Accelerating Your Revenue Cycle During COVID-19 and Navigating First-Party Collections
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June 2020 - Presented by BARR Credit Services Has your collection approach changed over the last few months? The COVID-19 pandemic has affected nearly every realm of business, with the credit industry being no exception. The regulations influencing collection practices are changing daily. During this webinar, you will learn about the latest restrictions impacting credit professionals now. This program will cover state regulations and changes in the court system due to COVID-19 and how that is relevant for collections. Additionally, advice on how to manage your credit department with these developing circumstances will be shared.
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Accelerating Your Revenue Cycle During COVID-19 and Navigating First-Party Collections
- 1. Accelerating Your Revenue Cycle During COVID-19 and Navigating First-Party Collections Ryan Frisbie and Marty Demirjian of BARR Credit Services
- 2. TODAYS SPEAKERS Marty Demirjian mdemirgian@barrcredit.com Ryan Frisbie rfrisbie@barrcredit.com 2
- 3. KEY LEARNING POINTS • The latest restrictions for commercial collections as a result of COVID-19. • Current changes in the court system and those that are most relevant to credit professionals. • Advice on how to best manage your credit department in the current economy. 3
- 4. WHEN SHOULD YOU PLACE YOUR ACCOUNTS: NOW OR LATER? Why? • Slow but steady collections • Your accounts will be prioritized • Changes in approach rather than frequency NOW 4
- 5. Question: How many of you have stopped placing overdue accounts with your collection agency? 5 a) I have stopped placing overdue accounts. b) Still placing overdue accounts. c) Still placing overdue accounts but handling in-house.
- 6. Changes in Communication • Industry dependent • Soft approach • Email more effective than once before • Phone calls are being picked up more 6
- 7. Question: Is you credit department/collection service working remotely? a) Yes – our credit department is fully remote. b) No – our credit department is not active now. c) Yes - but our credit department had to reduce staff.
- 8. THE DOS AND DON’TS OF COLLECTING REMOTELY Successful remote working: • Be on time • Keep a schedule • Be organized • Take notes • Set goals • For yourself and team • Have empathy and understanding • Build relationships • Self-care • Stay in touch with colleagues • Be flexible • Set up payment schedules if needed 8
- 9. DOS & DON’TS CONT. • Consistency and calm matters • Listen and understand • Don’t use your cell phone. • Keep your personal info private • Actively listen. • Repeat important info • Manage the call. • Stay focused on the goal • Get updated information. • Update contact info • Outsource mass communication • Backup if you 9
- 10. Question: Are you a member of a credit group? 10 a) Yes – we are a member of a credit group. b) No – we are not a member of a credit group. c) I am not sure what a credit group is. d) We used to be a member of a credit group, but not anymore.
- 11. Focus on Today – Don’t Assume the Future 11
- 12. • Regulations focus on third-party services • Nevada and North Carolina most restrictive • Stay updated with your own state STATE REGULATIONS ON COLLECTIONS: WHAT WE KNOW TODAY 12
- 13. BANKS AND COVID-19 • Most are currently reducing credit limits • Banks are thinking about solvency • Look out for future Ch. 11 filings • Reevaluate credit limits 13
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