A prepaid deposit, or advanced payment, is a payment made by a customer prior to ordering any products or services. The prepaid deposit generates a credit memo that can be used for future purchases. This process is especially useful for providing customers the ability to present a retainer for expected acquisitions without establishing a credit limit for their organization.
To create a prepaid deposit payment, a prepaid deposit product must exist in the database for that payment type. A prepaid deposit product is a fictitious product that is designed to accept only zero balance orders. Once a payment is applied against the zero balance order, that order becomes a credit memo that can be used as payment for future purchases.
This topic contains the following sub-topics related to prepaid deposits:
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