What procedure does Byrider outline in Chapter 5 for applying an insurance check to a customer's account?
Byrider Franchise · 2025 FDDAnswer from 2025 FDD Document
| Purpose | 5.1 |
|---|---|
| The Office Manager/Controller | 5.1 |
| CNAC organization | 5.1 |
| Contract administration | 5.2 |
| Maintain the deal jacket | 5.3 |
| BEST PRACTICE: Deal jackets | 5.3 |
| BEST PRACTICE: Banking forms | 5.3 |
| Track titles | 5.5 |
| PROCEDURE: Track title information | 5.6 |
| Tracking insurance | 5.9 |
| PROCEDURE: Track insurance information | 5.10 |
| PROCEDURE: When proof of insurance coverage is not received | 5.13 |
| PROCEDURE: When a Notice of Insurance Cancellation is received | 5.14 |
| BEST PRACTICE: Customer insurance | 5.14 |
| Other considerations associated with vehicle insurance | 5.15 |
| PROCEDURE: Applying an insurance check to a customer's account | 5.16 |
| Prepare Sales Tax forms | 5.17 |
| Cashiering and cash control | 5.17 |
| BEST PRACTICE: Co-mingled funds | 5.17 |
| Accept the down payment on a vehicle purchase | 5.18 |
| PROCEDURE: Accept the customer's down payment on a vehicle purchase | 5.18 |
| BEST PRACTICE: Control of cash down payments | 5.18 |
| The cashier greeting | 5.19 |
| STANDARD: Account Representative (Collector) payments | 5.19 |
| BEST PRACTICE: Cashier verification of customer information | 5.19 |
| Payment Acceptance screen and its informational features | 5.20 |
| PROCEDURE: Accessing the Payment Acceptance screen | 5.20 |
| The customer attempts to pay less than required | 5.29 |
| BEST PRACTICE: Cashier responsibilities | 5.29 |
| Accepting contractual payments | 5.30 |
| PROCEDURE: Accept a standard payment on a contract | 5.30 |
| PROCEDURE: Accepting an external payoff on account with an VSC | 5.41 |
| Accept non-standard contractual payments | 5.41 |
| PROCEDURE: Accepting a non-standard contractual payment | 5.41 |
| Down payments on a Service repair order | 5.43 |
| PROCEDURE: Accepting a customer's deposit on a repair order | 5.43 |
| PROCEDURE: Refunding a customer's deposit on a repair order | 5.46 |
| Accepting payment for a Service Department repair order | 5.47 |
| PROCEDURE: Accepting payment for a Service Department vehicle repair | 5.47 |
| Accept payment for a mechanical DIP (MDIP) | 5.50 |
| Handling drop box payments | 5.51 |
| BEST PRACTICE: Drop box security | 5.51 |
| BEST PRACTICE: Accounting for drop box payments | 5.53 |
| Reprinting a receipt for a contractual payment | 5.54 |
| PROCEDURE: Reprinting a receipt for a contractual payment | 5.54 |
| PROCEDURE: Printing a receipt for an automatic ACH payment | 5.56 |
| PROCEDURE: Printing a receipt for automatic credit card payments | 5.57 |
| Miscellaneous account correspondence | 5.58 |
| Post a payment adjustment | 5.59 |
| BEST PRACTICE: Internal control of payment adjustments | 5.59 |
| PROCEDURE: Post an adjustment to an account | 5.59 |
Source: Item 23 — Receipts (FDD pages 88–335)
What This Means (2025 FDD)
According to Byrider's 2025 Franchise Disclosure Document, Item 23 references a section that outlines the procedure for applying an insurance check to a customer's account. Specifically, it mentions "PROCEDURE: Applying an insurance check to a customer's account" under section 5.16.
However, the document excerpts provided do not contain the actual details of this procedure. A prospective franchisee would need to consult the full FDD or ask Byrider directly to understand the steps involved in applying an insurance check to a customer's account.
Understanding this procedure is crucial for managing customer accounts and ensuring accurate financial record-keeping. It is important to know how to properly credit the customer's account, handle any excess funds, and comply with any relevant regulations or company policies.