Fortiva MC and Aspire

Basic Facts & Common FAQs

Fortiva & Aspire Credit Card

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To establish good relationship and trust from our customers which would encourage them to pay

To learn overcome objections on challenged customers who ask alot of questions before paying

To provide basic information about Fortiva & Aspire Credit cards which in return, builds credibility to us as Account Specialist Representatives

To let the agents adjust their Collection strategies as they learn to distinguish Fortiva Retail from Credit Cards

Objectives

Basic Product Concepts

• Application starts through a received preapproved letter and customer may process it either online or by calling the Sales Hotline
• Any mechant of different stores can accept a credit card for as long as they have a Master Card logo on their shops/ business.
• 2 types of transactions can be done: Cash Advance and Purchases
• With authorized user
• Unable to make a transaction without a card unless its online
• Interest depends on the offer given
• Not applicable on Deferred interest
• Standard Rates applied (1% whichever is greater ($10 &$25)
• Subject to maintenance fee

• Interested people on loan financing will either go to a store to process the application or they will need to wait for a visit from the service provider to offer them financing
• Can only be used to a specific store
• can only purchase a specific type of product or service
• No ability to add an authorized user
• Physical cards are issued but customers can still make purchases without the card be it online or not
• Fixed or variable rate on charging interest depending on the type of product and agreement issued
• Deferred Interest applies on selective accounts
• Minimum payment will depend on the highest balance occured
• No maintenance fee

Credit Cards

Fortiva Retail

Basic Product Differences

BASIC FACTS

• Issuing bank: The Bank of Missouri
• Card Type: MasterCard
• Brand: Fortiva
• Credit Limit Range: $350 - $2500
• Minimum Payment: 1% of the balance or more, whichever is greater
• Late fee added on the due date if missed or late payment
• with authorized user

• Issuing bank: The Bank of Missouri
• Card Type: MasterCard
• Brand: Aspire
• Credit Limit Range: $350 - $10000
• Minimum Payment: 1% of the balance or more, whichever is greater
• Late fee added on the due date if missed or late payment
• with authorized user

vs

Collection strategies vary from different scenarios and the type of product that we're dealing with.

Why do I have to know this?

• It makes the agents feel good about themselves as they confidently answer questions customers might ask and this creates a" win win" situation on both parties.

• By knowing the basic concepts of the product, we'll be able to give our customer's an impression that we are also a credible source of details and not just for the sole purpose of collection.

• Be mindful that Credit Card accounts may close immediately even if it only reaches Bucket 1 or 2 so you may advise this to customer. This is in contrast with Fortiva Retail from which it seldom happens.
• Agent should beware of Overlimit accounts as this can also be the reason of account closure. Educate our customers of the status and encourage them to include this to the amount they are going to pay.
• Majority of the Credit Card Accounts have Payment Programs to offer so its a must to utilize the SRP button in Guido to know more about these.
• Late Fees will fall on the exact due date if missed or incomlete payment.
• Always check the Credit Codes/ Account Statuses as they may impact your Collection Strategy

Credit Card Collection Reminders

How do I say it? Let's find out....

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Scenario 1: Fortiva CC Open Bucket 1 or 2 accounts who wont pay as they're busy at the moment

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"I'm sorry if I caught you in a bad time Mr. Customer. We highly value your time so I promise to make this quick. Your account is currently past due for (# of days) and to prevent your account from being closed let me help you bring it up to date by submitting a payment right now."

Scenario 1: Fortiva CC Open Bucket 1 or 2 accounts who wont pay as either busy at the moment

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Scenario 2: Fortiva/ Aspire CC Open accounts who resist from paying as either working hours are reduced or lost his job

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"I totally agree that a lot have lost their jobs and some are working, but their hours were reduced. And with all that is happening right now, Don't you think it's necessary for you to have a credit card that's current/ up to date that will source your funds for your essential needs?"

Scenario 2: Fortiva/ Aspire CC Open accounts who resist from paying as either working hours are reduced or lost his job

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Scenario 3: Overlimit Open CC Accounts who wants to pay the minimum due only

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"I'll be glad to assist you with the payment Mr. Customer. Our records shows your account is currently over the limit of ($) so in order to maximize your purchasing means, may I suggest for you to increase the amount you're paying."

Scenario 3: Overlimit Open CC Accounts who wants to pay the minimum due only

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Scenario 4: Payout Closed CC accounts

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"We would like to inform you are currently enrolled in one of our best Programs which is called Payout. With this, your minimum payment has been significantly reduced to ($) and not only that Mr. Customer, as all interests and late fees have stopped which gives you an advantage to build your credit by paying more as all the payments made will be deducted towards your balance. So let's set you up a payment right now using your checking account/ debit card."

Scenario 4: Payout Closed CC accounts

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Scenario 5 : "I have a lot of credit cards so I don't care if I messed up with this card!"

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"I see, however there are some establishments that do not accept credit cards for payment. By keeping your account current, you have the privilege to do cash advance through an ATM or over the counter in case you need to pay in cash for whatever it may serve."

Scenario 5 : "I have a lot of credit cards so I don't care if I messed up with this card!"

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Scenario 6 : "You're not in my situation and you will never understand my hardship!"

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"I 'm sorry to hear that Mr. Customer. We have a lot of customers with the situation similar as yours and we manage to resolve their delinquency. To fully understand where you're coming from, may I know the reason why you got behind?" (if Valid RFD, check payment programs available or negotiate to schedule within it's due)

Scenario 6 : "You're not in my situation and you will never understand my hardship!"

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Scenario 7 : "Well, my card is closed anyway so it's ok for me not to pay it."

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"It is as important as your other cards as this will affect your credit standing. Please know that we have the credibility of reporting delinquency status of our accountholders. By paying the required amount on time, will not only bring your account current but will also give you a higher advantage of getting approved for future financing. (Strategic Pause) Our assistance in setting up a payment is free so let's go ahead and help bring your account up to date."

Scenario 7 : "Well, my card is closed anyway so it's ok for me not to pay it."

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• Different accounts have different needs so it's a must for an agent to adjust her Collection Strategy
• By listening attentively, customers will develop a trust and will begin to work with the agents in resolving the issue
• Proper utilization and familiarizing with your tools will deliver an appropriate approach and help agents come up with a better solution
• Knowledge is power. It makes the customer realize that we are a credible person to discuss business with. Just remember to provide basic details as at the end of the day, there will still be a concerned Department that we can always refer the customer with.
• Collections is not all about money. In extreme cases cases that customer cannot pay, do not forget to educate the customer of the consequence of not paying.

Keep in mind

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• Account will be brought current (depending on the amount)
• Good Credit Standing
• No Late Fees will be added
• Reduce the balance with lower Finance Charge (depending on the Credit Code)
• No Collections effort
• Account will stay open
• Help customers rebuild their Credit Standing
• Prevent the account from being Charged Off

Benefits of paying on time

• Account will continue to age
• Late fees will be added (depending on the Credit Code)
• The higher the balance the higher the interest is added (depending on the Credit Code)
• Collections effort will continue
• Negative impact on Credit Standing
• Account will be closed
• Account will be charged off depending on the status

Consequence of a missed payment

Consequence & Benefits

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Any Questions?

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Thank you!