Account Manager – Training Checklist 7/18/06

Name:______Manager:______

Hire/Transfer/Position Change Date ______Store ______

Priority / COLLECT THE MONEY / Notes
1
B / % Collected
Company Standards:
92% collected by end of month.
Calculation Formula:
Month to Date (MTD) rental revenue divided by beginning potential revenue. / Need to know:
We must collect 90% - 92% of the money owed to us each month, to be profitable.
  • Where do I find these numbers? Find last month’s Rental Revenue on the Daily Report. (the last report for the previous month). Divide that number by this month’s beginning potential revenue. (Also found on the Daily Report).
  • What is our current Percent Collected?
  • Is it good? Is it poor? – Why?
  • What is the difference between Rental Revenue and Potential Revenue? Rental Revenue is the amount of money your store has from Rent only. Potential Revenue is the amount of money your store stands to collect if all rent, fees, back rent, etc. is collected.
  • Will we have 92% collected by the end of the month?
  • What must we do and/or continue to do to achieve a strong % collected? Keep a good relationship with your customers.

2
B / Daily Close and Open Percentages
Monday Open Percentages
Company Standards:
Mon. open 30% / close 19%
Tues. open 19% / close 17%
Thurs. close 13%
Fri. open 12% /close 8%
Calculation Formula:
* BOR past due Divided by Total BOR w do I know how many are past due? / Need to know:
  • What is BOR? Balance on Rent. Indicates the number of active Rental Agreements the store currently has.
  • How do I know, how many are past due?
  • How and where do I find the numbers to calculate these percentages?
  • Where do we stand today? - Is it good?
  • Is it poor? – How can I improve it right now?
  • What is my average Monday open/close for the past month?
  • Why is a good Monday Open and Close good?
  • What must I do to strengthen my Monday Open and Close?
  • Am I making enough phone calls?
  • While discussing the account with the customers, am I asking the right questions?
  • Am I pulling the file early enough?

Signature:
4
A / Saturday Close Percentages
Company Standards:
8% or less.
Calculation Formula:
Defined in High Touch system / Need to know:
At the close of business each Saturday evening, the ending late percentage stands as the “Saturday Close”.
  • Does it meet company standards?
  • What are the contributing factors for not closing below 8%?
  • What is the difference between a good close under 8% and closing under 8% for the sake of hitting a number?
  • How does not closing my route effect the total business in my store?

5
A / 14+ Close
Any BOR over 14 days past due.
Company Standards:
2.5% or less of total BOR on your route
Calculation Formula:
BOR over 14 days past due Divided by Total BOR. / Need to know:
When an account reaches 14 days past due, it is much harder to collect. The chances of recovering and bringing current a 14+ past due account is drastically low. The new Account Manager should not place as much focus on the 14+ accounts as they should in keeping the 1-6 accounts and 7-13 day accounts from becoming 14 days past due. The focus always needs to be on preventing the account from reaching 14+. Also, it is important that the Account Manager’s voice tone and inflection express the seriousness of the matter when communicating with the 14+ customer.
  • How do I find my 14+ percentage?
  • Does my 14+ account percentage meet company standards?
  • Do I know all the details surrounding each of my 14+ accounts?
  • Do I communicated the 14+ account details with my Manager?
  • How do my 14+ accounts effect the total business in my store (Good and/or Bad)?

7
B / Free Time and Extension%
Company Standards: 1.5% of end of month revenue
  • Customer must have been renting this product for at least 6 months.
  • Only 1 rental extension is allowed during the entire contract term.
  • Customer must have set date/plan for being back on track.
  • Customer must have a valid reason for falling behind.
Calculation Formula:
MTD total F/T Divided by MTD revenue / Need to know:
When a customer is granted an “extension” the extended payment amount must be manually added to the end of the contract. Otherwise… the payment would simply be lost. The High Touch system will not automatically push back or extend this payment. Knowing this, the Account Manager should always explain to the customer that the amount extended (Payment and fees) will be added to the end of the contract. When the customer is ready to pay-off, we must first review the payment history then manually add any “extended” payments before quoting a pay off amount.
It is never a good idea to train the customer in your ability to use “extensions”. When the extension is appropriate, the Account Manager should use the phrase, “Let me talk to my Manager and see what we can do.” When an extension is the appropriate remedy, the Account Manager should consult the Store Manager for direction.
  • Where can I find these percentages?
  • Is my extension % less than 1.5%?
  • How can I be more selective when deciding which customers to use the extension dollars on?
  • Why is it a good idea to not use the word “Extension” when talking to a customer?

8
A / Field Sheets Completed
Company Standards:
The Account Manager must always print and use a field sheet before doing home visits. / Need to know:
Before going out to do home visits, the Account Manager should always print a field sheet. The Field Sheet gives you the customer’s name, address, phone number, rental info., due dates, amounts due, etc.
Know what you need to collect from each customer before you leave the store. The Field Sheets will also provide the Account Manager with an efficient plan of action which will save time and fuel. At the end of the day, the field sheets should be turned in to the Store Manager for discussion.
  • Can I explain how to create the Field Sheets?
  • Why is it a good idea to use the Field Sheets?

9
A / Proper Payment Calculation
Company Standards:
Make them due on the first Saturday beyond the next time they receive income. / Need to know:
Make them due on the first Sat. past their next pay period. If they do not make a full payment, always ask for the next commitment date and tell them how much it will cost to bring them to the first Saturday past their next payday.
  • How does an Account Manager figure late fees in advance?
  • What is a “bail-out” payment?
  • What are the effects of not calculating the payment correctly?
  • How do you communicate “special” payment arrangements to the other employees who could be dealing with this same customer?
What details do you communicate?
10
A / Use Of Field Receipts
Company Standards:
Use the field receipt every time you pick up money or product while away from the store. / Need to know:
Every time money is exchanged away from the store, we must use a “Field Receipt”. It is also important to use the “Field Receipt” for picking up products from the customer’s home. Always give the customer a copy, put a copy in the Home Office weekly packet and leave a copy in the field receipt book. It is very important to get the customer’s signature on the “Field Receipt” when collecting either product or money.
  • Why is it important to use “Field Receipts” when accepting money from the customer?
  • Why is it important to use “Field Receipts” when picking up products from the customers home?
  • Why is it important to get the customer’s signature on the “Field Receipt”?

CUSTOMER CONTACT / Notes
11
A / Call / Contact Volume
Company Standards See formula below:
Calculation Formula:
Number of BOR late Divided by Average BOR per customer. For each past due customer, you should make at least 2 phone calls. / Need to know:
The Account Manager’s goal should be to collect the money while preserving the customer relationship. It’s not about how many calls were made. It’s about collecting the money. However, a guideline has been established by which the Account Manager can monitor their calling efforts. Just making a certain number of calls each day is not enough. We are trying to CONTACT customers so that the past due account can be made current.
  • Am I using the Order Form to find all possible contact numbers?
  • Does my call log meet company standards?
  • Am I documenting the calls correctly?

12
A / Quality Calls – Contacting Jobs and References
Company Standards: As soon as the customer can not be reached… The Account Manager then begins to look beyond the customer’s home contact number.
Calculation Formula: / Need to know:
Your goal should be to talk with the customer. If and when you are not talking directly to the customer, you may not disclose account information. You may share… “who you are and what Company you represent”. Beyond this, the Account Manager should become an investigator. Ask the references for additional information and contact numbers. The Account Manager should ask questions which will enable them to reach the customer today! This information gathering can be done without ever disclosing the customer’s account information.
  • Am I contacting the customer or talking to some other person?
  • Am I getting new information from my calls?
  • Am I sharing the correct payment details with the customer?
  • Is my tone and or inflection appropriate for each individual customer?
  • Do I investigate the issues as if the product belonged to me?

13
A / Time Management / Calls
Company Standards:
  • Prioritize: Who and When?
  • Avg. is 2 minutes per phone call.
/ Need to know:
Prioritizing the time of day you call and which late accounts you focus on, will make a significant impact on the success of your Account Route. Most Account Managers will call all the previous day’s broken commitments first. Again, to keep the 7 – 13 day late accounts and 14 + accounts manageable, the Account Manager must maintain firm control of 1-6 day accounts.
(Call the right people at the right time!)
  • Is it good? – Sit down with your manager & make up a time schedule to show you each day what process to use.
  • Is it poor? – Why am I not reaching this particular customer? Should I do something different?

14
A / Home Visits - The use of:
Door Hangers, Field Receipts, Field Sheets
Company Standards:
  • Use the Field Sheets
  • Call the Store Manager every 2 hours to maintain communication.
/ Need to know:
Home Visits: As stated earlier the home visit begins before the Account Manager leaves the store. By printing the Field Sheets, the Account Manager should be able to create and execute efficiency in the field. – Who will I see? Where do they live (trip plan)? What is the proper way to approach this particular customer? When will I return to the store? What are the results I expect? Am I going to get money or product?
Door Hangers: Never leave additional remarks on Door Hangers. Some Account Managers have found it useful to leave a Door Hanger, and if possible, on the return trip, if the Door Hanger has been removed…. This would indicate the customer is now home.
Field Receipts: As stated earlier… Always use the Field Receipt for collecting money and/or product. Always have the customer sign the field receipt.
  • I am getting results from the door hangers I’ve left?
  • How can I make my Home Visits more efficient?

15
A / Quality (Legal) Documentation / Need to know:
Any communication with the customer should be noted in the “High Touch” system. Make notes on the collections screen after each contact attempt. Note what was said, when they will be in to pay (date and time) and how the payment should be applied to the account.
All Rental Agreements must be signed by the customer including loaner agreements.
  • Is it good? – Is it legal?
  • Is it poor? – Is it legal?
  • What would be considered not legal?

16
A / Mailing Fallout / Past Due /Term
Company Standards:
Past due 4 days – Letter (2nd notice)
9 days – Letter
16 days – Letter
23 days – Letter
30 days – Letter
* After 30 days it goes to Home Office. Nancy Dunlap then initiates a letter from our attorney. / Need to know:
A complete set of prewritten letters exist on the High touch system so that the Account Manager can simply select the appropriate letters to send to the past due customers. The Account Manager must be diligent in sending the letters each day. Sending the letters combined with consistent phone contact will make the message difficult for the customer to disregard. The tone of each letter becomes more urgent as the account becomes increasingly late.
Another good thing to know is to never use envelopes with your store printed as the return address. Always use a plain envelope.
  • Why is it important to send the past due letters?
  • How often does the Account Manager send the “Past Due” letter?
  • Can I demonstrate how to select and print the appropriate letter?
  • Am I allowed to add comments to the standard “Past Due” letters?
  • Who’s responsibility is the account after an attorney’s letter has been sent from the Home Office?
  • Why use plain envelopes for “Past due” letters?

17
A / Navigating the High Touch System / Need to know:
The operating system “High Touch” Is the most important tool for the Account Manager. By learning and being able to navigate the system, the Account Manager can: view pay history, rental history, make notes for the other staff members to know how this customer was communicated with last. The “High Touch” system also allows the Account Manager to print Field Sheets and calculate proper payment amounts and due dates.
A large importance should be placed on the communication notes pertaining to the account. When the Account Manager agrees to accept an amount of money less than the needed amount to bring the payment current, the Account Manager should note exactly how the payment should be applied to the account.
  • Can I demonstrate how to navigate the High Touch system?
  • Where are my communication notes added to the system?
  • Why is it important to detail the specifics in the account notes?

18
B / Problem Accts Procedures
Company Standards: Always communicate problem or potential problem accounts to the Store Manager. / Need to know:
Depending on the problem, be persistent and inquisitive.
In most cases, the new Account Manager will seek advice from the Store Manager for direction with each account. In all cases, the Account Manager should keep the store Manager informed and aware of all information pertaining to the problem account. The Account Manager should always be able to explain the details and plan of action for each Problem Account.
  • When does an account become a “Problem Account”?
  • When do I communicate the Problem account to my Store Manager?
  • Am I completely aware of all the details and do I have a plan of action?

19
B / First Payment Default Procedures
Company Standards: Not always but, In most cases, the first payment default is an automatic pick up. / Need to know::
The first payment default can be a signal that the customer had no intentions of paying for the product.
It is important to know, not all First Payment Defaults are automatically picked up. If the customer has been with the company and has established a payment history, the Account Manager should acknowledge this past history and proceed accordingly. Picking up the product should only happen when all other normal account management steps have been exhausted.
  • How many First Payment Defaults are currently on my route?
  • How late is it before we made first contact?
  • How do first Payment Defaults impact my route?
  • How do First Payment Defaults effect the overall business?
  • How soon should I communicate the “First Payment Default” account to my Store Manager?

20
A / Pick Up = P/U %
P/U Without Burning Bridges
Company Standards: Required less than 12% of BOR.
Calculation Formula: Beginning month BOR divided by MTD BOR. / Need to know:
We must encourage customers to keep the product and become successful in their rentals. To do this, we need to establish a rapport with them and make them trust us. For any reason, when the product becomes a “Pick –Up”, we lose potential rent and possibly customers.
Many times the Pick Up can not be avoided. It is important to understand the customer may be willing to return later. The phrase ”with out burning bridges” refers to the effort the Account Manager will make to save the relationship with the customer. Build and maintain a good business relationship with the customer. In other words… Do your job while at the same time let them know you care about their situation and will do everything allowable to help them in the future.