businesses can better manage their exposure.  This is vital as the provision of credit to customers increases as economists predict.  One report recently said that while credit card debt is not growing as fast as it used to in Australia and New Zealand, there has been somewhat of a transfer of debt to store credit as discussed here.

Here at Tower Systems we are watching changes in the use of credit in retail situations.  We are committed to ensuring that our software maintains relevant and useful facilities which enable our retail partners of ensure that barriers between opportunities and sales are kept at a minimum as far as our Point of sale software is concerned.

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