Portfolio has many competitive advantages to tout to prospective dealer clients. One of the most compelling advantages is our net-net remittance function and exclusive benefit. Net-net remit allows dealers to automate their claims reimbursement and monthly cancellations, thereby streamlining the process and making it faster, easier and more efficient.
Other providers may make dealers wait 60 days or more to be reimbursed for tens of thousands of dollars’ worth of claims and cancellations incurred at their stores. Net-net remit gives the dealer the ability to deduct claims and cancellations on their own, pre-determined schedule, when they remit their monthly VSC business.
Net-net remit offers numerous benefits, including:
- Eliminating the dealer’s claims and cancellations receivables.
- Speeding up their cash flow — dealers can be reimbursed quickly and then Portfolio can cede the remaining remittance funds into their brokerage account within five business days.
- Eliminating float — Portfolio, unlike our competitors, does not hold the dealers’ reimbursement and earn interest from those funds, which rightfully belong to the dealer.
- Eliminating the need to manually track claims, making it easier for the dealer’s accounting staff to efficiently manage the process. Because net-net remit is performed completely electronically via the dealer portal, the calculations are 100% accurate.
- Encouraging dealerships to get their monthly VSC remittances, claims, and cancellations processed electronically and thus more quickly and efficiently.
A unique benefit such as net-net remit has existed since Portfolio’s inception. It exists primarily because Portfolio was founded by dealers for dealers. We understand their business. Portfolio agents are strongly encouraged to bring along their managing directors or reinsurance specialists, who are experienced in outlining the value of net-net remit and explaining our myriad of exclusive competitive advantages to the dealer prospect.
This level of service — wrapped into the overall contract value that Portfolio presents — is one of many benefits that our competitors do not offer and cannot match. It’s among the many reasons why Portfolio has been ranked No. 1 or 2 in the past 15 Dealers’ Choice Awards.
If prospective dealers hesitate or balk at administrative fees, be sure to outline net-net remit as just one of the many exclusive competitive tools in your toolbox!
Keep your eye out for next month’s agent newsletter, where we will discuss two more of our competitive advantages — managing claims/denials and the 40-mile repair tieback.
