Q. How often does Universal pay me for my in-house charge sales? A. Every week the funds are deposited into your bank account.
Q. How do I send my charge transactions to Universal and how often?
A. Send your charge transactions to Universal every week. We can accept data from most POS and computer systems. If you don’t use a computer, send us your charge slips.
Q. How is Universal different than credit cards issued by banks or finance companies?
A. Universal does NOT have a “late fee¨ or an “over the credit limit fee”
Q. I’m concerned that I will I lose control of my accounts. What will Universal change? A. It is important to us that your customers feel as if nothing has changed.
As we begin, and going forward, we ask you to tell us about any “Special Relationships” between you and your customers. Some examples are - relatives, local officials, business associates, or even the difficult and demanding customers, etc.
We ask you to hire us to manage your credit department according to your store’s procedures, personality and philosophy. Our service is very personal and flexible. Think of us as if we are your employees. We work for you.
Q. Are there additional fees for postage and stationery? A. No.
Q. Are there additional fees to personalize our statement? A. No. Use your statement as a marketing tool with list of sale items, coupons, pictures of new products, community information, picture of your staff, etc, something different every month.
Q. When are my statements mailed? A. Usually on the first day following your billing date.
Q. What reports will I receive and how often? A. A detailed “Statement Report is sent to you (by email, fax, from our web site, or mailed) the same day statements are mailed. Please retain each month’s “Statement Report.” It contains all of the information that is on the statement.
A “Status Report” and a “Past Due Alert Report” is sent to you each week. You may discard the previous week’s reports. Other custom reports are available, usually at no charge.
Q. What do I tell customers when they see that their statement was mailed from out of town? A. Tell your customers that you hired a credit manager and your statements are processed out of town.
Q. What about questions or changes regarding a customer’s account? A. Do whatever is most convenient for you – call, fax, or email.
Q. Who does a customer call if there are questions about their account? A. Customers may call either Universal (800-873-8760) or your store.
Q. How quickly will Universal process an application for a new charge account? A. Call, fax, or mail applications and it will be processed as quickly as possibly, usually within a few minutes and then we’ll call you
Q. What about delinquent accounts? A. Universal’s “Collection Process” is diplomatic, personal, empathetic, and persistent. It includes personalized statement dun messages, personalized collection letters, and phone calls.
Delinquent accounts may be reported to the credit bureaus. This is a very effective and powerful collection tool. Current accounts may also be reported to the credit bureaus that may increase their “Credit Score.”
Universal can do everything a collection agency does, with better results and at a lower cost to you. Our goal is to both collect the past due balance and retain the customer.
Maintaining a balance is essential. If you are too “tough” on credit, it may retard sales. If you are too easy on credit, it may increase delinquencies. We have been very successful maintaining that balance. We’ve been serving independent community retailers since 1957.
Q. How will I increase my sales? A. Offer services that may not be available from your competitors. Offer all of your customers the opportunity to apply for a personal charge account and feel comfortable that your credit department (Universal) will conduct a credit check. Use your monthly statements to advertise sales, new products and services.
Q. Why should I use Universal’s Charge Account service and is it worthwhile? A. Universal’s service will help you increase sales and profits, retain existing customers, and attract new customers.
Use the funds you currently have tied up in receivables elsewhere in your business and realize a higher return on your investment. A financial analysis could demonstrate why our service is worthwhile, but to really prove it you have to try it.
No one would use our service unless there is a cost benefit. It doesn’t make sense to add expenses. There is no term in our Agreement. You can discontinue at any time. You have no risk.
Q. How do we begin after a decision has been made? A. Begin as of your next billing date. Print two sets of statement and mail the first set of statements to your customers as usual. Send the 2nd set of statements to Universal. Beginning the first week of the next billing period and every week thereafter, Universal will pay you every week for that week’s charge sales.
Q. What about confidentiality? A. All information about your accounts is strictly confidential including information for credit proposes. Universal will not and never has sold any information about your accounts.
Universal Charge Accounts, Inc., serving independent community retailers since 1957: contact info include
