STORIS Management Systems, a leading supplier of Retail Solutions and Services for Big Ticket retailers, announced the launch of Release 8.8, the latest version of STORIS’ highly successful Windows-based product Vision R8. Already providing retailers with powerful resources for optimizing operations and driving profitability, STORIS says the latest release offers added capabilities and flexibility through numerous enhancements. Some of these advances include Revolving Receivables, feature updates to the eSTORIS product, new credit application capabilities, and the interface with North America’s two largest credit card processors, Moneris and TSYS.
The availability of Revolving Receivables, has been added to the Vision R8 Accounts Receivables application. Utilizing this fully integrated product, users can now establish Revolving plans for their clients in advance of any purchases, or can easily set up a Revolving plan during the sales entry process. Increase efficiency by initiating the entire process, from the optional credit application, to the plan creation and credit approval, all from within order entry.
Here are just some of the features included:
- Retailers can offer their customers a variety of promotional plans, including introductory rate and same as cash plans, as well as "no-payment" options.
- Revolving Receivables offers automatic application of customer payments and customized statement messaging features that are in compliance with Truth In Lending Act (TILA) rules.
- TILA compliant Revolving statements can be generated and printed in-house or generated in XML format for printing by an outside service. XML statement files can be transferred to a shared network for access by 3rd party printing services.
- Use state override settings to control whether or not specific states assess additional late fees when the MMP amount is paid, process tiered interest calculations, and process late fees separately from standard cycling to accommodate late fee grace days.
- Additional state controls allow users to determine how late fees are calculated, using a flat fee or a percentage rate.
Enhanced statement message assignment - users can assign statement messages to plans, stores, and states and can also assign or exclude messages for specific customers.
- Establish Revolving Insurance plans based on state guidelines, including the ability to specify a cutoff age and automatically remove insurance when the cutoff age is reached.
- The availability of certain Revolving payment plans can be based on the customer's credit score.
- Assign customer due days at either the corporate or warehouse/store location level.
- Dispute processing includes the ability to place an entire Revolving plan or individual invoices in dispute.
- Easily view all pertinent information for Revolving customers from one user-defined inquiry routine, via STORIS' dynamic tab select feature.
STORIS’ eCommerce product, eSTORIS, offers real-time integration between a retailer’s website and the STORIS Vision R8 database. Designed to maximize a customer’s online shopping experience, retailers can now allow guest checkouts for customers who have not formally established a customer account, and can mark and sort certain products as “new.” Additional enhancements include: new quote processing, which enables logged-in customers to view all open quotes; additional payment options; and more flexibility in web collection components. Retailers now have the ability to add soft kits and web kits to web collections, allowing for more control and simplicity when arranging and configuring product offerings online.
New credit application features in STORIS assist retailers in the scoring and reporting processes. Retailers now have the power to interface directly with Equifax’s Interconnect Software. They have the option of requiring valid credit applications prior to financing, and the option to set the number of months that accounts can have a zero balance before credit applications expire. New credit score fields have been added, as well as other security features including the option to encrypt credit application data and social security numbers. In addition, the Credit Reporting feature allows retailers to report customer information to credit bureaus.
Lastly, STORIS’ global appeal has grown as it has strengthened and expanded debit and credit card processing throughout North America. STORIS now interfaces with both Moneris and TSYS for external credit card processing. Moneris is Canada’s largest processor of card payments, and processes over 2.5 billion credit and debit card transactions a year for over 350,000 merchant locations in North America. TSYS, headquartered in Columbus, Georgia and with offices around the globe, is recognized as the market leader and the largest processor of credit cards. By interfacing with the two companies, retailers in the US and Canada can experience flawless and secure card transactions.
About Vision R8: STORIS’ Vision R8 provides a single, common view across orders, products, and inventory, enabling better customer order fulfillment, and complete control over the retailer’s business. For over 20 years, STORIS has been a leader in providing Software Solutions and World-Class Services to retailers worldwide to streamline processes and deliver the business intelligence to help clients outperform their competition.