Overdue payments can cause multiple problems for businesses. Whether it’s your customers, creditors or partners with outstanding balances, the impact of late or even non-payment should not be under-estimated. Cash flow forecasts can be seriously affected, profits may fall and it can cause irreparable damage to our business relationships and collaborations. So it is highly important that organisations allocate this critical role to well trained and competent staff. Clear and precise procedures for dealing with collections must also be adopted to ensure these issues do not prevail and potential damages are prevented.
A well trained collector should be able to quickly identify who the decision maker is and therefore avoid time-wasting discussions and broken promises with those who do not possess the authority to settle outstanding payments. The right approach requires a combination of skills and techniques that play on the emotions of those who owe us money. Collectors must avoid engaging in confrontation or arguments and must deal logically with objections and refusals. A firm but fair approach must be adopted as credibility is a crucial component of collection calls. With the correct approach and the right skillset, overdue payments can be recovered quickly and with minimal disturbance to the business.
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