Funding Processes

Progressive Leasing offers ACH funding methods and vPay Credit Cards to be processed by the merchant card processor.

Daily settlement files can be emailed to the merchant or added to our shared SFTP folder for processing.

Example file provided by Progressive:

Store Name	Store Number	Invoice Number	Lease Key	Lease Status	Paid Date	Transaction Amount	Transaction Type	Transaction Direction
Example Store 11	11	ORD8192	1234567	Funded	01/03/2024	-74.80	Store Credit	Amount To Pull
Example Store 11	11	ORD8192	1234567	Funded	01/03/2024	389.99	Invoice	Amount To Pay

Term	Definition
Invoice	This is the transaction type used for standard order transactions. Prog will send this amount to the verified ACH account on file.
Store Credit	This value is used for a Return or Exchange completed on a Progressive Lease.
Funded	Funded is the lease status when it is complete ( the contract is signed, valid IP is collected, and the last/final delivery date has occurred ) and delivery has been confirmed. When a lease moves to a funded status, Prog starts collecting periodic payments from the customer.

Daily settlement files can be emailed to the merchant or added to our shared SFTP folder for processing.

Example file provided by Progressive:

Store Name	Store Number	Store Invoice Number	Lease Key	Lease Status	Paid Date	Transaction Amount	Transaction Type	Transaction Direction
Example Store 26	26	ORD8192	1234567	Funded	01/03/2024	-1296.48	Prepayment Reversal	Amount To Pull
Example Store 26	26	ORD8192	1234567	Funded	01/03/2024	74.80	Prepayment Credit Reversal	Amount To Pay
Example Store 11	11	ORD1120	1234566	Lease Accepted	01/03/2024	389.99	Prepayment	Amount To Pay

Term	Definition
Prepayment Credit Reversal	Prepayment reversal will happen when no delivery confirmation is sent within a set number of days, or the order is canceled before delivery confirmation. This will trigger Prog to pull funds from the Retailer, which will be netted against all transactions paid for that day.
Prepayment Credit	Prepayment Credit is issued when an item is returned before the last/final delivery date. This can happen when multiple items are on the contract and are delivered at different times. This can also occur when one of the items ordered has been canceled.
Lease Accepted	Lease Accepted is a status for a lease post signature; valid IP has been collected and is awaiting the last/final delivery date.