What is the 'BEST PRACTICE' for scheduling payments within Byrider's collection procedures?
Byrider Franchise · 2025 FDDAnswer from 2025 FDD Document
| Purpose | 6.1 |
|---|---|
| BEST PRACTICE: Payment on accounts | 6.1 |
| Why collect? | 6.1 |
| Why pay CNAC? | 6.2 |
| The Account Representatives (AR) and Portfolio Managers | 6.2 |
| Account Representative behavior | 6.3 |
| – | |
| Prohibited Practices | |
| BEST PRACTICE: Account Representative behavior | 6.3 |
| STANDARD: Equal Credit Opportunity Act (ECOA) and Regulation B | 6.3 |
| STANDARD: Account Representative (Collector) payments | 6.3 |
| Desired AR behavior | 6.4 |
| BEST PRACTICE: Scheduling the payment | 6.4 |
| Initiating customer contact – the welcome call | 6.4 |
| BEST PRACTICE: Initial call to the customer (after the sale) | 6.4 |
| i-Leverage | 6.5 |
| The collections tab in Discover | 6.5 |
| Accessing the collections tab | .6.5 |
Source: Item 23 — Receipts (FDD pages 88–335)
What This Means (2025 FDD)
According to Byrider's 2025 Franchise Disclosure Document, the best practice for scheduling payments is mentioned within the context of collection procedures. Specifically, the document references 'BEST PRACTICE: Scheduling the payment' under section 6.4. This falls under the broader topic of Account Representative behavior and desired actions during the collection process.
For a prospective Byrider franchisee, this indicates that the company has established guidelines for how and when payments should be scheduled when dealing with customers who are behind on their payments. This suggests that Byrider emphasizes a structured approach to collections, likely aimed at maximizing recovery while maintaining customer relations.
It is important for a new franchisee to understand these best practices to ensure compliance and effective management of accounts. Further details on the specific steps and considerations involved in scheduling payments would likely be covered in the CNAC training, which includes the use of the Collections module in Discover, collection do's and don'ts, and phone etiquette.