Professional Debt Collection Skills - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Professional Debt Collection Skills write by GERARD ASSEY. This book was released on 2021-06-21. Professional Debt Collection Skills available in PDF, EPUB and Kindle. “Credit Management is the heart of an organizations very survival”. Many studies carried out on the growing sickness in industries and businesses reveal that BAD DEBT is the ONE major cause for bankruptcy. In a successful and vibrant economy, selling on credit has a number of advantages, especially when it generates a larger volume of business as well as widens one's market share. In fact, selling on credit often 'Makes' or 'Breaks' a sale and at most times gives one that edge over competition. Yet, one cannot afford to take this area of credit control so lightly, as too many companies everyday are mounting with debts that are increasingly doubtful of recovery. The most precarious risk therefore to a company’s profit on the sale is by way of interest expense from delayed collection. In essence, that is what credit management is all about and its objective can be said “to have the highest possible debtors (sales) for the shortest possible time (collection/profit)”. Before the customer buys your goods both are interested - he in need of your goods and you in collecting the value of goods sold ie; the money; but once he gets the goods on credit, he is no more interested in fulfilling his obligation of paying. It's only you (for your money!). A company can have the finest product, a superb sales record and the most dedicated workforce, but if it does not get paid for its goods sold (.... and on time!) it will die. An unpaid debt is an unsecured loan being financed by your company (we can’t even call it a loan, because on a loan one earns interest. We’ll probably have to change the activity to ‘charities’!) It means that many companies are prevented from achieving their full potential, because instead of using borrowed money to develop and grow their business, they now have to borrow money just to fund their own sales ledgers (in other words their customers). When you no longer control your debtors, the cost of financing your company's cash flow is at the mercy of those very same debtors. If a business wishes to survive and prosper in today’s economic environment it must pay close attention to all the factors which affect and takes care of its cash flow. Managing Credit and Collecting Money, on time, every time, therefore are the 2 most important and vital factors which decide the fate of any business! This book: ‘Professional Debt Collection Skills’ would essentially help you do just that by covering the necessities in credit and 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 and face to face) with emphasis on the importance of documentation, reports, procedures for systematic follow-up; including series of email letters and general tips for chasing your money too, by encouraging proactive methods! From all of these objectives, you will notice that the primary objective of your collection effort is to bring the account current and, at the same time, to keep the account as a customer. Harassment by mail, in person or on telephone is generally not advisable and successful in collecting money or in retaining the account. But, by applying the proven techniques and preventive measures covered in this book, you can look forward to greater success in reducing your outstanding payments while yet retaining your customer, together with the added benefit of staying professional while also enjoying a pleasant, personal and rewarding experience. At the end, you would have learnt to manage credit, using planned preventive measures (the most vital part!), would have learnt to develop a complete systematic collection program, gained confidence in collecting money and have acquired several new ideas for immediate use, including taking back an Action Plan which can be put to immediate practice.
The Art of Debt Collections
The Art of Debt Collections - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Art of Debt Collections write by Michael Miranda. This book was released on 2008-09-20. The Art of Debt Collections available in PDF, EPUB and Kindle. The Art of Debt Collections is for any one doing debt recovery using the telephone, be it 1st party, a collection agency, a collection attorney it provides a training system directed towards a successful debt recovery solution. Though attorney collection practices, 1st party, agency collection practices and techniques might differ, this book still applies. A useful training tool for every debt collection agency, debt collection attorney, 1st party creditor and any one involved in debt recovery services or debt collection services. The book doesn't offer an all encompassing debt elimination strategy, debt collection solution or debt collection strategy. Instead it is geared towards the individual collector, the one who is actually on the phone in direct contact with the debtor. The book covers the physiological aspect of debt collection, and a step by step method for the collection debt phone call. The Art of Debt Collections is a must read for every debt collector.
Professional Debt Collection Skills
Professional Debt Collection Skills - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Professional Debt Collection Skills write by Gerard Assey. This book was released on 2021-06-21. Professional Debt Collection Skills available in PDF, EPUB and Kindle. "Credit Management is the heart of an organizations very survival". Many studies carried out on the growing sickness in industries and businesses reveal that BAD DEBT is the ONE major cause for bankruptcy. In a successful and vibrant economy, selling on credit has a number of advantages, especially when it generates a larger volume of business as well as widens one's market share. In fact, selling on credit often 'Makes' or 'Breaks' a sale and at most times gives one that edge over competition. Yet, one cannot afford to take this area of credit control so lightly, as too many companies everyday are mounting with debts that are increasingly doubtful of recovery. The most precarious risk therefore to a company's profit on the sale is by way of interest expense from delayed collection. In essence, that is what credit management is all about and its objective can be said "to have the highest possible debtors (sales) for the shortest possible time (collection/profit)". Before the customer buys your goods both are interested - he in need of your goods and you in collecting the value of goods sold ie; the money; but once he gets the goods on credit, he is no more interested in fulfilling his obligation of paying. It's only you (for your money!). A company can have the finest product, a superb sales record and the most dedicated workforce, but if it does not get paid for its goods sold (.... and on time!) it will die. An unpaid debt is an unsecured loan being financed by your company (we can't even call it a loan, because on a loan one earns interest. We'll probably have to change the activity to 'charities'!) It means that many companies are prevented from achieving their full potential, because instead of using borrowed money to develop and grow their business, they now have to borrow money just to fund their own sales ledgers (in other words their customers). When you no longer control your debtors, the cost of financing your company's cash flow is at the mercy of those very same debtors. If a business wishes to survive and prosper in today's economic environment it must pay close attention to all the factors which affect and takes care of its cash flow. Managing Credit and Collecting Money, on time, every time, therefore are the 2 most important and vital factors which decide the fate of any business! This book: 'Professional Debt Collection Skills' would essentially help you do just that by covering the necessities in credit and 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 and face to face) with emphasis on the importance of documentation, reports, procedures for systematic follow-up; including series of email letters and general tips for chasing your money too, by encouraging proactive methods! From all of these objectives, you will notice that the primary objective of your collection effort is to bring the account current and, at the same time, to keep the account as a customer. Harassment by mail, in person or on telephone is generally not advisable and successful in collecting money or in retaining the account. But, by applying the proven techniques and preventive measures covered in this book, you can look forward to greater success in reducing your outstanding payments while yet retaining your customer, together with the added benefit of staying professional while also enjoying a pleasant, personal and rewarding experience. At the end, you would have learnt to manage credit, using planned preventive measures (the most vital part!), would have learnt to develop a complete systematic collection program, gained confidence in collecting money and have acquired several new ideas for immediate use, including taking back an Action Plan which can be put to immediate practice.
The 5 Elements of the Highly Effective Debt Collector
The 5 Elements of the Highly Effective Debt Collector - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The 5 Elements of the Highly Effective Debt Collector write by Timothy J. Daye. This book was released on 2011-07-13. The 5 Elements of the Highly Effective Debt Collector available in PDF, EPUB and Kindle. The 5 Elements of the Highly Effective Debt Collector is the first How to collect a debt book of its kind, in that it breaks the debt collecting process down into five core fundamental areas. After years of training in the collection industry, I have found that these five fundamental areas are at the center of revealing the mystery behind why only a small percentage of debt collectors produce at a high level and more importantly explains why the larger percentage of low to mediocre performers never reach a top producing level. Not only does this book establish fundamental concepts every debt collector must understand to maximize personal or agencys earning potential, it also teaches: sound principles of engagement, valuable communication concepts, effective sales rebuttal techniques, as well as a system of file management that if followed and executed properly will more than double a collectors efficiency and effectiveness in less than 30 days The 5 Elements principles and concepts were designs to ensure that no matter an individuals talent level, years in the industry, or position held within an agency, the end user will understand clearly and be enriched by the experience.
The Art of Quality Debt Collections
The Art of Quality Debt Collections - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Art of Quality Debt Collections write by Darryl D'Souza. This book was released on 2019-08-20. The Art of Quality Debt Collections available in PDF, EPUB and Kindle. In many respects, collecting debt is a negative job—a fact that all credit risk professionals must be sensitive to. The typical collector may attempt 120 calls a day and speak to 36 customers, and then gain a kept promise from just half of those 36 customers he speaks to. This means the collector has just 18 kept promises and 102 negative results. An 85 per cent negative response rate translates to seven hours of negative feedback in an eight-hour day. This book offers the epiphany that great customer service in debt collections yields far greater kept promises than the above number. Consistent reiteration and coaching of the collections team about the importance of quality has always delivered a 25 to 35 per cent higher performance than the average. There are tips in this book that help you improve collection performance by embracing quality service. This is tried and tested in my career, and this is what this book reiterates.
