Telephone Collection Techniques
Capable, effective telephone collections personnel are a critical part of the collection process.
Let's be honest. Few people get excited about the thought of picking up the phone and asking a past due customer for money. Most credit managers will be quick to admit, however, that capable, effective telephone collections personnel are a critical part of the collection process.
The key to becoming a confident and productive collections professional is preparation, learning basic skills, and discovering a few tricks of the trade.This workshop for Telephone Collection Personnel is the complete package:
- Collection's Value Proposition - the cash flow cycle, sales, and DSO and cash flow; delinquency's effect on probability of collection
- Knowing Your Customer - understanding how the relationship of businesses within an organization as well as the legal structure of the organization can effect collection efforts
- Knowing Yourself - your attitude, voice, approach, and listening habits
- Call Preparation - what you must have at your fingertips before you make the call; do's and don'ts and important tips.
- The 7 Step Collection Call - Objective: collect in full and gather information
- Overcoming Objections - "won't pay" vs "can't pay"
- Working with 3rd Party Collection Agencies - standard OCA procedure
- Litigation - when to sue, types of litigation, court costs and suit fees
- Bankruptcy - an overview of Chapters 7, 11, 13
