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How to Convert Store Credit to Cash

Abstract

This article explains how to convert store credit to cash and provides all of the preparation steps required to do so.

Overview

Normally, store credit is only used to provide a method in which you can process returns and replacements, or even for providing bonuses and benefits for customers. In rare circumstances, you may find that you need to provide a customer with cash for the value of their store credit. Fortunately, this is not a difficult process but it does require some preparation beforehand.

Creating an Alteration Item

Having the capability to cash out store credit will first require you to create an item that can be used to process the transaction. This item can be named anything you want and there are only two requirements for setting it up: it must have a dynamic price and it must be associated with a tag that is tax exempt.

Creating an item with a dynamic price is simple: after you create an item in the management screen, all you need to do is not set a price for the item. With a dynamic price, whenever the item is added to a transaction it will prompt the clerk to enter whatever price the item requires.

Creating a tax exempt tag is done by tapping the tags strip in the item details, inputting your desired name in the search field and hitting the add tag button. This creates the tag in the system and associates it with the item you have created. From there, you must enter the tag tab and find your newly created tag in the list. From there, simply tap the different taxes on your system until the tag is exempt from all of them.

Once you have one of these alteration items in the system, any clerk will be able to use it in order to process store credit. If you are using store credit and feel it may be necessary to have a method to convert it to cash, it is strongly recommended to creating an alteration item in advance.

Coverting Store Credit in the Terminal

Once you have set up your dynamically priced, tax exempt item set up, you'll be able to convert store credit into cash with the terminal screen. The process for doing this is relatively straight forward.

The first step is to select the customer in question and view the amount of store credit they have on their account. Once you know the amount of store credit you are converting, you simply add the alteration item to the ledger, using the dynamic price to enter the value of store credit they need converted. Since the item is tax exempt, you don't need to worry about taxes inflating the price; it should be exactly the value you have entered.

After you have entered the item, the next step is to select a payment method. Select store credit as the payment option for the item but do not finalize the transaction. Instead, after selecting store credit, remove the item from the ledger. You can do this by swiping left on the item in the ledger, showing you the delete button as shown below.

At this point you should see that you now owe the customer change equal to the value of the item you just removed. To complete the process, simply finalize the sale and give the customer the cash. You won't need to change the payment method to cash or do anything in the payment menu at all, just tap the finalize button.

After doing this, you can check the customer's record to confirm that the store credit has been taken off of their account.