Deal Pack Blog
What options do we have to process Send-A-Friend rewards?
Compensation for referral rewards can be disbursed in the form of cash or credit. Often dealers offer their customers coupons that can be applied as payment toward their buy here pay here loan or as down payment. Coupons ensure that the money will be filtered back through the business opposed to a check that can be cashed and spent elsewhere.
The set up to accommodate coupons as a form of payment is accomplished in two easy steps:
1. Create an expense account on the Chart of Accounts for Referral Fees.
2. Set up a No Pay Reason in Deal Pack’s Parameter section for Referral Coupons. Enter the GL account number
created in step 1 in the GL# field.
Now your ready to receipt coupons as payment. When receipting a buy here pay here payment, select the payment form No Pay and the reason Referral Coupon. This will reduce the loan balance and write off the amount to the Referral Expense account. When applying a coupon as down payment, write off the amount to the Referral Fee expense account on the Misc Receipt screen. It’s just that easy. Please contact a Deal Pack Support Specialist if you would like guidance with this process. It’s our pleasure to assist you!