We have added some new settings and features to the Consignment module that will help you manage your consignments with greater ease:
- We have added a bulk consignor payout feature that lets you do payouts to consignors using PayPal or Venmo, as well as by store credit, check, or cash.
- You can now set expiration dates for your Consignment items.
- You can now set the system to automatically convert consignment inventory into store inventory.
- We have added a Consignment History tab in the customer’s details for easy reference of the customer's consignment information.
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 Settings for Consignment
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.
The configuration area for your Contract Templates remains unchanged from before, just click to Configure them.
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!
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.