This article focuses on how you can handle the dealer fee for financed options.
OpenSolar provides flexibility on including a dealer fee for a manually created loan payment option. You can add a dealer fee (% and/or $) to a loan payment option and set different default behaviors.
This feature includes:
- Automatic increase in the system cost and system price by the dealer fee amount
- Ability to adjust the dealer fee applied to the system price compared to the system cost
- Ability to adjust the dealer fee that is passed to the customer
How to setup dealer fee:
This functionality is available under the control zone> Payment Options> Edit Payment Option
- Turn on the 'Dealer Fee' toggle to use the Dealer Fee functionality:
- You can enter the dealer fee as a %, as fixed ($) or both
- Dealer fee adjustment field allows you to adjust the dealer fee that is passed to the customer. For example, if the dealer fee of the payment option is 8%, and the fee should not be passed to the customer, the dealer fee adjustment will be set as -8%. In this example, the cost of the system will include the dealer fee of 8%, whereas the system price will have a dealer fee of 0%. The profit margin therefore will reduce by 8%.
How the dealer fee is calculated - video
This video details the formula used in dealer fee calculations and enforces that OpenSolar is compliant with lenders in how we are calculating the dealer fee.
As always, should you run into issues, don't hesitate to reach out to support for assistance.
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