I'm sure that each and everyone of you out there has encountered customers that don't have the money needed to make their critical fixes. This article is going to detail how to integrate your financing options into Profit Rhino, and how to set up new financing options.

You can setup multiple financing options within your account but only one rate will show. Whichever rate will produce the lowest monthly payment will be the financing option that shows.

Note: Profit Rhino does not offer its own financing options, you'll already need a financing portal set up through a financial institution. All this will allow you to do is integrate that financing option into your Profit Rhino so they can be used in tandem.

Go to My Account.

Then Settings.

It will load on the Tax/Finance screen. Click Add Institution to add financing.

In the image below, you'll see six different fields that will need to be completed to create a financing options. [Name], [Code], [Phone], [Type], [Website], and [Enabled].

A quick breakdown of those terms is as follows:

[Name] allows you to name your financing plan.

[Code] This allows you to enter different financial payment plans that you could have set up within a single financial institution.

[Phone] This allows you to enter the phone number of whatever financing institution/portal you're using. This is just so you have the contact information to give to your customers/keep track of it for your techs.

[Type] will allow you to choose from two different financing plans/types. "Fixed Period" is a "loan type" option where you set a certain % interest rate, and a set an amount of time that it must be paid off. "Payment Factor" is more of a "credit card type" where you set a certain interest rate, give them unlimited time to pay it off, and set certain minimum payment thresholds. Whichever one you'd like to choose is up to you.

[Website] will set up a link that will be used when you click on the financing option in the mobile build. That way, if your customer wants to finance, you can set it all up right there with the click of a button.

[Enabled] simply allows you to determine whether or not you want this particular financing option to be active at creation. 

Once you've got all of those fields completed, hit Save.

You now have the option to delete, edit or implement price ranges/interest rates. To finish off this financing option, click on the little page at the end.

Make note of what each term described in the image above means, and then click Add to move on to the next step.

After you've input all the necessary values, click Save. After doing that, you've successfully created a financing option.

A few differences you'll notice is the new PaymentFactor column, and the MinPayment column. What those basically equate to is a way of determining your customers minimum monthly payment. The PaymentFactor is a %, like 10%, that is required to be paid each month. The MinPayment is a dollar amount that must be paid each month. Usually your customers will simply pay the PaymentFactor amount every month. However, if your PaymentFactor is ever lower than your MinPayment amount, they'll need to pay that instead. This just makes sure you're getting a reasonable amount each month and makes sure your customer finishes paying it off when the % amount gets really low.

To put that into numbers. if my financing plan is for $100, and you set a payment factor of 10% with a minimum payment of $5 dollars, then I'll be paying $10 dollars for the first month. For the second month, not including interest, I'll owe you $90 dollars. Therefore, my payment factor will be $9 dollars instead of $10. So I'll owe you $81 dollars after I make that payment. Then my next payment will be $8.10 dollars and etc., etc. until my payment gets below $5. Then it will automatically become $5 every month until the total balance is paid off. With all that being said, click the Add button and move on to the next screen to enter your parameters.

Simple hit save and you'll be all set. If you want to institute multiple ranges for financing, you can do that as well. For instance if you want to finance anything between $100-300 dollars, but you also want to finance anything between $500-800 dollars as well do the aforementioned steps two different times. For the min and max value, input those numbers for each instance. What I recommend doing is setting a minimum thresh hold for financing, say like $1000 dollars, and then input that as your minimum and set $999999 as your maximum. That way, anything over $1000 dollars can be financed without additional hassle.