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Product Finance Option within Magento? 
 
Tim01
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Total Posts:  7
Joined:  2012-02-20
 

We need a “financing” option for our Magento site.

As an example, the product info part will be similar to Dell.com (example in attached image).  For example, when someone views a product, the price is $15,000.  Also listed is a ”finance this for as low as $425/month” option will be listed along with the normal price.  Further, this “finance” option will be listed on the product page and in the cart.

When they check out, they can choose to finance or buy (the cart total would be listed as $30,000 (or finance this for $850/month).  If they choose to the finance option, a finance application is available to them.  They then submit the app online and the cart contents come to us with the app.

Unlike Dell, this will not be a fully-automated process with online approval.  Armed with the completed app and cart contents, our finance guy calls them within 1-2 hours to finalize things.

FYI:  The teaser rate would likely be a simple percentage of the product price, so that part should be relatively simple.

1.  Does capability currently exist inside Magento?

2.  Does an extension exist?

3.  If not, how much effort would this require from a skilled Magento programmer?  Any takers? grin

Thanks in advance for your help!

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dell-finance-example.gif
 
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Tim01
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Total Posts:  7
Joined:  2012-02-20
 

No one knows whether this is an existing feature of Magento?

If not, no one is interested in doing this work???

 
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Matis
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Joined:  2008-08-30
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This module here is quite close to what you need:

http://en.e-abi.ee/magento/pangalingid/liisi-jarelmaksu-moodul-magentole.html

It is intended to use for Estonian markets, but this module can be changed a bit (for example different interest rate, different algo to verify social security number).

Read more about this module and if you like it, then contact us:

http://en.e-abi.ee/magento/pangalingid/liisi-jarelmaksu-moodul-magentole.html

 
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cnielsen1
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Total Posts:  3
Joined:  2012-05-09
 

Having the ability to do this seems like Quickbooks or Paypal subscription functionality. Thanks for sharing Matis - ill have to check that out, i didn’t know there was a module that did that.

 
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Matis
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Joined:  2008-08-30
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One more thing about this module.

It does not keep track of how much customer has paid, or has to pay.
It also does not automatically send invoices to customer, because financing is provided by the bank and usually bank deals with collecting money from the client.
Merchant in this scenario receives full amount right at the time of purchase.

 
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adastra
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Total Posts:  10
Joined:  2010-01-29
Leigh
 

Hi We created a finance payment module for Magento 1.4 - current release. You can see it here

http://www.magentocommerce.com/magento-connect/catalog/product/view/id/18765/

If you need it bespoked for your site that’s not an issue.

grin

 
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