MQI STUDY GUIDE- BUSINESS
MANAGEMENT SECTION
How often are you expected to balance your cashbox? Why? - answer Balance every
day that cash/checks/money orders are received. This is to protect our employees and
customers by not having large amounts of cash or checks in our branches as well as to
limit the risk of theft and robbery.
Name two actions that result in a chargeback? - answer1. Stacking authorizations on
the customer's card then taking one charge for the total.
2. Charging a credit card after it has declined during the initial payment.
3. Taking multiple charges for the same amount in the same day.
Give two reasons why it is important to always swipe a credit card. - answer1. To be
able to prove to the bank that the card was present and that we matched the card
information with the renter's information in case of any chargebacks.
2. To make sure the card is authentic and approved.
If an authorization is initially obtained on a credit card, but later in the rental it declines,
what should we do? - answerContact the customer immediately and ask for another
form of payment.
Under what circumstances would a credit card be denied as a form of deposit? -
answer1. If the card is a prepaid card and there is not enough available balance on the
card for a deposit.
2. If the name on the credit card doesn't match the name of the renter or additional
driver
3. If the card declines at the beginning of the rental
Name four things you can do to effectively prevent chargebacks. - answer1. Swipe the
credit card
2. Get proper authorizations
3.Do not stack authorizations
4. Get another form of payment if the card declines at the beginning of the rental
5. Contact the customer after charging their card
Which credit card can you not re-run after 24 hours if it comes up declined? -
answerAny Visa/Mastercard/American Express/Discover authorization obtained AFTER
an initial (at beginning of rental) decline is considered invalid and can be subject to a
, chargeback. So if any card declines on the first attempt that card can no longer be used
even after the 24 hour period. If a Discover or American Express declines on any
additional authorizations (after the initial autho), you can wait 24 hours and then try for
the same dollar amount. If a Visa or Mastercard declines on any additional
authorizations (after the initial autho), you need to get another form of payment.
Do we accept cash as a form of payment? Why or why not? - answerNo. This is for our
customers and employees safety. Having cash at our branches can result in theft and
robbery.
What should you do if a CCARD is coming up as declined? - answerContact the renter
immediately to get another form of payment and/or retrieve the unit.
What should you do if a CCARD will not swipe when provided? - answerAsk for another
form of payment. Never use a credit card that doesn't swipe.
In what situations is it ok to accept a CCARD which the name does not match the
contract? - answerThe name on the card must match the name of the renter or
additional driver. There is no situation where we can accept it without matching one of
those people.
When do the following AR Balances fall to Bad Debt?
(Force Charge, insurance A/R) - answerForce charge (Retail) hits bad debt the month
the ticket closes
All other A/R's (Insurance, Dealership, Body Shop, Corporate, Other) hits bad debt 90
days after the ticket closes
When a rental is closed with a balance due, when will those balances hit Bad Debt if no
payment is received? - answer-If it is for a retail customer it will hit Bad Debt the month
the ticket is closed.
-If it is for a Dealership or insurance it will hit Bad Debt 90 days after the ticket is closed
as long as we have a direct bill set up for them.
When a previously paid balance is charged back by a renter, when does is hit the
branch's Bad Debt? - answerIt will hit bad debt the month the charge back is received.
What amount of Bad Debt will hit the branch if a Dealership owes us $10,000 in 30 Day,
$5,000 in 60 Day, and $1,000 in 90 Day? - answerThe $1,000 will hit the branches bad
debt since dealerships have 90 to make payments.
Where in RFS can you see what your potential bad debt expense will be for the current
month? - answerUnder accounts receivable tab. The "Aging" box on the top right shows
your potential bad debt for the current month, it is a red bolded number.
MANAGEMENT SECTION
How often are you expected to balance your cashbox? Why? - answer Balance every
day that cash/checks/money orders are received. This is to protect our employees and
customers by not having large amounts of cash or checks in our branches as well as to
limit the risk of theft and robbery.
Name two actions that result in a chargeback? - answer1. Stacking authorizations on
the customer's card then taking one charge for the total.
2. Charging a credit card after it has declined during the initial payment.
3. Taking multiple charges for the same amount in the same day.
Give two reasons why it is important to always swipe a credit card. - answer1. To be
able to prove to the bank that the card was present and that we matched the card
information with the renter's information in case of any chargebacks.
2. To make sure the card is authentic and approved.
If an authorization is initially obtained on a credit card, but later in the rental it declines,
what should we do? - answerContact the customer immediately and ask for another
form of payment.
Under what circumstances would a credit card be denied as a form of deposit? -
answer1. If the card is a prepaid card and there is not enough available balance on the
card for a deposit.
2. If the name on the credit card doesn't match the name of the renter or additional
driver
3. If the card declines at the beginning of the rental
Name four things you can do to effectively prevent chargebacks. - answer1. Swipe the
credit card
2. Get proper authorizations
3.Do not stack authorizations
4. Get another form of payment if the card declines at the beginning of the rental
5. Contact the customer after charging their card
Which credit card can you not re-run after 24 hours if it comes up declined? -
answerAny Visa/Mastercard/American Express/Discover authorization obtained AFTER
an initial (at beginning of rental) decline is considered invalid and can be subject to a
, chargeback. So if any card declines on the first attempt that card can no longer be used
even after the 24 hour period. If a Discover or American Express declines on any
additional authorizations (after the initial autho), you can wait 24 hours and then try for
the same dollar amount. If a Visa or Mastercard declines on any additional
authorizations (after the initial autho), you need to get another form of payment.
Do we accept cash as a form of payment? Why or why not? - answerNo. This is for our
customers and employees safety. Having cash at our branches can result in theft and
robbery.
What should you do if a CCARD is coming up as declined? - answerContact the renter
immediately to get another form of payment and/or retrieve the unit.
What should you do if a CCARD will not swipe when provided? - answerAsk for another
form of payment. Never use a credit card that doesn't swipe.
In what situations is it ok to accept a CCARD which the name does not match the
contract? - answerThe name on the card must match the name of the renter or
additional driver. There is no situation where we can accept it without matching one of
those people.
When do the following AR Balances fall to Bad Debt?
(Force Charge, insurance A/R) - answerForce charge (Retail) hits bad debt the month
the ticket closes
All other A/R's (Insurance, Dealership, Body Shop, Corporate, Other) hits bad debt 90
days after the ticket closes
When a rental is closed with a balance due, when will those balances hit Bad Debt if no
payment is received? - answer-If it is for a retail customer it will hit Bad Debt the month
the ticket is closed.
-If it is for a Dealership or insurance it will hit Bad Debt 90 days after the ticket is closed
as long as we have a direct bill set up for them.
When a previously paid balance is charged back by a renter, when does is hit the
branch's Bad Debt? - answerIt will hit bad debt the month the charge back is received.
What amount of Bad Debt will hit the branch if a Dealership owes us $10,000 in 30 Day,
$5,000 in 60 Day, and $1,000 in 90 Day? - answerThe $1,000 will hit the branches bad
debt since dealerships have 90 to make payments.
Where in RFS can you see what your potential bad debt expense will be for the current
month? - answerUnder accounts receivable tab. The "Aging" box on the top right shows
your potential bad debt for the current month, it is a red bolded number.
