How to Refund Receivables (Customer Credits)

January 27th, 2023

By: High Touch Technologies

An Easier Day To Return Customer Credits

With cynergi|suite, issuing refunds for receivables, also known as customer credits, is as easy as taking a payment.

With a few mouse clicks, you can review a customer’s account information, enter an amount, and return your customer’s receivable balance to their on-file credit card or as a cash transaction. Upon completing the transaction, cynergi|suite automatically creates a receipt record to note that a refund was processed for the customer’s account.

In this blog, we’ll teach you everything you need to know about refunding receivables in cynergi|suite, including what a receivable is, common reasons why receivables are refunded, and how to process a refund.

Learn More: Online Payment Solution

What Is a “Receivable”?

In cynergi|suite, a receivable is a credit that’s been applied to a customer’s account.

Typical scenarios where customers may earn a receivable include overpaying on an account, a promotional deal offered by a store, or a credit that’s been awarded to the customer by the store.

Why Would You Need To Refund a Receivable?

There are a few common reasons that stores might need to refund a receivable, including:

How To Refund Receivables Using the Take a Payment Function in cynergi|suite

To refund a receivable, do the following:

  1. In the Take a Rental Payment section, locate the customer’s name and account number. The receivable (customer credit) is located in the Agreements section.

  2. Click the Tender

    The Total Payment Due box displays.
  3. In the Amt Received field, enter the dollar amount you wish to refund from the customer’s receivable account as a negative amount. For example, -50.00.

    The Payment Type field will automatically populate as 6 – Cash Ref.
  4. Click the Process Payment button to complete the transaction. If the customer has a credit card on file, the payment will be refunded to that account. For cash customers, complete the refund using cash on hand.

    The Customer Receivable Balance automatically updates to the correct amount, and the transaction creates a receipt record in the Agreement History List with the Form listed as Refund.

Set Your Store Apart.

cynergi|suite gives your RTO business the tools you need to create a better shopping experience for your customers.

If you have any questions about refunding receivables, contact our Support team or reach out to your dedicated Account Executive.

If this is your first time hearing about cynergi|suite, and you want to learn more, simply click here to schedule a demo.

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