How to Process an Exchange
Sometimes customers are unhappy with the items they’ve decided to lease and want to exchange them for something new. This is why we’ve released a new exchange feature to the SmartPay Store Site. Customers can exchange the items on their lease during the store’s return window. An exchange means that the customer will return the items that they originally used their approval amount toward, so that they can lease different items.
Note: The retail value of the exchanged items must be equal or less than the initial approval amount. The approval amount does not change.
The payments will be processed through the payment method provided for the initial transaction, unless the customer wishes to provide a new card. SmartPay refunds (or charges) the difference in the initial payment amount. (The initial payment amount is based on the retail value of the items, payment frequency, and plan length.)
Here are the 3 possible scenarios:
The amount exchanged for the new items is equal to the existing retail value of the items the customer is returning.
The amount exchanged for the new items is greater than the existing retail value of the items the customer is returning. The customer will be charged for the difference on the initial payment.
The amount exchanged for the new items is less than the existing retail value of the items the customer is returning. The customer will be refunded the difference on the initial payment.
To process a return/exchange:
Navigate to the SmartPay Store Site and enter your Store Login ID.
Enter DOB and last 4 digits of SSN or ITIN to find the customer’s record.
Select “Process Return/Exchange.”
Select the existing items on the lease under “Select Item(s) to Return.” Then, enter the new phone and accessories in the exchange section. The New Transaction Amount (Before Tax) will be reflected at the bottom of the page.
5. Confirm the payment method. You will need to re-enter the 3-digit CVV code. (This step will appear only if the total for the new items is greater than the initial lease amount, thereby requiring an additional payment.)
6. Have the customer agree to the updated Lease Agreement.
7. You will be taken to the confirmation page, which displays the summary of the exchange. From there, you can also print a receipt for the customer. (We suggest doing this to avoid any confusion about the payment amount.)