I. On Provisional Receipt (PR)
The seller can issue a
Provisional Receipt for L-A items with the ff:
- Provisional Receipt
with letterhead of your store/company
Do not buy generic PR’s just anywhere, spend
for the printing (it will be your protection from fake receipts).
- signed with printed
name by authorized cashier
- carbon copied
- date of payment
- amount in figures
and words
- description of the
item (color, size, IMEI etc.)
- tampering (erasures)
on the PR must be avoided, explain this to the buyer upon contract signing and
the cashier (employee) on another instance. A tampered PR renders it to be
INVALID or VOID.
- contact number
- a copy of valid ID
II. Contract Termination
A fee of about 20% of
the item’s contract price in case the buyer change mind on continuing to pay
for the item and reimburses all his payment. Or you can also opt to state that ‘it can be use to buy for another item in
the shop’ – without any charges and that you are NOT reimbursing cash in
the event of termination. It would be really up to you. Your choice
must be CLEARLY STIPULATED in the Contract.
Why putting termination
fee? Because there is a possibility that the item could have been sold
to another costumer in cash but since it is reserved to him, the
store let go of that chance.
Some store, sell the
item after MAKING IT SURE from their supplier that a similar item can be
delivered right away (if the item does not contain identifying serial numbers).
There are cases that the customer gets the chance to pay for the item in full unexpectedly-
your store’s
name and reputation may be put AT RISK in case that happens and you lose stock of the item (or the chosen
color) entered into contract by the consumer with you.
It is always the BEST
to observe good manners everytime, referrals are big source of patrons, if you
have ambitions to stay long in the business scene. A SHATTERED reputation can
affect your business drastically especially that social media is widely-used
nowadays. Money can be
earned but your company’s reputation that you have built for years can be
tainted in just a few minutes – just by unjust actions and random judgment.
However another customer wants
to pay for the item in cash, the store must FIRST consider the prior customer ‘in contract’.
III. Item Reservation:
- I suggest that the
same item be kept/reserved, with all its identifying details such as IMEI for
mobile phones etc. listed on the mini-contract.
Payments shall be
posted in a payment summary form in a
folder where all the other contracts are fastened. Each contract separated by a
blank bond paper.
- Items in a ‘Lay-away
Plan’ must be kept in a LOCKED cabinet not to be mistaken as free
stock. All (item, contract copy) inside a
sealed plastic signed by the buyer- this also gives the buyer assurance and
peace of mind.
The seller can opt to
give a minimum
deposit requirement for the buyer to reserve the item. However, this
limits the chance of attracting more customers to deal with you.
IV. Taxing
Problem on taxing
sales?
Items are NOT
considered SOLD unless fully-paid and delivered (as we have tackled in my
Accounting in College) that is why only PR (Provisional Receipt) can be issued.
OR (Official Receipt) can only be demanded once the item
is paid in FULL.
V. Forfeiture of
Payment:
If the prospective buyer fails to pay/appear in THREE CONSECUTIVE MONTHS, the item shall
be put back AVAILABLE for sale to other customers in the event that the buyer
has paid half or more than half of the cost, he shall be reminded via mail and
if still no action/appearance within a month from the last notice, the amount
shall be forfeited.
VI. LEGAL ADVICE
I also advise you to seek LEGAL
HELP on framing your Lay-Away Contract, above listed
are just suggestions based on experience. Business Lawyers are more
knowledgeable of amount ceilings for penalties and consumer and business rights
as well - it also depends on your country.
I hope this has given you an idea and helped you somehow. Thanks for reading.
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