Payday Loans and Fraud - Don’t Let This Happen to You

THIS IS A MUST DO as a payday loan store owner!!

Go into your location.

Make certain your primary employee(s) are AWARE of what you’re about to do. Make certain they see and hear your every move!

Pull up a customer contract on your computer or pull out a copy of a printed one.

Call the customer.

Here’s what you say:

“Hello CUSTOMER NAME!” This is “YOUR NAME at YOUR COMPANY NAME.”

I see you we’re here in our store on, “DAY OF WEEK and CONTRACT DATE.”

“I’m simply calling you to thank you for your business CUSTOMER NAME and make certain there isn’t anything more we can do for you.”

Then SHUT UP! Just listen!!

Hopefully, your customer will describe a pleasant experience at your store.

If things are in disarray your customer may describe a rude employee.

If things are really bad in your store, this customer may tell you they have not been in your location for the past six months, or one year or…

Employee fraud is occurring! It’s not uncommon, believe me!! When performing audits for clients wanting to buy or sell their payday loan business, we’ve found as many as 22% of the contracts are bogus. They never occurred! The employee(s) made them up!

We audit our stores. You must audit your store(s)!

Your employee(s) must be aware you perform this task RANDOMLY! UNANNOUNCED!! FREQUENTLY!!!

Not only is this a great way to get a real feel of how your business is doing but, just as importantly, you’ll eliminate EMPLOYEE TEMPTATION and generate new ideas for products and services your existing customers want and need.

DO THIS! Do it this week.

And of course, if you can’t reach them by telephone you can text them, you can email them, you can leave a voice message, etc. A critical element of this exercise is for your employee(s) to be aware you do this.

Then email me. I want to know how it went! I REALLY WANT YOU TO DO THIS!!

And if you need help with any part of your business visit our “Vendors & Suppliers”

Jer