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Finance Products

You can find this section under Payment Processing > Finance Products in the IRP Admin left navigation menu.

This page displays the finance products that are associated with the finance providers that you have configured in the IRP. Here is an example FinanceProviderProducts.aspx page:

You can use the search feature to search for any financial product in the system. If you expand Other Options under the Search bar, you can filter your results by provider, product type (interest bearing or interest free) or active/inactive (or both).

The screen shows the following details for each product:

ID: This is the unique IRP identifier for this finance product.
Display Order: This shows the order in which the finance products will be displayed to the customer. .
Active: Only active finance provider products appear on the website’s front-end. Inactive finance provider products will not be displayed. If you make a change here, make sure that you click the Update All Finance Products button.
Name: This is the name of the finance product that is displayed on the website’s front-end.
Provider: This is the provider of the finance product. The provider determines what functionality the IRP will use to process a finance application.
Product Type: This is the type of the finance product — interest bearing or interest free.
Min Loan Amount: This is the Minimum Loan Amount before this Finance Provider Product will be allowed. Note: this amount relates to the Basket Total (inc. Shipping) once the Deposit Factor has been deducted, e.g. if the Minimum Loan Amount was £100, with a Deposit Factor of 0.1 (10%), the Minimum Basket Total needed to enable Payment by Finance with this Product would be £111.11.
Deposit Factor: This is the value to be multiplied against the total order cost to get the amount of deposit that has to be paid.
APR: This is the Annual Percentage Rate (%) — this describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate.
Deferment Period: This is the deferment period, in months, of the finance product.
Interest Free Period: This is the interest free period, in months, of the finance product.
Agreement Length: This is the duration in months of the finance product.
Delete: Check this box if you want to delete a finance product. Then click the Update All Finance Products button.

Tags:

Finance Products

Finance Providers

Payment Processing

V12 Retail Finance

Display Order for Finance Products

How to Add or Edit a Finance Product

Service Fee

External Product ID

External Product GUID

External Product Name

External Product Code

Show On Models Page

How To Guides (1)

How to Add or Edit a Finance Product

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To add or edit a finance product, follow these steps:

Go to Payment Processing > Finance Products in the IRP Admin left navigation menu.
To add a finance product, click the Add New Finance Product button.
To edit a finance product, click the Edit button beside the product that you want to edit.
The FinanceProviderProductEdit.aspx page appears.

Complete the following details. If you see an asterisk (*) beside a setting it means that the setting is required.

Setting	Description
Finance Product Details
Finance Product ID	This is the unique IRP identifier for this finance product.
Active	Only active finance provider products appear on the website’s front-end. Inactive finance provider products will not be displayed.
Product Type	Select the type of this finance product — interest bearing or interest free.
Duration (months)	Enter the duration in months of this finance product.
Deposit Factor	Enter the decimal value to be multiplied against the total order cost to get the amount of deposit that has to be paid: 10% Deposit = 0.1 20% Deposit = 0.2 30% Deposit = 0.3 and so forth.
Monthly Rate	Enter the value to be multiplied against the remaining balance that will be used to calculate the monthly repayments for an order.
APR (%)	Enter the Annual Percentage Rate (%) — this describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate.
Service Fee (£)	Enter the Service Fee (£) associated with this finance product.
Min Loan Amount (£)	Enter the minimum loan amount before this finance provider product will be allowed. Note: this amount relates to the Basket Total (inc. Shipping) once the Deposit Factor has been deducted, e.g. if the Minimum Loan Amount was £100, with a Deposit Factor of 0.1 (10%), the Minimum Basket Total needed to enable Payment by Finance with this Product would be £111.11.
Finance Provider	Select the provider of this finance product. The selected provider will determine what functionality the IRP will use to process this finance application. This functionality is determined by the finance provider’s ‘Integration Type’.
External Product ID	Enter the external product ID of this finance provider product.
External Product GUID	Enter the external product GUID of this finance provider product.
External Product Name	Enter the external product name of this finance product.
External Product Code	Enter the external product code of this finance provider product.
Display Options
Display Name	Enter the name of this finance product that will be displayed on the website’s front-end. Click the Translate link to change the language you are editing. These translated names will then be used on the associated international version of your website.
Display Order	Define the order in which the finance product will be displayed to the customer on the front end of your website in relation to other finance products you have active.
Description	Enter the description of this finance product to be displayed on the website’s front-end. You can use the rich text editor or HTML.
Show On Models Page	Here you define whether this finance product will be visible on the website’s Models page. If you check this box, this finance product will be visible on both the Models and Payment Details page if the criteria are met. If you don’t check this box, this finance product will only be visible from the Payment Details page if the criteria are met.

Click the Insert Finance Product button or the Update Finance Product button to save the details that you have entered.

FAQs (2)

Can I show Finance Products on the Models page?

Yes, on the ‘Add Finance Product’ page, you can check the box for ‘Show On Models Page’. If you check this box, the finance product will be visible on both the Models and Payment Details page if the criteria are met (The cheapest Finance Product available will be shown as the default drop-down option). If you don’t check this box, the finance product will only be visible from the Payment Details page if the criteria are met.

Can a customer opt to pay more up front than the deposit requires? E.g. if the deposit required is 10% for a £500 sale, can the customer opt to deposit £200?

No, this is not possible. (It's like some mortgage products in which you are not allowed to make over payments.) Instead you would have to duplicate the finance product and increase the deposit amount. (In addition, for Finance Providers, it's more worthwhile to offer a small deposit amount so that the interest paid at the end of it makes more profit.)

How can we help you?

Finance Products

How To Guides (1)

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