This document outlines techniques for conducting effective collection calls in a professional manner. It discusses establishing rapport with customers by listening to their situations and finding solutions together. The key steps include verifying customer information, clearly stating the purpose of the call, asking open-ended questions to understand objections, finding a mutually agreeable resolution, getting confirmation of agreements, and thoroughly documenting the call. The overall approach is to connect with customers as people facing challenges and solve problems in a way that satisfies both parties.
The document outlines techniques for effective debt collection, including setting objectives, training collectors, and following a multi-step collection process involving reminders, letters, phone calls, and if needed, use of collection agencies or legal action. It emphasizes being prepared, persistent, prompt, urgent, courteous, tactful, businesslike, cooperative, and repetitive in collection efforts. The goal is to collect past due invoices, maintain cash flow, make decisions about future credit, and educate customers to pay on time.
A debt collector's job is to contact people who owe money on overdue bills and negotiate repayment. They update records, track down debtors, contact them by phone or letter, listen to their situations, and negotiate payment plans. Good listening, negotiation, speaking, and persistence skills are important. Debt collectors may work for collection agencies dealing with credit cards, mortgages, utilities, and more. The job can be stressful when dealing with financially struggling debtors.
This presentation has been done in person at numerous colleges, universities and corporations. It's a simple and easy training document for internal debt collectors.
This document provides tips for making effective collection calls by telephone. It suggests that phone calls are more difficult to ignore than other forms of contact. The tips include smiling to sound confident, speaking clearly, focusing on the call, being prepared with account details, negotiating payment plans, and following up on commitments. The goal is to resolve issues promptly while maintaining a professional demeanor.
Marcadis Singer PA are debt collection attorneys, our practice is focused exclusively on all matters concerning the collection of money that is owed to individuals and businesses. An often forgotten source of financing is the rapid collection of receivables. If your small business is in need of collection services to help grow your business, don’t hesitate to call.
The document provides twenty ideas for becoming a more effective collector, including managing deductions more efficiently, developing policies for handling distressed debtors, relying more on subordinates, developing written collection policies, and measuring the right metrics like DSO and DDSO. It also suggests avoiding common mistakes, prioritizing accounts, eliminating payment delays, using lockboxes, collection automation software, and various collection tools and techniques.
The document discusses the importance of good customer service. It states that satisfied customers will bring in more business through word-of-mouth recommendations and repeat purchases. Retaining existing customers is key as it is five times more expensive to acquire new customers. The document outlines 14 steps for good customer service, including starting with a smile, having a positive attitude, treating customers with empathy, responding promptly and accurately, being reliable, explaining processes, maintaining communication, anticipating needs, and owning up to mistakes. Good customer service is important for business growth and reducing customer attrition.
The document outlines techniques for effective debt collection, including setting objectives, training collectors, and following a multi-step collection process involving reminders, letters, phone calls, and if needed, use of collection agencies or legal action. It emphasizes being prepared, persistent, prompt, urgent, courteous, tactful, businesslike, cooperative, and repetitive in collection efforts. The goal is to collect past due invoices, maintain cash flow, make decisions about future credit, and educate customers to pay on time.
A debt collector's job is to contact people who owe money on overdue bills and negotiate repayment. They update records, track down debtors, contact them by phone or letter, listen to their situations, and negotiate payment plans. Good listening, negotiation, speaking, and persistence skills are important. Debt collectors may work for collection agencies dealing with credit cards, mortgages, utilities, and more. The job can be stressful when dealing with financially struggling debtors.
This presentation has been done in person at numerous colleges, universities and corporations. It's a simple and easy training document for internal debt collectors.
This document provides tips for making effective collection calls by telephone. It suggests that phone calls are more difficult to ignore than other forms of contact. The tips include smiling to sound confident, speaking clearly, focusing on the call, being prepared with account details, negotiating payment plans, and following up on commitments. The goal is to resolve issues promptly while maintaining a professional demeanor.
Marcadis Singer PA are debt collection attorneys, our practice is focused exclusively on all matters concerning the collection of money that is owed to individuals and businesses. An often forgotten source of financing is the rapid collection of receivables. If your small business is in need of collection services to help grow your business, don’t hesitate to call.
The document provides twenty ideas for becoming a more effective collector, including managing deductions more efficiently, developing policies for handling distressed debtors, relying more on subordinates, developing written collection policies, and measuring the right metrics like DSO and DDSO. It also suggests avoiding common mistakes, prioritizing accounts, eliminating payment delays, using lockboxes, collection automation software, and various collection tools and techniques.
The document discusses the importance of good customer service. It states that satisfied customers will bring in more business through word-of-mouth recommendations and repeat purchases. Retaining existing customers is key as it is five times more expensive to acquire new customers. The document outlines 14 steps for good customer service, including starting with a smile, having a positive attitude, treating customers with empathy, responding promptly and accurately, being reliable, explaining processes, maintaining communication, anticipating needs, and owning up to mistakes. Good customer service is important for business growth and reducing customer attrition.
The document provides tips for effectively collecting outstanding payments from debtors. It discusses getting on top of unpaid invoices early, using personal visits, phone calls and letters as collection methods. Tips include being prepared with customer details, addressing excuses, maintaining a friendly but firm approach, and getting commitments for payment. The goal is to resolve issues while maintaining good customer relationships.
The document provides tips and strategies for effective accounts receivable management and debt collection. It recommends verifying customer information, having clear terms of sale, following up with customers systematically, using positive communication, and educating oneself on best practices. It also lists sample forms that can be used and provides resources for additional information on credit and collections.
Training for customer service & team buildingSanjay Panchal
This document provides guidance on training employees for customer service. It discusses the importance of customer service training and team building. It outlines key aspects of service quality like reliability, assurance, tangibles, empathy and responsiveness. It provides ideas for customer service training like case studies, activities, and the FISH! philosophy. It discusses training for listening, communication, problem solving and empathy. Overall, the document emphasizes the importance of customer service training and providing guidance on how to properly train employees.
The document provides 6 tips for making effective collection calls:
1. Always be prepared - have a list of common debtor excuses and rebuttals ready. Know all account details beforehand.
2. Think positively - maintain an upbeat attitude to positively influence the debtor.
3. Speak professionally and authoritatively - slow down speech, lower pitch your voice, and enunciate clearly.
4. Take control and don't let go - address debtor by name, validate their views while maintaining focus on payment, and don't let debtors manipulate you.
5. Nail things down - get a commitment like payment or call back date from debtor and summarize expectations and consequences.
6.
This document provides guidance on dealing with difficult customers. It notes that unhappy customers will tell many others about their negative experiences. It then lists types of difficult customers and potential triggers for their anger, such as unmet expectations. The document offers tips for defusing anger, such as actively listening, acknowledging emotions, and avoiding emotional triggers. It also discusses specific strategies for dealing with seven common difficult customer situations and emphasizes following up with customers after an issue is resolved.
The document provides an overview of telephone collection techniques for accounts receivable. It discusses goals of collection efforts, classifying different types of debtors, general collection programs with multiple stages using different methods, handling disputes, skills for effective telephone collections, working with third parties like collection agencies and attorneys, options for distressed debtors, bankruptcy proceedings, and out-of-court workouts.
A few answers to frequently asked questions on debt collection from a debtor standpoint.
For more information on commercial debt collection services, go to www.brownandjoseph.com.
15 Tips for Training Call Center AgentsTalkdeskInc
https://www.talkdesk.com/resources/webinars/
Find out how to train your call center agents the right way to deliver great customer service and driver customer loyalty.
www.talkdesk.com/request-demo
Cold calling and tele marketing best pptanand ayush
Cold calling involves making unsolicited phone calls or visits to potential customers to generate sales. It is a form of telemarketing used to convince customers to purchase products or services. Successful cold calling requires preparation like researching the organization, being attentive to details, respecting the prospect's time, answering questions effectively, setting firm follow up dates, and seeking personal connections. Current data shows that referrals are the top driver of new business for 50% of respondents, while cold calling only gains 21.4% of new business. Effective cold calling requires multiple follow up attempts, as many clients will not buy on the first call but 80% will say yes after the sixth contact.
This document contains sales scripts for handling common objections from clients regarding various types of insurance products. For a health insurance objection where the client says they can't afford it currently, the script recommends pointing out that if they cannot pay bills while healthy and working, they will not be able to pay much larger medical bills if they become sick or injured. For an objection about not needing life insurance due to being single with no dependents, the script notes that marital status can change and insurance can provide independence for retirement needs. When clients want to think over purchasing insurance, scripts suggest the time to buy is before needing it due to an unforeseen event.
None of us get it right all the time. Part of the human experience is dealing with upset or disappointed people. Sometimes this is because of a misunderstanding, or because we didn’t deliver quality service to our customers. Learn how to deal with difficult customers.
‘Collection Skills’- a leading Training Provider & the only one in this part of the world to be listed in the ‘Collections & Credit Risk Magazine’ under ‘Who’s Who in Training’ & ranked top on all top search engines.
‘Collection Skills’- as the name says, specializes in conducting Professional Training Programs for the industry in ‘Prevention & Collection of Debt’ and has been regularly doing so for the last 13 years serving customers from a diverse range of industries, with an impressive list of some of the top most names in India, Middle East & SE Asia.
Objective of the Program
a) To ensure participants are equipped with the necessary skills in Collecting/Minimizing the outstanding, while yet keeping the Customer using a very professional approach.
b) To provide a thorough understanding of how bad debt occurs, how to prevent it, and the impact it has on the organization.
c) To ensure that the team is equipped with the skills to manage /control/ monitor Collections on a day- to- day basis.
d) To equip participants with the skills in understanding the behavior pattern of customers (defaulters), in order to ensure that they fine-tune theirs to that of each customer.
Program Outline:
‘Collection Skills’ program on ‘Professional Training Skills for Prevention/Collection of Accounts Receivables/ Debt’, would cover the basics in credit & cash flow management right from how bad debt occurs with methods to prevent the same, through the steps of an effective collection call (both on phone & face to face) with emphasis on the importance of documentation/ reports/ procedures for systematic follow-up; including series of letters and general tips for chasing your money too (by encouraging proactive methods!).
In brief the 4 HOW’s would be covered:
HOW bad debt occurs (everyone needs to understand the impact of this on the organization)
HOW to prevent (prevention is better than cure!)
HOW to collect your money…& finally
HOW to keep your customer!
5 Tips for Effective Legal Debt Collections - Max BPOMax BPO
In this presentation, we are trying to describe some of the most effective technique for the debt collection process.
Visit for more: https://www.maxbpooutsourcing.com/debt-collection-services.html
This document provides 10 tips for dealing with difficult customers. The tips are: 1) be patient; 2) listen carefully and show empathy; 3) call them if you promise; 4) offer different solutions; 5) avoid negative words and remain polite; 6) apologize if needed; 7) repeat their concerns; 8) let them know their comments are being heard; 9) don't answer emails right after seeing them; and 10) consult with colleagues. The overall message is that dealing with difficult customers requires patience, active listening, keeping promises, offering multiple options, staying polite, apologizing when warranted, acknowledging concerns, and getting input from others.
This document provides guidance on managing challenging customers. It outlines the DEFUSE method for dealing with irate customers, which includes not taking things personally, encouraging venting, focusing on feelings with empathy, uncovering facts, suggesting solutions, and ending positively. It also describes tips for using empathy and the AIR method of acknowledging feelings, inquiring about problems and feelings, and responding to issues and feelings. Finally, it gives advice for handling different challenging customer types such as chatty, confused, chronic complaining, aggressive, know-it-all, and silent customers.
The presentation covers some special situations that salespersons normally face. We will cover here how to handle objections, complaints and awkward customers.
This document discusses how to view customer complaints as gifts rather than problems. It provides an overview of complaint handling best practices, including defining complaints, understanding why customers complain, and the benefits of effective complaint resolution. Key points covered are that complaints contain valuable customer feedback, addressing complaints can increase customer loyalty and advocacy, and complaints should be handled with empathy, respect, and a problem-solving focus to de-escalate emotions and find solutions. The document advocates training staff in complaint handling skills and analyzing complaints for process improvements to deliver better customer service.
COMPLAINT AS A GIFT IN CUSTOMER SERVICE by Morolake Akin-AlabiMorolake Ojuola
This document provides guidance for service professionals on effectively handling customer complaints and interactions. It discusses that complaints should be seen as opportunities to improve rather than negatives. Every complaint is a "gift" that can help strengthen customer relationships and satisfaction. The document outlines best practices such as actively listening to customers, acknowledging and empathizing with their concerns, apologizing and fixing issues, and thanking customers. When saying "no" to customers, alternatives should be offered rather than outright denial. Effective phone interactions involve promptly answering calls, addressing customers respectfully by name, avoiding jargon, and properly documenting issues. The overall message is that how customers are treated and problems are handled will have a long lasting impact.
This document discusses an effective collections technique called "What Happened?". It advises collectors to ask debtors what happened to cause them to miss a payment in a genuine way to understand their situation better. This shifts the conversation from an adversarial "us vs. them" dynamic to a collaborative "we" approach. When debtors explain what happened, they are more open to resolving the debt. The document provides examples of how to ask follow up questions, address common excuses, and ultimately find a mutually agreeable solution to collect payment. It encourages collectors to try this technique to improve collections and make their job less stressful.
12 steps to achieve excellence in debt collection and recoveryEXUS
The challenges Collection & Recovery departments face nowadays have forced them to become more inventive and efficient.
The 12 steps to achieve excellence in C&R embed business knowledge that EXUS has accumulated all these years through the cooperation with field experts.
Go through this presentation and evaluate how these “best practices” employed by top financial institutions in the world can be adopted by your organisation.
The document provides tips for effectively collecting outstanding payments from debtors. It discusses getting on top of unpaid invoices early, using personal visits, phone calls and letters as collection methods. Tips include being prepared with customer details, addressing excuses, maintaining a friendly but firm approach, and getting commitments for payment. The goal is to resolve issues while maintaining good customer relationships.
The document provides tips and strategies for effective accounts receivable management and debt collection. It recommends verifying customer information, having clear terms of sale, following up with customers systematically, using positive communication, and educating oneself on best practices. It also lists sample forms that can be used and provides resources for additional information on credit and collections.
Training for customer service & team buildingSanjay Panchal
This document provides guidance on training employees for customer service. It discusses the importance of customer service training and team building. It outlines key aspects of service quality like reliability, assurance, tangibles, empathy and responsiveness. It provides ideas for customer service training like case studies, activities, and the FISH! philosophy. It discusses training for listening, communication, problem solving and empathy. Overall, the document emphasizes the importance of customer service training and providing guidance on how to properly train employees.
The document provides 6 tips for making effective collection calls:
1. Always be prepared - have a list of common debtor excuses and rebuttals ready. Know all account details beforehand.
2. Think positively - maintain an upbeat attitude to positively influence the debtor.
3. Speak professionally and authoritatively - slow down speech, lower pitch your voice, and enunciate clearly.
4. Take control and don't let go - address debtor by name, validate their views while maintaining focus on payment, and don't let debtors manipulate you.
5. Nail things down - get a commitment like payment or call back date from debtor and summarize expectations and consequences.
6.
This document provides guidance on dealing with difficult customers. It notes that unhappy customers will tell many others about their negative experiences. It then lists types of difficult customers and potential triggers for their anger, such as unmet expectations. The document offers tips for defusing anger, such as actively listening, acknowledging emotions, and avoiding emotional triggers. It also discusses specific strategies for dealing with seven common difficult customer situations and emphasizes following up with customers after an issue is resolved.
The document provides an overview of telephone collection techniques for accounts receivable. It discusses goals of collection efforts, classifying different types of debtors, general collection programs with multiple stages using different methods, handling disputes, skills for effective telephone collections, working with third parties like collection agencies and attorneys, options for distressed debtors, bankruptcy proceedings, and out-of-court workouts.
A few answers to frequently asked questions on debt collection from a debtor standpoint.
For more information on commercial debt collection services, go to www.brownandjoseph.com.
15 Tips for Training Call Center AgentsTalkdeskInc
https://www.talkdesk.com/resources/webinars/
Find out how to train your call center agents the right way to deliver great customer service and driver customer loyalty.
www.talkdesk.com/request-demo
Cold calling and tele marketing best pptanand ayush
Cold calling involves making unsolicited phone calls or visits to potential customers to generate sales. It is a form of telemarketing used to convince customers to purchase products or services. Successful cold calling requires preparation like researching the organization, being attentive to details, respecting the prospect's time, answering questions effectively, setting firm follow up dates, and seeking personal connections. Current data shows that referrals are the top driver of new business for 50% of respondents, while cold calling only gains 21.4% of new business. Effective cold calling requires multiple follow up attempts, as many clients will not buy on the first call but 80% will say yes after the sixth contact.
This document contains sales scripts for handling common objections from clients regarding various types of insurance products. For a health insurance objection where the client says they can't afford it currently, the script recommends pointing out that if they cannot pay bills while healthy and working, they will not be able to pay much larger medical bills if they become sick or injured. For an objection about not needing life insurance due to being single with no dependents, the script notes that marital status can change and insurance can provide independence for retirement needs. When clients want to think over purchasing insurance, scripts suggest the time to buy is before needing it due to an unforeseen event.
None of us get it right all the time. Part of the human experience is dealing with upset or disappointed people. Sometimes this is because of a misunderstanding, or because we didn’t deliver quality service to our customers. Learn how to deal with difficult customers.
‘Collection Skills’- a leading Training Provider & the only one in this part of the world to be listed in the ‘Collections & Credit Risk Magazine’ under ‘Who’s Who in Training’ & ranked top on all top search engines.
‘Collection Skills’- as the name says, specializes in conducting Professional Training Programs for the industry in ‘Prevention & Collection of Debt’ and has been regularly doing so for the last 13 years serving customers from a diverse range of industries, with an impressive list of some of the top most names in India, Middle East & SE Asia.
Objective of the Program
a) To ensure participants are equipped with the necessary skills in Collecting/Minimizing the outstanding, while yet keeping the Customer using a very professional approach.
b) To provide a thorough understanding of how bad debt occurs, how to prevent it, and the impact it has on the organization.
c) To ensure that the team is equipped with the skills to manage /control/ monitor Collections on a day- to- day basis.
d) To equip participants with the skills in understanding the behavior pattern of customers (defaulters), in order to ensure that they fine-tune theirs to that of each customer.
Program Outline:
‘Collection Skills’ program on ‘Professional Training Skills for Prevention/Collection of Accounts Receivables/ Debt’, would cover the basics in credit & cash flow management right from how bad debt occurs with methods to prevent the same, through the steps of an effective collection call (both on phone & face to face) with emphasis on the importance of documentation/ reports/ procedures for systematic follow-up; including series of letters and general tips for chasing your money too (by encouraging proactive methods!).
In brief the 4 HOW’s would be covered:
HOW bad debt occurs (everyone needs to understand the impact of this on the organization)
HOW to prevent (prevention is better than cure!)
HOW to collect your money…& finally
HOW to keep your customer!
5 Tips for Effective Legal Debt Collections - Max BPOMax BPO
In this presentation, we are trying to describe some of the most effective technique for the debt collection process.
Visit for more: https://www.maxbpooutsourcing.com/debt-collection-services.html
This document provides 10 tips for dealing with difficult customers. The tips are: 1) be patient; 2) listen carefully and show empathy; 3) call them if you promise; 4) offer different solutions; 5) avoid negative words and remain polite; 6) apologize if needed; 7) repeat their concerns; 8) let them know their comments are being heard; 9) don't answer emails right after seeing them; and 10) consult with colleagues. The overall message is that dealing with difficult customers requires patience, active listening, keeping promises, offering multiple options, staying polite, apologizing when warranted, acknowledging concerns, and getting input from others.
This document provides guidance on managing challenging customers. It outlines the DEFUSE method for dealing with irate customers, which includes not taking things personally, encouraging venting, focusing on feelings with empathy, uncovering facts, suggesting solutions, and ending positively. It also describes tips for using empathy and the AIR method of acknowledging feelings, inquiring about problems and feelings, and responding to issues and feelings. Finally, it gives advice for handling different challenging customer types such as chatty, confused, chronic complaining, aggressive, know-it-all, and silent customers.
The presentation covers some special situations that salespersons normally face. We will cover here how to handle objections, complaints and awkward customers.
This document discusses how to view customer complaints as gifts rather than problems. It provides an overview of complaint handling best practices, including defining complaints, understanding why customers complain, and the benefits of effective complaint resolution. Key points covered are that complaints contain valuable customer feedback, addressing complaints can increase customer loyalty and advocacy, and complaints should be handled with empathy, respect, and a problem-solving focus to de-escalate emotions and find solutions. The document advocates training staff in complaint handling skills and analyzing complaints for process improvements to deliver better customer service.
COMPLAINT AS A GIFT IN CUSTOMER SERVICE by Morolake Akin-AlabiMorolake Ojuola
This document provides guidance for service professionals on effectively handling customer complaints and interactions. It discusses that complaints should be seen as opportunities to improve rather than negatives. Every complaint is a "gift" that can help strengthen customer relationships and satisfaction. The document outlines best practices such as actively listening to customers, acknowledging and empathizing with their concerns, apologizing and fixing issues, and thanking customers. When saying "no" to customers, alternatives should be offered rather than outright denial. Effective phone interactions involve promptly answering calls, addressing customers respectfully by name, avoiding jargon, and properly documenting issues. The overall message is that how customers are treated and problems are handled will have a long lasting impact.
This document discusses an effective collections technique called "What Happened?". It advises collectors to ask debtors what happened to cause them to miss a payment in a genuine way to understand their situation better. This shifts the conversation from an adversarial "us vs. them" dynamic to a collaborative "we" approach. When debtors explain what happened, they are more open to resolving the debt. The document provides examples of how to ask follow up questions, address common excuses, and ultimately find a mutually agreeable solution to collect payment. It encourages collectors to try this technique to improve collections and make their job less stressful.
12 steps to achieve excellence in debt collection and recoveryEXUS
The challenges Collection & Recovery departments face nowadays have forced them to become more inventive and efficient.
The 12 steps to achieve excellence in C&R embed business knowledge that EXUS has accumulated all these years through the cooperation with field experts.
Go through this presentation and evaluate how these “best practices” employed by top financial institutions in the world can be adopted by your organisation.
The customer called to inquire about a wrong bill they received. The agent verified the customer's account and name, and found that the bill was generated before the customer's recent payment was processed, so they could disregard the amount. The agent also informed the customer that bill delays can occur due to courier delays, and provided an alternative to check their more updated balance online. The agent ensured there were no other issues before concluding the call.
This document provides guidance on effective credit management strategies. It outlines key steps like establishing clear credit policies, checking references for new customers, extending credit judiciously by setting limits, and following up promptly on past due accounts. The objectives of credit management are to minimize risks, eliminate bad debt, and collect money owed by being fair but also enforcing policies. When customers are late on payments, the document advises referring to the credit policy, making collection calls, and potentially revoking their credit if needed. Resources for free credit applications and information on debt collection laws are also referenced.
This document provides an overview and outline for a negotiation skills workshop for credit managers. It discusses key concepts in negotiation including preparing for negotiation, understanding the other party's goals and style, effective strategies and tactics, making concessions, and following through after an agreement is reached. Examples are provided from the movie Casablanca to illustrate different negotiation scenarios and styles. The workshop aims to help credit managers develop strong negotiation skills for resolving payment issues and other credit-related matters.
Keys to Improving Your Collections ProcessKim Eberhardt
Does your company employ a sound strategy for collections? Could it use some tweaking? Are you panicked everyday waiting for receivables to appear? Follow these key strategies before, after and during your sales process to improve your collections.
Online collection techniques involve locating debtors through skip tracing and social networks like Facebook and LinkedIn to collect debts. Collectors can accept online payments through credit cards, PayPal, and ACH. All major credit bureaus offer online credit reporting and detailed debtor information. Collectors must be careful not to excessively contact debtors through emails, texts, or social media, as that could constitute harassment and result in fines or loss of credibility.
This document provides instructions for setting up accounts payable and accounts receivable netting in Oracle. It outlines prerequisites like defining a netting control account and netting bank account. It also describes setups for receivables system options, receipt classes, profiles, and document sequencing. The document explains how to create a netting batch, settle it, and extract netting data. It notes that querying payments for netting will not show an attached payment document.
Streamlining Your Accounts Receivables with Outbound InvoicingSAP Ariba
b-process has over a decade of experience in invoice management. It provides an e-invoicing platform called billManager that connects over 32,000 buyers and suppliers who exchange over 40 million invoices worth $80 billion annually. The billManager platform allows for tax-compliant electronic invoicing in 24 countries and 9 languages. It offers options for structured files, legal e-invoicing, and print invoices to meet different client needs and capabilities. B-process manages the entire invoice lifecycle from dematerialization to archiving and ensures projects are compliant.
Accounts receivables are debts owed by customers from the sale of goods or services. Accounts receivable management involves making decisions to maximize returns on these current assets through sound credit policies and practices. The objectives are to maximize the value of the firm through an optimal balance of risk and return, and to optimize investment in accounts receivables to increase sales, market share, and profits. Key factors that influence accounts receivables include credit terms, collection policies, seasonal business variations, and credit sales volumes. Metrics like debtors turnover ratio, average collection period, aging schedules, and collection matrices help evaluate accounts receivable performance and liquidity.
The document discusses receivable management and outlines several objectives and factors related to managing accounts receivable. The key objectives of receivable management are to obtain optimal sales volume, control credit costs, maintain an optimal investment in accounts receivable, and maximize firm value. The nature of maintaining receivables involves risk, economic value, futurity, and credit sales/collection periods. Costs of maintaining receivables include credit department costs, credit evaluation costs, opportunity costs, discounted payment costs, selling/production costs, and bad debts costs. Factors affecting receivable size are credit sales volume, credit policy, trade terms, and seasonality of business.
Receivables are sales made on credit. Managing receivables effectively requires establishing credit policies, evaluating customers, monitoring receivables aging, using collection methods like lockboxes and factoring, and controlling receivables through metrics like days sales outstanding and ABC analysis. Factoring allows firms to arrange receivables by having a third party collect payment and assume credit risk in exchange for an upfront payment.
1. The document discusses various techniques for managing receivables, including determining appropriate credit standards, analyzing creditworthiness, setting credit terms and collection policies.
2. Key aspects of receivables management include balancing the costs and benefits of maintaining receivables, assessing factors like a customer's capital, character, collateral, capacity and economic conditions.
3. Techniques for analyzing receivables policies involve marginal analysis to accept changes where marginal returns exceed costs, and heuristic or discriminant analysis using factors from a company's experience to establish credit limits.
This document discusses receivables management. It begins by defining receivables as sales made on credit that represent amounts owed to a firm from customers. Effective receivables management involves establishing credit policies, evaluating customer creditworthiness, and controlling receivables. The objectives are to maximize return on investment in receivables while allowing sufficient sales growth. Key aspects covered include granting credit, costs of receivables management, collection methods, and analysis of receivables aging and customer importance.
This document summarizes key aspects of managing receivables, including:
1) Defining receivables as unpaid amounts from credit sales and outlining objectives like collecting accounts receivable.
2) Explaining reasons companies offer credit like promoting sales and factors affecting credit policies like collection costs.
3) Describing steps in determining credit policies including evaluating customers' character, capital, and repayment ability.
4) Outlining collection policies for overdue accounts involving escalating efforts like phone calls, visits, and legal action if needed.
Gain the competitive edge through customer servicebethboen
This document provides guidelines for businesses to provide exceptional customer service. It emphasizes the importance of meeting and exceeding customer expectations through attentive phone etiquette, responsive email communication, following up on customer requests, and closing interactions positively. Businesses that consistently deliver excellent customer service can spend half as much on marketing while achieving twice the profitability compared to those with poor customer service.
How to Set Appointments with Prospects Training for your MLM Network Marketin...Charles Fury
http://www.yourhomebusinessincome.com/giftcertificate/
Learn how to set appointments with your prospects for your MLM Network Marketing Home Business opportunity.
Make money working part-time with Global Wealth Trade. 9 Years in Business. In 80+ Countries. Over 14,000 Luxury Consultants from around the world are helping to promote its luxury fashion designer brand FERI & FERI MOSH
http://www.yourhomebusinessincome.com/giftcertificate/
How to Prepare for the Teller/Customer Service Representative Interview at Ba...Coursetake
Learn More - http://bit.do/BOA-teller-csr
Bank of America Teller Interview Preparation
Ace the Teller Interview at Bank of America in a step by step teaching method.
Summary
Bank of America Teller Interview Preparation is a comprehensive course to help you ace the coveted job of a Teller at Bank of America.
Learn in a step by step manner how to ace this interview at Bank of America.
The approach of this course is to first teach you a chapter and then give you some homework to complete.
This course consists of slides and worksheets, that you can download and combines both theory and practice to help you succeed and get you your dream job.
Prerequisites
None. Everything will be covered in detail.
Target Student
Candidates preparing for the Bank of America Teller Interview.
Students who are interested in learning more about the Bank of America Teller interview process.
What will you learn?
Ace the Teller Interview at Bank of America.
Learn in a Step by Step Teaching method how to prepare for the Bank of America Teller Interview.
"Real Time" Marketing for Pubs, Restaurants and CafesFood Profits
Presentation 4 - The "Marketing Mastery Workshop" held at The Jury's Inn Hotel, Nottingham on 2nd September 2014 for Pub, Restaurant and Cafe Owners & Managers.
When Hot Leads Go Cold: How To Avoid The 3 PitfallsErroin Martin
Slide presentation of how marketers and sales leaders can avoid having their hot leads go cold. 3 pitfalls you and your team can avoid to keep their team leads hot and ready to convert into an opportunity than into won business. Completed with a brief demonstration on how Conversica can revolutionize your approach to converting leads into opportunities.
Sales Calls Are The Life Line To Your BusinessJustin Tamsett
Everyday your phone rings with potential new members and in this session you’ll learn how to maximise every contact on the phone. But then also learn the skills to convert a soft enquiry to a hard lead! You will even receive a fool proof script to get you started on converting leads to sales!
Why i want to work in a call center (and why i ultimately don't)Steve Talks
Recently I was called by a call center agent. I was surprised that companies still apply the same old marketing mistakes. Call center and customer service agents should be the heart of the company. They should be the core of what the brand stands for. Zappos is one of those companies which gets it right. It is no surprise that they understood the power of the customer satisfaction tool which took the business world by storm: the net promoter score (NPS).
Learn More - http://bit.do/td-bank-teller
TD Bank Teller Interview Preparation
Ace the Teller Interview at TD Bank in a step by step teaching method.
Summary
TD Bank Teller Interview Preparation is a comprehensive course to help you ace the coveted job of a Teller at TD Bank.
Learn in a step by step manner how to ace this interview at TD Bank.
The approach of this course is to first teach you a chapter and then give you some homework to complete.
This course consists of slides and worksheets, that you can download and combines both theory and practice to help you succeed and get you your dream job.
Prerequisites
None. Everything will be covered in detail.
Target Student
Candidates preparing for the TD Bank Teller Interview.
Students who are interested in learning more about the TD Bank Teller interview process.
What will you learn?
Ace the Teller Interview at TD Bank.
Learn in a Step by Step Teaching method how to prepare for the TD Bank Teller Interview.
The document outlines a sales process consisting of several steps: prospecting, meet and greet, qualification, presentation, test drive/demonstration, closing the deal, delivery, and follow up. It provides details on how to effectively conduct each step, with an emphasis on listening to customers, determining their needs and budget, presenting appropriately tailored options, getting buyers invested through the test drive, and following up for feedback and potential referrals. The use of brief video messages at various points is also recommended to enhance the customer experience.
Useful to all beginners and marketors.
Customer Relationship Management Practical Knowledge is created for my students. It has several books, slides and authors knowledge in summary. Thanks to all.
How to Prepare for the Sales Consultant Interview at AT&T?Coursetake
Learn More - http://bit.do/ATT-sales-consultant
AT&T Sales Consultant Interview Preparation
Ace the Sales Consultant Interview at AT&T in a step by step teaching method.
Summary
AT&T Sales Consultant Interview Preparation is a comprehensive course to help you ace the coveted job of a Sales Consultant at AT&T.
Learn in a step by step manner how to ace this interview at AT&T.
The approach of this course is to first teach you a chapter and then give you some homework to complete.
This course consists of slides and worksheets, that you can download and combines both theory and practice to help you succeed and get you your dream job.
Prerequisites
None. Everything will be covered in detail.
Target Student
Candidates preparing for the AT&T Sales Consultant Interview.
Students who are interested in learning more about the AT&T Sales Consultant interview process.
What will you learn?
Ace the Sales Consultant Interview at AT&T.
Learn in a Step by Step Teaching method how to prepare for the AT&T Sales Consultant Interview.
Learn More - http://bit.do/us-bank-teller
US Bank Teller Interview Preparation
Ace the Teller Interview at US Bank in a step by step teaching method.
Summary
US Bank Teller Interview Preparation is a comprehensive course to help you ace the coveted job of a Teller at US Bank.
Learn in a step by step manner how to ace this interview at US Bank.
The approach of this course is to first teach you a chapter and then give you some homework to complete.
This course consists of slides and worksheets, that you can download and combines both theory and practice to help you succeed and get you your dream job.
Prerequisites
None. Everything will be covered in detail.
Target Student
Candidates preparing for the US Bank Teller Interview.
Students who are interested in learning more about the US Bank Teller interview process.
What will you learn?
Ace the Teller Interview at US Bank.
Learn in a Step by Step Teaching method how to prepare for the US Bank Teller Interview.
This document outlines 10 essentials for sales success: 1) understanding yourself as a salesperson, 2) maintaining a positive mindset focused on goals and rejecting fear of rejection, and 3) dedicating 2-3 hours daily to sales activities like following up on leads. It also emphasizes 4) wowing customers with exceptional service to create "raving fans", 5) maximizing leads by logging all inquiries and following up through multiple channels, and 6) being persistent in following up with leads until getting a definite no. The document stresses 7) mastering relationships by caring about clients' success and nurturing top relationships. It advises 8) identifying clients' needs, pains, and wants in order to upsell and cross-
This document provides guidance on basic customer service skills for a technical support line, including phone, email, and instant message etiquette. It discusses establishing availability, standardized service, and efficiency. Phone etiquette sections cover call flow processes like greeting the customer, listening, responding, and concluding calls. Email etiquette sections address content, format, signatures, and professionalism. Approaching angry and unsatisfied customers recommends letting them vent without interruption and using empathy. The document concludes with a brief section on "vibe training".
Are you thinking of starting your own business? Do you have an idea that you want to turn into a reality? Do you want to be your own boss?
If so, then the Business Start Up Boot Camp is for you! It will cover the initial building blocks of setting up a successful business and will provide support, advice, resources, guidance and mentoring to help you create a commercially viable venture.
Customer Service & Conflict Resolution TrainingAndrea Estes
The document outlines a training on customer service, conflict resolution, and telephone etiquette. It covers important statistics on customer service and its impact on business. It teaches seven steps of good telephone etiquette and the six rules of effective customer service. The training also provides strategies for conflict resolution, such as controlling anger, defusing hostile situations, finding solutions, and following up. The lessons aim to help representatives improve customer satisfaction and retention.
The document summarizes a presentation given on dealing with vulnerable consumers in contact centers. It discusses the Care initiative launched by the DMA Contact Centers Council to provide practical guidelines for contact center staff on identifying and appropriately handling calls from vulnerable consumers. The presentation covers who is considered vulnerable, common problems they face, tips for call center agents, and next steps to promote and evolve the guidelines.
How to Deal with Voicemail During Sales ProspectingSalesScripter
Prospects are reluctant to answer their phone. As a result, you can sometimes spend more than 50% of your prospecting time reaching prospect's voicemail boxes. Having a solid approach for how to minimize this challenge is critical to your success when sales prospecting. This presentation goes through some practical concepts and tips to help you out.
Presented at 2017's Big Digital Conference in Adelaide. The presentation demonstrated tactics how to identify your audience, then apply these insights to identify customer goals and to define key customer journeys.
Slides used by Niamh Goggin, Small Change, as part of the workshop on ‘Money matters in Big Local areas’ organised as part of the Local Trust programme of networking and learning events for Big Local residents. The workshop was held on 8 February 2014 in Corby. Find out more about Local Trust and this and other networking and learning events at http://www.localtrust.org.uk/ and about Small Change at http://small-change-ltd.org.uk/)
1. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
THE MODERN
COLLECTION CALL
Steve Hodgdon
Modern Asset Management
Steve@ModernAssetManagement.co
m
415-596-2415
2. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
Why Listen to This Webinar
Become happier and more effective in your
communications with customers and in every
day life.
2. Learn tools for successful collections and
keep customers happy at the same time
1.
3. Take some stress out of your job
4. Collect more $$
3. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
Why Listen at all?
• To learn
• To connect and relate to another
• Because we have 2 ears and only 1 mouth
• To get what we want
• Because reading a joke is never as funny as hearing one
5. The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
3/8/2014
What kind of Collector are
You?
Old School
New School
6. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
Required Compliance Statement
• Your company requires all team members to obey all laws
•
•
•
•
•
and regulations.
Fair Debt Collection Practices Act
Telephone Consumer Protection Act
Truth in Lending Act
State collection, privacy and deceptive practices laws
And 100 others
• If you think you’re breaking the law you probably
are!
7. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
Attributes of a Good Collector
• Brave, unafraid of
conflict
• Wants to WIN
• Great communicator
• Hard working
• Strong sense of right
and wrong
• Great detective
• Good attention to
detail
• Genuinely likes
people
• Knows a lie when she
hears it
• No nonsense
• Takes themselves
seriously
• Privacy is important.
We don’t want to
create gossip, harm
or open ourselves
8. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
Step One –
Make sure you are talking to the
customer
• Hello? – Mary? – Yes? – Mary Smith? – Yes?
–
• Verify information to confirm and update.
Things change!
• Set the tone – friendly and professional
• .
9. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
Hello Ms. Smith.
My name is Chuck Stevens from ABC
Financial calling on a recorded line. I am
calling about your past due loan.
Before I go on, can you please verify that
your address is 123 Main St? Yes, good.
Thank you.
Your work phone number is 555-555-1212?
Yes? Thank you.
Your social security number ends in 1234?
Yes, Thank you.
10. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
Step Two –
Identify yourself AGAIN and restate
purpose of call
• Continue building your professional tone
• Refer to customer by Mr. or Ms. to show respect
• We are not friends, this is business
• Ms. Smith, my name is Chuck Stevens from ABC
Financial and this is a collection call about your
account with (mini miranda)…
• No “how are you?”, “isn’t it a beautiful day” Stick
to business here. You will warm up later.
11. The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
3/8/2014
Step Three –
Demand Payment In Full
• Ms. Smith, the balance due to $352.50. It’s been
overdue since October 1st. Are you ready to pay
this today?
• Be urgent in tone. Make a firm demand. Don’t
offer anything else yet.
Then…
12. The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
3/8/2014
Step Four –
Psychological Pause
DON’T SAY AN YTH IN G UNTIL THE CUSTOMER TALKS.
Be Patient…
10…
24. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
Uncomfortable?
• 10 seconds is FOREVER!
• Don’t worry. It hardly ever lasts that
long!
• Gives the customer a chance to catch up to
you
• Time to get his story straight
• Time to think of a stall that you’ll
25. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
Step Five –
LISTEN! Identify objections
• Closed and open ended questions are
your tools, not threats or abuse.
• Probe for agreement that the Customer
accepts responsibility, even if he can’t
pay today.
26. 3/8/2014
Now The
Secret Sauce!
•
•
•
•
•
•
Changes the
game.
Changes your
view
Takes the
customer off
defense
Opens the door to
solutions
Makes your job
easier
80% effective
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
27. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
WHAT HAPPENED?
• WHAT HAPPENED? THIS IS THE CRITICAL QUESTION.
• ALLOW THE CUSTOMER TO TELL YOU WHAT UNFORESEEN
PROBLEM, WHATEVER REASON THEY HAD TO NOT PAY.
TRULY HEAR THEM, WHETHER YOU BELIEVE THE EXCUSE OR
NOT, WHETHER IT’S VALID TO YOU OR JUST A STALL.
• “OH, SO YOU DIDN’T PAY BECAUSE THE CAR BROKE DOWN
AND YOU COULDN’T GET TO WORK. IS THE CAR FIXED? (OR
WHATEVER THE REASON FOR NOT PAYING WAS)”.
• IF THEY TELL YOU WHAT HAPPENED, THEN THEY’RE HALF
WAY TO PAYING.
28. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
CAN YOU REALLY CONNECT?
• Take a moment to let them know you actually
heard them.
“Oh, that must be difficult”
“That’s a lot to shoulder all at once”
“It sounds like it was temporary, that’s
good”
• This one action separates you from all the other
collectors/landlords/utilities that they owe
money.
• We ALL owe somebody something. Don’t judge.
Relate to the customer as a person and it’s
likely they will do the same. Then you can
29. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
Going from Us versus Them to
WE
• Did we help you by lending you this money? What
did you use it for? (overcomes the objection
that the loan wasn’t of value to them)
• Would you have paid this back on time if you
could have? (who would say no?)
• Are you still working at XXX? (Closed end
question shows that you’re serious)
• Do you think of yourself as an honest person? (A
challenge for them to state their values)
30. 3/8/2014
Step Six –
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
Problem solve and Find a WIN/WIN
solution
• You promised to pay this when you
borrowed the money/went to the
hospital… Do you remember that?
• Do you have a solution?
• How do you want to fix this?
• Can we deposit your payment today? No?
When will your check clear?
• How can we keep you in good standing
with client?
• Why isn’t this important to you?
31. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
Step Seven “Always Be Closing”. Get Buy in.
Don’t give up! Ask at least 3 times in the call
for what you want.
• No to payment in full today?
• No to payment today?
• No to payment plan?
• Back to the beginning. We must have missed
something!
32. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
Suggested Responses
• The cat, dog, uncle died.
• Oh, that must have been hard. But, I don’t understand how
that connects to your agreement to pay this back?
• Straight Refusal
• No? You won’t pay? Now hang on a minute! Didn’t you
say…” (repeat back when they accepted responsibility)
• No Money
• That must be tough. You understood the terms when you
borrowed the money, right? I want to help you avoid
more interest. What CAN you do?
• Next payday
• What happened to this paycheck? Why will it be
different in 2 weeks? How about an ACH for $xx.xx today
and we will (offer incentive).
33. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
When the answer is still “NO”
• Then it’s reasonable to be firm and direct. “Mr.
Harris, you signed a contract, you agreed that
you owe this money, You said you want to do
the right thing and be responsible and honest.
We need to come to agreement that satisfies us
both. We will use all the legal means at our
disposal to recover the money Client lent you.
Let’s work together rather than be enemies.
It’s just going to go away.”
• Your company employs tools to recover bad
accounts. These may include small claims,
collection attorneys, or selling accounts.
What can you HONESTLY say?
• Sometimes mystery is best. “I don’t know how
34. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
What works for you?
• You are a professional bill collector.
• You know what life issues your customers have.
• What works?
• How quickly do you know there’s no hope?
• How do you keep good will and still generate revenue?
• Share ideas at --• “questions@modernassetmanagement.com”
• Oh, how to tell if you might be breaking a law?
• The Giggle Test…
35. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
Getting on the Same Page
• When you have an agreement; partial payments or
PIF, ask the customer to repeat back the
agreement. “I want to make sure my notes are
accurate…”
• It’s important to hear the customer say AGAIN what
they’re agreeing to. Most people are honest and
want to do the right thing. Our job is to reinforce
that they’re doing the right thing.
• Restate the terms back to them. “Great, Mrs. Smith!
You have been very nice to work with. If it’s OK,
we’ll just send a reminder message/text/letter
just before your next payment. You have my direct
number is ANYTHING comes up. I’m here to help.”
36. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
Company specific policies
• Specific training to your policies is inserted here.
Examples:
• ACH only
• Special settlement offers
• Debt Settlement
• Payments on company website
• Client special handling
• Minimum payment terms
37. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
Step Eight –
Document the call
• “If its not in the notes, it didn’t
happen”
• Protect you, the company,
yourself, and the customer. Take
accurate notes that the next
person will understand.
38. 3/8/2014
The Modern Collection Call - All Rights Reserved steve@modernassetmanagement.com
Wrap Up
• Did you learn anything?
• Try it! You might like it!
• Don’t forget all the rules. You’re a professional. You know
where the “line” is.
• Be a problem solver
• Enjoy your work.
• Contact Steve@ModernAssetManagement.com