If you sell your goods with credit (pending) to your customers, you must have felt the need to apply interest on pending amounts for delayed payments. POS smart allows to set penalty rules for calculating penalty amount from customer for delayed payments as per rules.You can set different penalty rules that get applied daily, weekly or monthly for different customers. This module is integrated with with ‘Receive Payment’ module and at the time receive payment if the customer fails to pay the dues within a specified due date system automatically calculates the penalty amount based the penalty rule applied to the slected customer/customer group.
The penalty module in POS smart is very sophisticated and allows you to:
- Define your penalty rules based on periods of your choice.
- Interest rates that you want to apply.
- You can even define compound interests.
- While collecting the payments you have a choice to :
- Adjust penalty amounts based on your negotiations with customers.
- Apply the received amounts partially to penalty and partial to actual pending amount.
- You can define more than one penalty rules.
- This will allow you to define different rules for different set of customers (customer groups).
- You can also define a penalty rule that is applicable to all customers (default).
