What are the chargeback procedure and credit card authorization time limits?
Credit card authorizations are only for 30 days. If we get a chargeback-we need a copy of the contract to fight it. We are subject to chargebacks if we charge the credit card after the 30-day authorization time. This is why rewrites are important.
What do you do when a credit card won’t swipe?
Call in authorization w/ merchant phone number and get authorization number once verified
What do you do if a credit card declines?
Once you get a credit card declined- you must get a new form of payment or we are subject to a chargeback
What are the collection terms that Enterprise gives to its direct bill accounts?
90 days to pay
We want them to pay in Net 30
How to read, understand, and work the A/R list?
If you are working the A/R list, you want to work them in this order
- 90 days
- 60 day cash
- Credit card section (CC/Amex/Discover). Debits (+ sign) in the credit card section=bad debt
- Credits (-sign)
- Short Pays
What does (-) mean on the A/R report?
(-)=Credit: overpaid by account or customer
What does the (+) mean on the A/R report?
(+) = Debit: money owed to us
What are the steps to proper underwriting?
- 2 Phone #’s- one has to be a local contact
- Make sure Driver’s License and Credit Card match
- Fill out a Cash Qual form
- Verify all info on Cash Qual form
- Use of correct DW price according to MSRP (manufacture sales retail price)
- Correct deposit amounts
Cannot use Unemployment Pay stub for Cash Qual form. Unemployment is a CA State benefit and benefits can change.
Take copy of insurance card just in case something occurs. Call to check to make sure claim is active.
What are the AA0090 and AA0010 screen and what are they for?
AA0090= used to look up individual invoice/tickets
AA0010=used to look up all tickets/invoices for specific amount for whole group
How do you look up A/R in AA0090 screen?
23……….…………..D……….…….95
| | | |
GP Cust # Ticket# Branch
Customer # must have 7 spaces
What is AA0111 screen and what is it for?
Used to look up all tickets/invoices for account for specific branch
What is CD?
Cash disbursement
It means that we disbursed $ or refunded customer
What is JV?
Journal Voucher
It’s what we use to move money around and it’s how we move money around. (Example: If we CD’d/refunded a customer because MBENZ was supposed to pay for bill and we billed customer. We now must create a JV to bill that amount we CD’d to MBENZ
What is CR?
Cash Received
What is GE?
General Entry
Money has been entered in system
What is DP?
Data Processing
2x a month RALPH auto updates and matches #’s
What is the difference between collections and clean up?
Collections= collecting cash
Clean up= working short pays, credits, and JV’s
How do you send someone to collections? Why and when?
Send them to collections
They must owe more than $150 and have been non responsive
Collections get 30%
We must have all callback notes and contract in order to do so
What does it mean when the Customer Warning Screen pops up?
Can’t rent to customers under this screen
Only level 3 employees can override because they have access to notes and can see exactly why customer is on DNR
What is Net 30?
Any invoice that closes in May after that month ends they have 30 days from that point to pay. So for example the end of June is when they would pay.
What is 60-day cash?
After customer can’t pay we give them 60 days to pay.
What is the account number for Time and Miles?
1480
What is the account number for Bad Debt?
0590
What is the account number for Mexican Insurance (Insurance for people traveling to Mexico)?
1382
What is the account number for Accounts Receivable?
2200
What is the account number for Gas Collections?
1488
What is the account number for Cash Over/Short?
0805
What is the account number for Deductible Collection?
2263
What is the account number for CDW?
1482
What is the account number for PAI?
1486
What is the account number for SLP?
1496
What is the account number for Customer Satisfaction?
0531
What is the account number for Referral Expense?
0535
What is the account number for Reserves?
3452
What is the account number for Uninsured Loss?
0557
Explain the difference between risk units and buybacks?
• Risk
o Vehicle totally responsible for when sell
o Risk is better than buyback
• Buyback o Percentage of price going to sell car back o Vehicle has to be within certain miles o Do not make a lot of FLIP o If wreck car, can not turn in car
Why would someone reject a buyback?
- Damage
- Mileage
- Time
- Too many repairs
What are expenses?
Personnel expenses and operating expenses
Name in order left to right the financial statement
# of Units % DE DE Growth C&I Revenue Net Other Total Revenue Gross Costs Personnel Expense Operating Expense Branch Overhead Group Overhead Corporate Overhead Breakeven Operating Profit Vehicle Adjustment Net Profit 3 month ESQI 12 month ESQI
(Helpful Tip to Remember: #% DCN TGP OBGC BOVN)
How do AM’s get paid?
Hourly/OT/OT premium/Commission
The commission is a % of the profit. Depending on what the goal is the % can be lower or higher on pay plan in order to get you to X salary. If profit is beating #’s your pay plan grows. If it is meeting #’s your at your goal. If it is under #’s you get paid lower.
Net Profit x # of units x %= Paycheck
How can you make more money as an AM?
- Boost Net Profit
- Control Cost (Ex. Personnel)
- Grow Fleet
How is the Per Unit Analysis organized?
Income Cost Expense Overhead Profit