Effective Collection Techniques

Is it right for me?
Suitable for anyone involved in collecting trade debts from customers who wants to concentrate on improving in the key elements of their job.

What will I learn?
By the end of this course you will be able to:

Recognise the importance of good credit control.
Implement good practice techniques to meet collection targets.
Understand the significance of contract terms.
Carry out all elements of the collections cycle.
Apply improved telephone techniques.
Choose the most appropriate combination of collections tools.
Decide when and how to escalate debt or take third party action.
Collect the toughest debts with greater confidence.
What will it cover?
The Importance of Good Credit Management

Maintaining cash flow
Minimising bad debts
The cost of overdues
Improving profitability
Good customer relations
Our Contract with the Customer

Elements of a contract
Terms and conditions - whose terms apply?
Are your payment terms fully understood?
Late payment interest and compensation charges
Retention of title
The Monthly Collection Campaign

Deciding on priorities
The collection timetable
Invoices, letters and statements: timing and format
Combining the tools available to best effect
Telephone Collections

Planning and making calls
Asking for payment
Overcoming excuses
Collecting Tough Debts

Examine your options
Payment plans
Third party action
Query management
Techniques for Measuring Performance

Using DSO as measure of performance