You can activate Online Rent to Own by going to the Gear Button in the upper right of the blue bar and clicking Beta Features. Find Enable Online RTO in the list of features and toggle it to Yes, then scroll to the bottom of the screen and click Save.
Please Note: This feature is currently in Beta development, but if you would like to try it out, follow the instructions above to enable it. You can turn it off at any time if you like.
With this feature enabled, eligible items will be available for rental online through your website. In order to make a product eligible for online RTO, it must:
- Be a serialized product.
- Have a Rental Profile specified on the Advanced tab of the product.
- Have Item Conditions enabled.
- Have Rental Pricing specified for both Monthly Payments and Purchase Price.
It is highly recommended, but not absolutely required, that the product:
- Have Make, Model, and Year specified, where applicable.
Please be aware that if you are using Worldpay as your processor, the card the customer uses will automatically tokenize, and Autopay will begin automatically. But any Autopay charges will not begin until you have marked the contract as Active under POS > Rent to Own.
If you use NMI / Transnational as your processor, online RTO will not currently be able to do Autopay, at least for the present. If you start contracts online with NMI / Transnational, you would need to contact the customer and manually enter their card into the contract for Autopay to work. We hope to add this capability in the future, and we will post that update in the Recent Updates you see when you first log into the system each day.
Online RTO Settings
One step you'll need to do is to go to the Gear Button on the far right of the blue Admin Toolbar and go to Settings > POS Settings > Rent to Own. Here are the settings you need to configure:
- Online Rental Terms and Conditions - You can enter plain text into this box for anyone starting up a contract with you online, so you can't do special formatting (bolt, italic, bullet points, etc.), but you can post important information about how you handle your contracts.
- Require Maintenance/Protection - If you require these fees on all contracts, check this box. Only the one(s) you have active in the Rental Profile for each item will display on the website.
You also still need to have the following prepared for each type of item you wish to rent online:
Rental Contract Profiles - Using the +New Profile button, you can create preset profiles for common terms you use in RTO/RTR contracts in different situations. Here are the items you can set for any Profiles you create (please note you have drop-lists for your available tax rates if you need them for Monthly Maintenance and Monthly Protection items):
Depreciation - Please Note: this feature is in open beta. You can turn it on by going to the gear-shaped button on the far right of the blue bar and clicking on Beta Features. Once you have activated it, you'll see Depreciation Schedule options immediately below your Rental Contract Profile area of the Rent to Own Settings tab.
You can track your Depreciation cost changes based on the different kinds of RTO contracts you do. For example, if you typically do RTO contracts for student instruments for a school year, you could enter the Depreciation Name of the contract type, the number of Months to Depreciate. You will also set the Minimum Net Value of the item as a percentage of it's new Cost value, and this sets the total Cost of the item below which it cannot depreciate. For example, if you have a $500 new trumpet and it will always be worth at least $50 no matter how old it gets, set the Minimum Net Value at 10%, and the depreciation schedule the system creates will not allow the item to depreciate below that. Another way you can use this is if you have shorter contracts, you can set the Minimum Net Value to what you know the item's value will be, as a percentage of its original new value, once the contract is complete.
Be sure to scroll to the bottom of the page and click Save once you have finished.
Set Your Products to be Eligible for Online RTO
Setting a Product to be Serialized
When viewing a product in its Edit view (you can open any product by going to Products > Products, searching for it, and then clicking on its Title), in the Details tab in the upper left, you will see the option to Track Serial Numbers. Toggle this to Yes for any product you wish to be eligible for Online RTO. Be sure to Save the product, if you don't have further adjustments.
Set a Rental Profile for a Product
In the Advanced tab for the product (you can open any product by going to Products > Products, searching for it, and then clicking on its Title), on the left side is an drop-list you can use to specify the Rental Profile you wish to use. You can also select a Cost Depreciation Schedule, if you wish to do so. Be sure to Save the product, if you don't have further adjustments.
Enable Product Condition Levels
Products will not be able to display in the Online Rentals module unless you have Item Conditions enabled. To enable your item conditions, on the far right side of the blue Admin Toolbar, click on the Gear Button > Settings. In the settings window, click POS Settings > Products. Once you have toggled Item Condition to ON, you will see a list of conditions like those displayed below. Check the boxes for all conditions you will possibly be using for your products. Once you are finished, scroll to the bottom of the page and click Save.
Specify Rental Pricing for Monthly Rental and Purchase Price
The final requirement is setting your pricing for the item rental at your different condition levels. You can also set purchase price, if it is something you would also sell outright. Only the condition levels you have selected in the settings will display in your list. To set your pricing, open the product (you can open any product by going to Products > Products, searching for it, and then clicking on its Title) and in the Details tab, scroll down to the gray box area and find Pricing and click Manage.
In the panel that opens, click the Rental Price tab. You'll see columns for every Condition Level you have selected, and rows for Monthly Payment, Purchase Price, and Minimum Payments. Set your Monthly Payment amounts for the Condition Levels you will use, and for any you will not use, leave the field blank. The Purchase Price row on the Rental Price tab is there in case you want to price the sale of your rental items differently than you do for retail. The Minimum Price row allows you to set a number of payments required so that even if the customer backs out, they would still have to pay any remaining monthly payments to back out of the contract. Once you have your amounts and numbers in place, click Submit, then be sure to scroll to the bottom of the page and Save the product, if you have no further edits.
Enter Make, Model, and Year
You are likely already using these fields for your items, but if not, it is highly recommended (although not absolutely required) that you do so. To enter Make, Model, and Year for an item open the product (you can open any product by going to Products > Products, searching for it, and then clicking on its Title) and in the Details tab on the right, you'll find those data fields. Enter the information, then scroll to the bottom and click Save, if you don't have further edits to make. If you choose not to enter this information, the system will still list the product in your Online Rentals module, but whenever you open the product to edit it, the system will list those missing items in red.
Put The Rentals Module on Your Website
When your products are set as needed and you're ready to start renting, here is how to put the Rentals module on your website:
- Click on the Laptop button on the far left side of the blue Admin Toolbar.
- Go to the page where you want to show your rental items.
- In the upper left corner of the page, hover your cursor over the triangle with the + and in the list that pops up, click on Add Body Content.
- In the list of modules, scroll down to the gray area that contains the various product modules and click the Add button for the Rentals module.
- You will see the module appear on the page.
- If you want to adjust the heading, click the gear-shaped Settings button on the module's small, gray toolbar. Enter the text you want, then click Save.
Rental Checkout Experience
Your customers will now be able to go to that page and start an RTO contract with you. For each product, the options they see on the web page will correspond to the Rental Profile set for that product, so in the example below, we see options for both the Maintenance Fee and the Protection Fee. Here is what the initial page looks like, before choices are made:
Here is what the customer will see once they have made their selections. At any time, they can click on the Terms and Conditions link to read that statement, but they cannot proceed with the rental until they have agreed to it. As you can see, important terms are listed for them just above the Add to Cart button.
From that point forward, they check out in the normal way through the website shopping cart. The contract will automatically appear in your Rent to Own list under the POS menu in the blue Admin Toolbar, and you can manage it in as you do your other contracts from there.
While an online RTO is still Pending, you are able to open it in POS > Rent to Own and change the serial number of the item, if needed. Once it is Active, however, the item will be set in the contract.