1
What is the acronym for “Also Known As.”
A.K.A
a debtor that has been ruled by a court and whose property is liquidated, turned into cash and divided among creditors.
BANKRUPT
An association of two or more people (or entities) to carry on as co-owners of a business and sharing in its profits or losses.
PARTNERSHIP
What is the rule that states "no account that you write, regardless of size, will contribute more than $10,000 towards your com business quota?"
The “Dimer Rule”
4 pieces of information we NEED to do businesses with a client in order to collect for them.
Fully Identified Debt
A continuing agreement by a bank for a loan secured by its customer’s receivables retain right of recourse for losses, and advance funds on accounts without notice to borrower’s customers.
ACCOUNTS RECEIVABLE FINANCING
what is the written evidence of the transfer of title to personal property.
BILL OF SALE
Single person and exclusive ownership of a business carrying personal liability.
PROPRIETORSHIP
COM (Commissionable) Business
A final talk off that confirms the placement and the rate and the fact that we will be starting the collection process immediately.
The Close
A record of customer’s accounts receivable and how long they have remained unpaid beyond the regular terms of sale.
ACCOUNTS RECEIVABLE AGING
the next course of action after a presentation is given to a prospective client.
Trial Close
A bad debt not capable of being collected, settled, or recovered. Generally, a claim against a debtor who is either destitute, judgment proof or a defunct corporation.
UNCOLLECTIBLE
business does not contribute to your sales quota, but you do benefit financially if it is collected. It does not fall within in the guidelines of Com Business
Non-COM business
Our standard rate for billing the collected debt that is under 1 year old.
1/3rd Contingency
A company’s books can also be referred to as their ____This report includes a list of all clients, along with the amount and ages of all outstanding balances due. this report is divided into columns with separate entries for debt that is current, 31 - 60 days old, 61 - 90 days, and over 90 days old.
AGING REPORT
Gives us an average of the age of a company’s total receivables.
DAYS SALES OUTSTANDING
Transferring or eliminating an uncollectible account (or other asset) from the books.
WRITE OFF
The person who can actually hire us for our services at RJA.
Decision Maker
An impact statement in the call flow chart that helps you stand out from other callers.
Attention Getting Statement
An account that is past due and is doubtful or unlikely to be collected.
BAD DEBT
One indebted or owing money to another.
DEBTOR
When a company protects its debt exposure to another company by securing interest in goods or fixtures.
SECURED CREDITOR
Questions to ask that start with who do you have that.....? It can invoke a response like 'oh there is this one guy'.
Red Flags
The questions we ask to make sure that the prospect actually needs our services and sets the value they represent to RJA.
Mini Qualification