INTRODUCTION
Debt collection is critical to a company’s financial health. It might be a tough task to do, though. Therefore, effective debt collection strategies need to be implemented in order to avoid financial problems. In this course, participants will be introduced to these strategies, learning how to organize and prioritize their debts, and getting them paid easily. They will learn how to avoid troubles, what to do in case things get hard, and how to solve dispute.
PROGRAMME OBJECTIVES
- Collecting overdue customer invoices effectively
- Reducing the current customer debt
- Contacting customers in a systematic way
- Increasing agents’ debt collection rate
- Dealing with broken promises
WHO SHOULD ATTEND?
- Professionals in collections
- Accountants
- Finance officers
- Customer service professionals
- Managers
- Supervisors
PROGRAM OUTLINE
- Definition of debt collection
- Associated harassment and deceptive practices
- Fair Debt Collection Practices Act (FDCPA)
- Setting up Billing System
- Request Validation
- Definition of debt collection
- Associated harassment and deceptive practices
- Fair Debt Collection Practices Act (FDCPA)
- Setting up Billing System
- Request Validation
- Expecting late and non-payments
- Ranking accounts to prioritize them
- Ethical considerations for collection attorneys
- Motivating slow pays, large accounts and big clients
- Poor debt management consequences
- Balancing act
- Expecting late and non-payments
- Ranking accounts to prioritize them
- Ethical considerations for collection attorneys
- Motivating slow pays, large accounts and big clients
- Poor debt management consequences
- Balancing act
- Collection Effectiveness Index (CEI)
- Analyzing the operating and cash cycles
- Managing AR through portfolio strategy
- Analyzing the size, composition and complexity of AR portfolio
- Formulating an approach for specific portfolio segments
- Collection Effectiveness Index (CEI)
- Analyzing the operating and cash cycles
- Managing AR through portfolio strategy
- Analyzing the size, composition and complexity of AR portfolio
- Formulating an approach for specific portfolio segments
- Negotiating verbal agreements with debtors
- How to communicate with consumers
- Reminder letters
- Personal visit
- Post-mortem of bad debts
- Negotiating the amount
- Negotiating time and procedure of payment
- Addressing debtors' responses
- How to handle difficult customers
- Negotiating verbal agreements with debtors
- How to communicate with consumers
- Reminder letters
- Personal visit
- Post-mortem of bad debts
- Negotiating the amount
- Negotiating time and procedure of payment
- Addressing debtors' responses
- How to handle difficult customers
- Strategies in dispute management
- Claims Court
- Gathering information
- Supporting documentation
- Selling Accounts Receivable
- Credit report
- Strategies in dispute management
- Claims Court
- Gathering information
- Supporting documentation
- Selling Accounts Receivable
- Credit report
