The Rain system allows you to check in inventory from your consignment sellers, facilitates the sales and inventory management, and allows you to track consignment payouts. Take a look at the video below for an overview of the functionality. For full details on the process, see the steps below.
Configuring Your Consignments
You can process a Trade-In by going to the Gear Button > Settings > POS Settings > Consignment.
You are able to specify your Default Payment Method you use to pay your consignment sellers. You can choose from Store Credit, Till (cash or check), Venmo, or PayPal.
If you wish to have limited-durations on your consignment contracts, you can do so by turning Contract Expiration ON and then setting the Default Length in days you want contracts to run.
For the different payout types, you can set different default percentages for Payout Defaults, for example if you want to offer a larger percentage payout for Store Credit over other types, as pictured above.
If you want to set up an automated discount on items, you can turn Discount Item ON and then set the number of Days After the contract starts that the discount would trigger, and the Discount Percent you want to offer.
You will also need to set up your Contract Template(s), if you plan to use the system-generated contracts. Click on Configure to to see the setup panel, as pictured below:
You can paste text for a contract in here, adjust terms to fit a specific contract type, and save the template. You can also use the standard automated data fields, as pictured above in red, to auto-fill items into the contract by pulling them from the Customer data. Save as many templates as you need!
If you prefer to upload pre-printed contracts at signing, the system can facilitate that as well.
Please Note: For the automated data fields in red, many more will be added in the near future.
For contracts that expire and for which the consignment seller does not reclaim the item(s), you are able to Convert Consignment Inventory to Store Inventory by turning the setting ON and setting the number of Days after the contract expires for the inventory to convert over to the store.
Be sure to Save your settings once you are finished configuring your Consignments!
Receiving Consignment Inventory
1) Go to the Register, either by clicking the Register button on the far left of the blue Admin Toolbar, or by going to POS > Register.
2) Load the Consignment Seller as the Customer at the top, or create a new Customer for the seller.
3) Click any of the Customer Action buttons on the right, as pictured above.
4) The Customer Actions panel will pop up on the right. You'll see Consignment in the left column near the bottom. Click the Plus Button.
5) The New Consignment Contract Details panel will open and will list the customer's information at the top. For now, leave the Contract section alone and go to the Items area.
6) Add the Item(s) you are receiving from the seller. You can either search for an existing item, if it is already saved in the system, or you can click the Plus button on the right to create a new product. You can add as many items as you need.
7) If you are creating a new product, we have streamlined the creation process so that only key details are required, to save you time at the Register. Add the Product Title, Department is optional. If the item has multiple styles, such as colors and sizes, you can create those as well. If it is a serialized item, toggle Track Serial Number to ON (see example below). You can set the Condition for the item from the drop-list. If you are not yet ready to set the selling Price, you can leave it blank for now. After you complete the receiving process, you can open the product in the normal way and add full details. Click the Save Product button when you're done.
8) Once you have the item loaded, you'll see the following options. If the item was already saved in the system with an image, it will display next to the Title. You can enter the Serial Number (for non-serialized items, a Quantity field will display for how many of the items are being traded in). If you need to start a Work Order for the item, you can select the service it needs from the Work Order drop-list, and once this Trade-In is saved, the Work Order will automatically be created for you. You have the option to set a Minimum Price the seller would be willing to accept if the item isn't selling and if you need some negotiation room for customers.
9) In the Contract section (see above), you can set your Net to Consignor percentage, add Notes, and select a Contract Template from those you have saved. Click the drop-list for Upload Signed and you can choose to either Print the Contract, Email a Digital Signature, Collect a Signature on Terminal (this requires Worldpay integration and the Verifone MX-915 terminal), or No Signature. Once you have set that preference, you can click the Upload Signed button to upload the contract file and save it to the seller's account.
10) Once everything is in place, click the Create Consignment at the bottom, and the inventory will go into stock. If the item(s) are in active Work Orders, they will be listed in Reserved status, and will not be available for sale until their Work Orders are completed.
Managing Consignments and Paying Sellers
You have two key resources for working with your Consignments: The Consignment Report, and the Consignment Module.
The Consignment Report
This report can look at whatever date range and contract status you might need, and gives you a financial summary of how your consignments are performing for your sales. You can Export the data to a CSV (universal spreadsheet file) as needed. This report is found under the main Reports menu as soon as Consignment functionality is activated.
The Consignment Module
The Consignment module can be found under POS > Consignment and will be your primary tool for managing and paying out on your consignment sales. Each item is given its own line, so for example, lines two and three above have the same Contract ID number, so they were received in the same Consignment 'batch', but in the module they are each listed separately so the items can be worked with individually for sale. On the far right, if you click the option button at the end of a line item, you can Print a Barcode Label or Return the Item to the Consignor. Please see the note below about how necessary barcode labels are for the consignment sale process. You can filter the list you see at the top by Date Range, Consignment Status, and Store Location (if you have multiple Locations in the Rain system). Also, each line-item has a Check-Box on the far left, allowing you to do bulk actions, such as printing barcode labels.
PLEASE NOTE: For a Consignment item to register in a transaction as a consignment sale, you MUST scan the barcode produced above, so you will want to print barcode labels for each consignment item you sell.
Selling Items and Paying Out
You will sell consignment items through your point of sale register and your website shopping cart in the normal way. Just be sure that your sales clerks are trained to scan the barcode printed from the Consignment module whenever they make a consignment sale. As often as you need, you can open the Consignment Module and click the Pay Sold button. When you do, the Pay Consignors panel will open and will look something like this:
Each consignor's items that have sold and have not yet been paid out will be listed. You can see the Due to Consignor amounts for each seller. The system does not print checks to pay the consignors, you will need to do that manually using the amounts listed here, but once you have done so, you can toggle the Mark as Paid to Yes and those items will be marked as Paid.
Payouts: Setting up with PayPal and Venmo
Before being able to payout with PayPal and Venmo, you will need to set up a PayPal Business Account. This account will be used to payout with both PayPal and Venmo. It will be your responsibility to make sure that there are enough funds in the account to cover your payouts. In order to create the PayPal Business Account please click here. Next you will need to get access to PayPal Payouts. Please request access here.
After setting up your account and once your access to PayPal Payouts has been approved, you will need to save some unique credentials from the account in our system in order to connect Rain and PayPal for this integration. You will need the Business Account Email, your Client ID, and the Secret Key. This is accessible by logging into PayPal with your business account then going to My Apps > Credentials.
New Features in Consignment Contracts
Two new features have been added to Consignment contracts when creating them in the Register: an Expiration Date for the contract to expire, and the Payout Method. The expiration date will only display if the expiration settings were configured in the settings mentioned above. This date can also be adjusted from the defaults within individual contracts.
The Payout Method drop-list will have options for Store Credit, Till, PayPal, and Venmo. Payout methods can be adjusted after creation or at any time up to whenever you actually pay the consignor.
You are able to add the consignor’s PayPal or Venmo email if selecting those as payout methods.
Consignment Payout Update
To work with this section, go to POS > Consignment and click the Pay Consignor button. You can use the updated Pay Consignors panel to do single or bulk payouts when paying by Store Credit, Venmo, and PayPal. You can click the blue Pencil button to change the payout method set in the contract, if needed.
The Till payout method will only be available for single payouts. The Till method will take you to the till, load up the payout item and then you can decide to pay with cash, check, or other methods provided in the Refund Options.
The Store Credit option will automatically convert the payout amount to store credit.
Venmo and PayPal will automatically send a payout to the consignors to collect, to the account tied to the email address saved in the contract for the payout method. The consignors have a 30-day period to claim the payout funds through PayPal or Venmo, otherwise it will be returned back to your PayPal business account.
You can manually convert expired consignment inventory by going to POS > Consignments, finding the one you want, click the dot stack on the far right and then click Return to Consignor.
You are also able to view consignment history for individuals from the Edit Customer panel (either by clicking the Customer's name in the Register, or clicking the Customer's name in the POS > Customers list). The information is in the Consignment tab, as pictured below. This area tracks the date of consignment creation, as well as the dates of any items becoming discounted, sold, or paid out.
That's it! You're all set