Track and Sell a Variety of Types of Sales with Consignment Software
Best Consignment Shop Software is several programs rolled into one. With it store owners and employees can record and track inventory, discount inventory and sales, and process consignments, resales, retail, rentals and layaways.
- Consignment of course is selling the possessions of others and sharing in the proceeds of the sales. Inventory ownership remains with the owner and the store owner usually has a signed written agreement divesting the store of any responsibility. Payment is made after items sell and is often done a month later (to allow time for returns). The process of paying consignors for their sold merchandise is known as 'settlement'. A software program like Best Consignment Shop Software prints a consignment agreement and price labels, keeps track of item ownership, can discount items as they remain unsold, processes POS sales, divides sales proceeds between store owner and consignor, provides an easy format for processing settlements and includes several ways of paying consignors including printing checks, PayPal and 'store credit'.
- Resale is also known as 'buy outright' which is the purchase of (used) merchandise from individuals. The consignment store pays for items as they come into the store and 'settlement' takes place upon delivery. With BCSS the items can be entered 'in batch' (several items on one screen) with buy and sell prices. Price labels or hang tags can be printed as well as a Buy-Outright Agreement with an itemization of items purchased. The seller can be paid in cash, by check or PayPal, gift certificate or 'store credit'. The program will computer profit and loss and is capable of producing P&L reports for any period of time.
- Retail is the purchase of (new) merchandise from entities (not individuals) like suppliers, wholesalers, etc. The same software features are available for retails as they are for resale.
- Rental is the lending of items for a fee. A software program will keep track of renter and item information with dates out and in, rental rate and provision for late fees. It will produce inventory and sales reports for items not returned, items returned and those past due.
- Layaway in contrast is not something for sale but a way of selling. The purchaser is to complete a series of payments before taking possession of the purchased items. A good software program will include a schedule of payments, means for recording payments, balance outstanding and settlement when payments have been completed and items have been delivered.
Bolstering Store Profits with Software
A brilliant idea: Grant a small bonus percentage for store-credit settlement. For example, if the consignor share is 50%, in BCSS enter 5% as the bonus then when 'store credit' is selected as the settlement option, the program will automatically add 5% to the consignor's share. The 5% can be based upon the amount of the settlement or the consignor's share.
- Consignors might appreciate the added value, fostering good will, referrals and positive social comments.
- Money remains 'in the store' and encourages consignors to become buyers, increasing sales.
- Fewer settlements by cash and check saves time and simplifies the process.
Buying and Reselling Software Features
A consignment store owner is essentially in the business of buying things of value and reselling them and that can include buying and reselling software features.
Stores can purchase a 'credit-card module' and enter percentages that can be deducted from settlement of credit-card sales (only) and/or added to credit-card purchases. (Any person objecting can be excluded.) This feature allows stores to pass some/all of their credit-card expenses on to those who benefit from service: consignors and buyers so if monthly card expense is $300 and the 'module' costs $19.95/mo, store profit is increased by $280.
Additionally store owners and employees can spend an inordinate amount of time answering the phone and questions like "What has sold?" and "How much do you owe me?".
Best Consignment Store Software
With the Virtual edition of Best Consignment Store Software clients can view their account information on their cell phones and other devices. They can also add inventory online for downloading at the store. This feature save times (money) and it can also generate additional income from small monthly payments made by enough participants to cover the cost of the option ($25/mo). Malls renting floor space charge each booth renter as much as $5, taking in $500/month from 100 renters.
You cannot purchase BCSS until you've seen the demo and decided for yourself that this program is the best for your business so let us know when you're ready for a 'live demo'.