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Introduction

In today’s challenging economic times, managing cash flow is more important than ever. Oftentimes, the root of the problem is having too much uncollected revenue.

Managing cash receivables is both unpleasant and an unfortunate reality of a successful business. No one likes calling anyone because they owe money, but if multiple customers are behind their payments, then it can lead to a cash flow crisis.

The buildup in the Accounts Receivables could be resulting from poor billing / invoicing procedures or many other controllable factors.

In this workshop the participants will learn Key collection tools, tips, and techniques, develop effective collection strategies necessary to maximize their  cash collection effort.

Debt collection Course -Princeton Academy Resources https://princetonacademy.in/resources/

Govt. of India- Negotiable instruments act https://www.incometaxindia.gov.in/pages/acts/negotiable-instruments-act.aspx

  • The ‘new normal’ for collections – how are lenders responding?
  • The key challenges facing collections teams
  • Exactly what needs to be added to a collection letter … and just as important … what should NOT be included.
  • How to deal with Lack of current contact information of debtors
  • Challenge in Oral Contracts and not having any written communication
  • How to use technology to your advantage
  • Connecting to the right decision maker

Managing and Controlling Your Receivables/Outstandings: 

  • When is it time to collect? Understand when it’s time for action — and what action to take 
  • How to steer clear of the collection mistakes made most often 
  • Tools of the trade: Staying organized 
  • What you can do to prevent many accounts from becoming past due 

Invoicing Issues

Secrets of Successful Collectors 

  • Keys to establishing a rapport with debtors that help you collect more money fast! 
  • Maintaining goodwill so you don’t lose potentially good long-term customers 
  • Tactics to use when a debtor blatantly lies 
  • Getting past the gatekeepers who prevent you from speaking with your debtor 
  • How to handle “special” collections situations — including when a debtor writes a bad check, how to get full payment from someone who thinks a partial payment is enough, and more 
  • When — if ever — should you agree to settle a balance for less than the total amount owed 

Billing Process – Getting it the right first time 

  • Billing Frequency and Reconciliations
  • Using Technology to Leverage the Billing Process
  • Integrated Billing / Accounts Receivable Solution

Key Collection Tools and Techniques

  • Eliminating Barriers to Payment
  • Recognizing Excuses and Delaying Tactics
  • Telephone Collection Techniques
  • Developing Personal Assertiveness
  • Negotiation Skills for Successful Collections
  • Develop customer-sensitive collection strategies
  • Identifying Effective “Pre-delinquency” Collection Campaigns
  • Defining “Post-delinquency” Activities
  • Customer Sensitive Collection Strategies
  • Collection Techniques and Correspondence Cycles

Managing and Controlling Your Receivables/Outstandings:

  • When is it time to collect? Understand when it’s time for action — and what action to take
  • Managing Cash flows when Customers delay payments
  • How to steer clear of the collection mistakes made most often
  • Does your company’s credit policy ease or impede collections?
  • Tools of the trade: Staying organized and in control of your massive workload
  • Why no business can afford to ignore collections
  • Power techniques for keeping track of what you’re owed
  • What you can do to prevent many accounts from becoming past due
  • The importance of using up-to-date and accurate information

Secrets of Successful Collectors:

  • Putting yourself in the debtor’s shoes: why people don’t pay
  • Why you’ll be more effective in collecting if you make it as painless as possible for the debtor
  • How to stay positive when you’re surrounded by so much negative energy
  • Keys to establishing a rapport with debtors that help you collect more money fast!
  • Smart tactics that help you ease the debtor’s defensiveness
  • Maintaining goodwill so you don’t lose potentially good long-term customers
  • When to turn up the heat — and when finesse will get you further, faster
  • Be consistent — always follow up when you say you will
  • Tactics to use when a debtor blatantly lies
  • How to handle “special” collections situations — including when a debtor writes a bad check, how to get full payment from someone who thinks a partial payment is enough, and more
  • When — if ever — should you agree to settle a balance for less than the total amount owed

Powerful Collection Tools:

  • The importance of adopting a positive frame of mind
  • Maintaining a client status report — important info you need to keep tabs on
  • Getting past the gatekeepers who prevent you from speaking with your debtor
  • When’s the best time to make collections calls?
  • Should you ever put a debtor on hold?
  • Listening and questioning skills that’ll prove invaluable in getting customers to pay up
  • What days are “prime” collection days?
  • Essential follow-up documentation to phone conversations
  • One thing you should never do with a client — argue!
  • Soothing the irate customer
  • Reenergizing after you’ve had an emotionally upsetting call
  • Establishing a rapport with clients — especially those you know you’ll be working with in the future
  • How to handle abusive insults and yelling

Excuses – Handle Them With Confidence and Finesse

  • I never received a bill for the product or service …
    • you probably never sent it!
    • you sent it to the wrong place.
    • you sent it to the wrong person.
  • I misplaced the bill — when you send another, then I’ll pay.
  • The Cheques in the mail.
  • I just don’t have the money right now.
  • Our computer prints all Cheques at the end of the month.
  • We’re having serious cash flow problems — but we’re good for it.
  • The boss is out of town and no one else has the authority to approve Cheques.
  • I have moved to other company, somebody else is in charge.
  • We’re expecting big Cheques in a month and then we can pay the balance IN FULL.
  • The computer is down so we can’t print any Cheques right no w.
  • I don’t owe what you say I owe you.
  • Those weren’t the payment terms I agreed to!
  • I’m sure we’ve already paid that bill — your records must be wrong.
  • This bill is way too high — I’m not about to be overcharged!

Collection Letters & Written Documentation of Conversations

  • How to make sure your collection letter is opened — and read!
  • How many collection letters are too many?
  • What you should always include along with your collection letter
  • When should you threaten leg al act ion? And, just as important, when is it a BIG mistake?
  • Phrases and words that do NOT belong in a collection letter
  • Standard reminder letters — when to send and what to say
  • Follow ups: The importance of doing what you said you were going to do
  • Documenting a debtor’s payment plan agreement — get it in writing!
  • Using certified mail — when and why
  • Final notice: What to say and how to make sure the debtor understands you mean business
  • Gentle reminders for people who usually pay on time

Legal Issues:

  • Can a debtor sue you for harassment? Yes — learn when and how
  • Promissory notes
  • What are your options when you know — without a doubt — that the debtor has no intention of paying
  • Working with outside collection agencies
  • What you need to know about laws that apply to collections.
  • Don’t put yourself or your company at risk: Learn which laws collectors violate most often
  • Tips for tracking down customers who’ve skipped out on their debts