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IN-STORE RENTAL FOR RATEX
Follett guaranteed RATEX rental solution
Integrated into RATEX POS
The Follett Guaranteed RATEX™ In-store rental program allows
VisualRATEX™ stores to rent books and accept rental returns
from store stock without the inventory obligations through
existing POS transactions. Follett backs the transaction and the
inventory is transferred to Follett ownership. Your store and the
VisualRATEX™ system manage all customer interactions,
including collateral storage and customer communications. At
the end of the term when books are collected from students, you
may choose to return the (Follett-owned) rental books or buy
back the books at a reduced cost to rent again.
How it Works
1. Determine Rentable Titles Using an automated process,
the store submits their list of rental books to Follett via
VisualRATEX™. We will cross-reference the list and
automatically send back both new and used rental prices through
the system.
2. Shelf Tags The VisualRATEX™ system prints out shelf tags
with new and used rental prices.
3. Student Transaction When the student rents the book at the
POS, VisualRATEX™ automatically flags the book as a rental
and charges the student the assigned rental price.
4. Student Tender Students pay for the rental book using any
form of tender (including financial aid) and then receive a copy of
the rental agreement along with their receipt.
5. Book Reconciliation Stores reconcile the rental transaction
by sending Follett an invoice for the difference between 93% of
retail and the rental price paid by the student – Follett essentially
buys out the rental contract and takes ownership of the book in
the student’s possession. The campus store has the choice of
reconciling the transactions monthly or at the end of the term.
6. Student Communication At the end of the term, the
VisualRATEX™ system provides you automated tools for
sending rental return email reminders to students at 7 day, 3 day
and 1 day intervals.
7. Rental Check-in When the student returns the book, the
store can either send the rental book back to Follett or choose to
purchase it for store inventory at 50% of the new retail price.
With the Follett Guaranteed VisualRATEX™ In-store rental
program, stores can enjoy the flexibility of choosing to rent books
from their own shelves without the inventory liability associated
with rental books.
For more information, please contact your Follett Territory Manager or Jerry Lynch, VP Sales at [email protected] or 800-322-6223