Successful Recovery Call – Part 2

Collection calls are critical when dealing with your accounts receivable and cash flow situations.

A successful collection effort consists of a series of structured and professionally carried out steps. When you prepare to contact your customer to request payment of a debt, follow this quick guide for a successful recovery call:

  • Be Prepared – Gather and have in front of you as much information about your customer and the debt as you can, including having the file and all the invoices at hand.
  • Speak to the Decision Maker – Talk to the person who can pay the invoice. Be firm with those who try to screen your call.
  • Focus on the Debt – Don’t get sidetracked with personal items. You are calling to collect money.
  • Be Professional – You delivered the goods and want payment, but refrain from alienating your customer.  Everything you say and the way you say it reflects your company.
  • Be in Control – Stay calm if the person you called gets abusive.  Do not make it personal and do not threaten.
  • Pause and Listen – Your customer may give you clues into their financial status and whether they really intend to pay you.
  • Offer Options – Start off asking for the amount in full, but be ready to accept a reasonable payment schedule.  When doing so, get specific commitments for amounts paid and dates payment will be made in writing.
  • Follow Through – Note follow up date and time with contact information and keep those appointments.
  • Recovery CallsKeep the Call Brief – Long conversations can indicate stalling tactics.
  • Finalize Things – Summarize your understanding of the call, including how and specifically when a payment will be made.
  • Take Careful Notes – Keep detailed notes of every collection call. They will be handy for your future contacts in case of being turned over to a recovery agency or litigation firm.

If you put these techniques to use, you’ll collect more money and have better results from the collection calls you make.

This is Part 2 of a 3 part series on Collection Calls.  Please see other posts on this subject here:

 

Please visit Dynamic Legal Recovery’s website or call us at 877-777-7564 for your complimentary evaluation.

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