Invoicing and Terms¶

Velocity has a powerful invoicing and payment terms module that aims diversify how and when your customers should pay for goods. When the invoicing module is enabled for your business, you can enable terms on a per-customer basis.

A customer's invoicing history and settings are on the Invoicing tab of the Customer Details page.

On this tab, select settings to configure a customer's invoicing options.

Terms: If this input is set to a number of net days, this enables a customer's account to place an order on terms
Total limit: The maximum invoiced amount the customer is approved for. The customer's account is unable to place orders on terms if they are currently over the maximum invoiced amount
Place invoicing on hold: This option marks customer's terms approval on hold while preserving your configured options

The Balance History section of this page is an overview of a customer's invoiced orders and payments. Unapplied balance is the amount of money the customer has available to pay down invoiced orders. Amount invoiced is the sum of unpaid invoices.

The diagram below demonstrates the relationship between unapplied balance and invoice payments. Money from any of the customer's payment methods flows into unapplied balance, where it is pooled together. Then, balance flows into an invoiced order to reduce the unpaid amount.

graph LR
    A[ACH] --> D[Unapplied Balance]
    B[Credit Card] --> D
    C[Check] --> D
    E[Cash] --> D
    D --> F[Invoiced Order]
    D --> G[Invoiced Order]

To learn more about adding balance with an online payment method, see Making a Payment. To learn more about adding balance with an offline payment method, see Recording an Offline Payment.

Terms Order Placement¶

The process of placing a terms order is mostly the same when compared to placing a standard order in Velocity. To learn more about the standard order workflow, see Place Orders.

On the Checkout page, in the Payment Methods section. Select the Pay for this order on terms checkbox to enable terms for your order. By default, your customer's configured net days will be selected.

Tip

Admins with special privileges may have the ability to select the terms checkbox and configure custom net days on this page, even for customers without terms enabled.

With this option selected, the place order action will not charge the customer for the cost of the order, but instead create a terms order with payment due in net days from today's date.

Terms Order Management¶

For orders placed with terms as their payment method, you may manage their unpaid amount in the Terms section of the Order Details page. Managing an order on terms is a manual process and there is no automatic processing.

Selecting the actions button in this section presents a number of options:

Forgive: Reduce the order's unpaid amount without deducting from the customer's balance
Refund: Return a previously paid amount to the customer's balance
Pay: Reduce the order's unpaid amount from the customer's balance
Enable (or Disable) Capital Terms: Convert the order to capital terms. Orders on capital terms do not impact a customer's unpaid amount limit
Interval Settings: Update the terms order's due date

Warning

Processing a refund in this section returns a previously paid amount to the customer's balance. It does not return that amount to the customer's online payment method. To refund an online payment, see Refunding a Payment.

Terms Order Payment¶

For Customers who have multiple ongoing terms orders, it's possible to make a payment for multiple orders at once. This can be done within the Customer Details -> Invoicing page by selecting the Payments dropdown and selecting "Pay for terms orders". Doing so will redirect you to the following page:

Here, you can select the Payment source as "Charge a credit card", "Record an offline payment" (if offline payments are enabled), and "Use customer's balance". After selecting a payment source, you can then choose which orders you want to pay for while also choosing either a specific amount to apply to the order or to pay for the order in full. Once done, you can then add any Notes or Custom Fields to the order and then finish by clicking on "Submit Payment".

Once submitted, you will then be redirected to the Customer's Invoicing page which will then show all payments just made as well as what orders they were applied to.

Record an Offline Payment¶

Offline payments can be added to a customer's unapplied balance on the Invoicing tab of the Customer Details page. The goal of this feature is to allow your customers to pay down their invoiced amount via check, cash, wire, or any other payment method not directly processed by Velocity.

On this tab, select record payment to add an offline amount to your customer's unapplied balance. The description field should be used to indicate the origin of the offline payment.

Info

No customer's card or bank account will ever be automatically charged as a result of an offline payment being recorded.