General Terms
We here at Riemer Reporting Service realize that sometimes it seems as though we are speaking our very own language. To help you understand us, here are some definitions for terms that you might hear. If there is a term you don't see here, please let us know.
Pro Rata Meeting Expense
The Bylaws of most Riemer credit associations stipulate that all members must pay a pro rata share of group meeting expenses, whether or not they attended that particular meeting. The requirement is based on three facts:
- A certain number of meetings are absolutely necessary in order to create the personal loyalty and trust which allow the interchange to function effectively for its members
- Attendance at these meetings must be encouraged, and barriers to it eliminated, wherever possible
- When meeting costs are prorated among all members, overall costs of membership are kept as low as possible
Some groups have mandatory attendance requirements written into their Bylaws. In others, the approach is lower key. For example, meetings may be scheduled to coincide with other business-related events such as trade shows and conventions, so members’ travel expenditures can do double duty. Meetings may be held off-season in certain areas because airfare, hotel, and other costs are considerably lower than average.
Riemer Association Coordinators spend a good deal of time and effort finding bargain rates for credit groups. Over the years we have developed close, productive relationships with hotel organizations for this very purpose.
Reporting Forms
Because of the variety of services offered by Riemer Reporting Service, there is also a variety of reporting forms. This may, at times, seem confusing. To help you out, here is a list of our forms and a brief description. Each name is linked to more information on how to use it.
- Account Submission Form: used to submit accounts to appear in your credit association's next Payment Experience Report
- Experience Reporting Form (ERF): used to submit payment experience
- Payment Experience Report (PER): final book of reports distributed at the end of a credit cycle
- Flash Report Submission Form: used by participating groups to submit time-critical information on an account for immediate distribution to the membership
- Instant Riemer Report Fax Order Form: used to request an Instant Riemer Report on several accounts; faxed to Riemer office
The Riemer Number
The Riemer Number is the unique reference number that Riemer Reporting Service assigns every account. It consists of eight digits preceded by "R-".
The ERF Number
The ERF Number is a sequence number given to each account on the Experience Reporting Form.
Permanent List
The Permanent List is a listing of accounts which will automatically appear in every credit reporting cycle for your group. It is attached to each Account Submission Form you receive in the mail. The accounts are requested by members of the group who are identified by their member numbers preceding the phrase “Permanent List.” An account can be placed on the Permanent List by one or more members of the group. Members may request that accounts be added to the list for several reasons: an extremely large exposure, a definite slowing trend, a change in payment activity, a troubled account, a large new start-up, a change in ownership or management, etc. When your company requests accounts for a credit interchange, you do not need to include the name of any company on the Permanent List, because those accounts will automatically appear. The list is attached to the Account Submission Form for your reference. If you would like to add an account to the Permanent List, mention this at a meeting, make a note on your Account Submission Form, or call your Association Coordinator.
