Rentpro Rental Purchase Software

Basic Facts about Rentpro Rental Purchase Software

Inventory Management is very extensive. Rentpro manages items such appliances, electronics, furniture, video tapes, video games, construction equipment, tools, vehicles, bulldozers, tractors, trailers, costumes, formal wear, wedding items, garden equipment, exercise equipment, automobiles, boats, accessories, computers and many other items.

  • Four contract types may be created: Rentals, Rent to Own, Layaway, and Sales.
  • Corporate Office System manages satellite store operations, consolidating information from multiple store sites. Store comparison reports as well as division reports may be printed or viewed on screen.
  • Exclusive Built-In Report Generator provides ultimate flexibility in creating reports. Reports are customized by the user and may be printed on the screen, on disk, or to a printer. Reports are searchable, so find your answers fast!
  • Multi-user capabilities allow several users to collect payments, print reports, query agreements and inventory, and perform a host of other transactions simultaneously.
  • Complete Inventory and Agreement Transaction History is available on screen at any time.
  • Flexibility, Speed, and Control is engineered to provide customization for all printed forms coupled with multilevel security system for sensitive functions. Multilevel rate control is achieved by a unique SKU system that puts the owner in control instead of the employee.

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Extensive control systems, yet preserves flexibility and speed. Unsurpassed for its combination of control, flexibility, and speed.

Agreements, payments receipts, and reports can be printed on separate printers if desired. Unlike most other software systems, all forms may be customized without changing the program code. Below are some examples:

  1. Customer Agreements
  2. Sales Invoices
  3. Delivery Tickets
  4. Ledger Cards/ Chase Cards
  5. Payments Receipts
  6. Pick-up Tickets
  7. Return Merchandise Receipts
  8. Exchange Inventory Agreements
  9. Cash Option / Buy-Out Tickets
  10. Inventory Transfer Log
  11. Up to 22 configurable letters/forms, such as notice of termination, notice of bad check, notice of delinquency, etc.
  12. Option to Own Chart showing payments dates with the corresponding payment number, payments left, and the amount on that date needed to purchase the equipment.
  13. End of Day Summary Report showing various kinds of summary information for the day’s business, such as income, delinquency, billing amounts, number of rented items, cash optioned items, etc. Month to date and Year to date figures are also available.

In addition to these forms, endless different reports may be configured and saved. Security levels may be set to allow only certain individuals to configure these reports while allowing others to print them. Security levels may be set to restrict lower level employees from printing certain reports, such as customer listings, inventory listings that show unit cost on them, and inventory listings that show trust receipt numbers on them. All reports may be printed to screen, disk, printer, or other device. Wide reports view nicely on the screen with the ability to move the viewing window to see more of the report. The 81 reports are divided into 9 different categories with 9 configurable reports each. The 9 categories are as follows:

  1. Delinquency reports
  2. Customer reports
  3. Mailing Labels (including Post Cards and Billing Statements)
  4. Inventory reports
  5. Transactions reports
  6. Profile of customers (includes demographic analysis, advertising analysis, etc.)
  7. Unit depreciation (includes income forecasting, straight line, income averaging, etc.)
  8. SKU rate control reports
  9. Pricing Labels

Four different agreement types are supported: Rent to Own, Rent to Rent, Sales and Layaway.

Pay periods may be set as Yearly, Monthly, Semi-Monthly, Weekly, Daily and Hourly. The Monthly, Semi-Monthly, and Weekly pay periods may be interchanged during the term of an established agreement.

The system is configurable with respect to the types of questions asked when an agreement is created. For example, the system can ask whether insurance is accepted, or the amount of the processing fee, or the amount of the delivery fee, or whether the agreement is exempt from taxes. Also, a new agreement may have the first payment discounted automatically for coupons or specials.

Processing fees may be automatically assessed, or determined at the time agreement is established.

Ability to automatically establish a specific payment due date at the time the agreement is created. Some customers, and some companies, want their payments always due on a specific day of the week or month. For example, every Friday, or on the 1st of every month. The system automatically assesses the appropriate first payment amount to have the customer start their payments on a specific date.

Agreement transactions may be reversed easily when mistakes are made.

Equipment may be entered as individual stock items or as quantity items. Quantity items would be things like chairs, scaffolding, etc. for which individual tracking is not required. For example, a shipment of chairs may be entered as 100 chairs and rented out in any number of lots.

Pagers, beeper, cellular telephones are supported; their modes may be distinguished between active, disabled, and blinded.

Whether equipment is new or preleased is tracked. Equipment also can receive automatic discounts based on whether it has been preleased or not.

Complete transaction histories are kept for all agreements and inventory and may be queried on screen at any time. Transaction reports may be configured and printed to screen, disk, printer, or other devices.

Ability to post payments to multiple agreements at one time. All agreements are automatically listed and totaled. Partial amounts may be posted as well.

The most flexible payment posting method is available. Either the employee can enter the amount that the customer is paying, or he can enter a new next due date for the agreement and the system will tell the employee how much money is needed. Pressing the space bar adds additional payments.

Partial payments to agreements may be handled in two different ways: 1) the due date is maintained and a partial credit is carried forward on the agreement, or 2) the due date is advanced as far as possible and any remaining change is carried forward as a credit amount. If method 1 is used, a user-definable full payment percentage rule may be used to determine whether agreements will show up on delinquency reports and whether late fees will be assessed. For example, agreements that have at least 80% of their payment made may be considered paid for the purposes of collections and charging late fees. The actual percentage is determined in a configuration file when the system is installed. A different percentage is used for reports and assessment of late fees.

Automatic assessment of reinstatement or late fees, damage waiver or insurance fees, and club fees. Late fees may be setup to be called by any name (late fee, reinstatement fee, etc.). Likewise, insurance may be setup to be called by any name (insurance, damage waiver, GRP, etc.) Late fees may be assessed once or every day, week, month, or year. Alternatively, they may be assessed as a percentage of the rental rate. Caps may be set on them as well. Insurance may be assessed as a certain amount which is tied to the inventory unit, or it may be assessed as a percentage of the rental rate. Minimum damage waiver fees also may be established.

Support for user-defined grace periods when assessing late. fees. Different grace periods may be established for each of the possible agreement pay periods. Consider the following example. If the grace period is set for 3 days, and an agreement is only 2 days late, no late fee will be assessed. If the agreement is more than 3 days late, the late fee still may be waived, but the amount of the waiver is added to the operating reports and the agreement record keeps track of the event. The total number of times an agreement has had a payment posted late, and the number of times late fees have been waived, both can be viewed by querying the agreement.

When bad checks are received back from the bank, agreements may be immediately debited. The system keeps track of the number of bad checks and their total amount for each agreement. Such information may be viewed simply by querying the agreement.

Ability to add additional fees when a payment is being collected, or additional charges may be added to be automatically assessed when the payment is taken later. Charges are categorized as: 1) Deposit / Layaway, 2) NSF (bad check), 3) Trip (Delivery/Pickup), 4) Insurance / Damage Waiver, 5) Late/RIF, 6) Rent, 7) Miscellaneous, and 8) User-Definable (Club, Damage, etc.)

Support for Rent to Own Clubs, such as Foresight, or for extended warranty plans. Automatic fees are assessed and a special report is printed at Home Office for easy club management.

Support for a bonus bucks program that can give credit to customers who make their payments on time.

Support for any number of cash drawers which properly maintains the amount of cash, checks, money orders, and credit cards used.

Support for receiving miscellaneous receipts that are not tied to an agreement.

Up to six user-definable delinquency periods for delinquency summary information.

Support to divide agreements among different area managers for collections.

Early buy-out prices may be calculated using different discount percentages based upon three different time periods defined by the number of months remaining on the agreement. Several other methods, such as term factoring, also may be used.

Support for 90 days same as cash plans. The actual number of days to be “same as cash” is defined in a configuration file when the system is installed.

Ability to take refundable deposits from the customer. The deposits are kept separate from rental income so that it may be applied to rent or refunded at a later date.

Ability to change a customer’s address and phone number when taking a payment.

The sequence in which partial payment amounts are applied to charges can be changed. For example, suppose there was a $20.00 bad check charge, a $5.00 late fee and a $4.00 insurance fee. Further, suppose that the payment being made was $20.00. The payment could be applied first to returned check amounts, then late fees, insurance, and lastly to rent, in which case all of the bad check amount would be paid but not the late and insurance fees. On the other hand, the payment could be applied first to late fees, then insurance, returned check amounts and then rent, in which case the late fees and insurance fees would be paid but not all of the bad check amount would be paid.

The system may be set up to tax any or none of the eight charge categories it supports. Furthermore, tax rates can be determined based upon the zip code of the customer. Tax exempt agreements also may be established.

Ability to apply credit to agreements provided security level allows it.

Ability to debit charges to agreements for bad checks, delivery, pick-up, in-home service, deposits, insurance/damage waiver, late fees, etc.

Multi-level security system allows 99 different levels of security to be assigned to any number of employees. Security is provided for price changes, editing of sensitive information, system date changes, charge-offs of uncollected debts, access to security management, report configurations, printing of sensitive reports, full deposit refunds, and the application of non-cash adjustments (giving free time).

Unsurpassed rate control system using SKU numbers to provide easy input of new inventory and unparalleled levels of security to control rates. Complete audit exception reports are produced for any agreement where an employee’s security level allowed them to decrease rates or decrease terms on agreements.

Supports placing agreements in a special skip status.

Supports electronic inventory transfers on diskettes between stores as well as between stores and the home office system.

Petty Cash system to keep track of expenditures at the store. Month to date and year to date figures are maintained.

Home Office / Corporate Office system that can communicate with each store each night and update its own database. A complete mirror of the data at the stores can be managed on the corporate office system which is up-to-date as of the close of the previous day. All reports that can be run at the store also can be run on the home office system. There is virtually no limit to the number of stores the home office system can handle.

The Home Office system has a warehouse inventory management system built in that allows it to manage its own inventory.

The Home Office system can interface with full blown accounting systems so that the store figures are transferred electronically to the accounting system.

The Home Office system can manage employee security and rate control. Inventory costs and Trust Receipts also can be managed for the Home Office and updated to the stores during normal, nightly communications over the phone lines.

The Home Office system can manage listings of bad customers for each store system. For example, if a customer who owes money in store 1 tries to rent an item from store 2, the store 2 computer can warn the employee that the customer owes a particular balance at store 1. The employee can then try to collect the amount owed.

A Note on Rentpro Report Features

When it comes to operating your business, computers are one of the most valuable assets at your disposal. They can give you the ability to access the information you need to manage your business with great speed and effectiveness.

When considering the purchase or lease of a software system to manage your rental purchase operation the reporting features should be given extra scrutiny. How the reporting features are configured can greatly determine how useful the system will be to you.

Several packages provide you with a menu of “canned” report titles. This means that the software providers have decided what information you most need and in what format you need it. This restricts the user’s freedom in printing reports in a manner that suits the individual’s needs. If this is the case and a given configuration for some report does not appear on the menu of possible reports then you have the option of either contracting the software engineers to program the change (which would likely incur great additional expense) or do without the change.

One of the most powerful and versatile features of Rentpro addresses this problem. Rentpro gives the user the freedom to create reports in a format that they define. The configurations can be given an unique title and saved for repeated use. We have provided examples of some possible configurations on the following pages. To show a sampling of all the possible configurations would be impossible because they are virtually endless.