Sometimes it's good to read the business news in your local paper both for information and with an eye on the question - "Did the business being discussed work to get this article printed about them in the paper?" In some cases, it is blatantly clear that the business went to great lengths to get noticed. Many businesses actually... Read more
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Ten Tips on how to collect debt:
PREPARE: Review the paperwork on the debtor before making the call. Know the history of the account, credit record, the promises kept/broken. Have all records in front of you, ready for reference. ATTITUDE: Adopt a straight, professional business-like attitude. You have a contract, you delivered the goods, money is owed, and you have a right to expect payment. Never let it become personal. Don't yell or raise your voice; and NEVER swear. Don't threaten; legal action is your recourse. CONTACT: Make sure you're talking to the right person. Don't let the individual brush you off with "You'll have to talk to the bookkeeper." Identify the person who will pay the bill. If you cant get through after several calls, tell the secretary that you know your calls are being screened. Indicate the purpose of your call and if necessary give deadlines. CONTROL: Try to always control the conversation. Keep it focused on the debt and the debt only. Do not let the debtor attempt to sidetrack you with personal history, excuses, or other B.S.. Remember, the only objective of your call is to collect the money, or get a commitment to pay. Now is not the time become friends with the debtor or try to win an argument. FLEXIBLE: Always be prepared to adjust to any situation. Think about the kind of customer you are dealing with and adapt to meet the circumstances. Be prepared to accept a reasonable payment schedule, and a willingness to deal with a customers circumstances. NOTES: Always keep detailed, accurate notes of every contact with the account. Probe for further information on the customer. Notes of these contacts will help you in subsequent phone calls, and may be invaluable in litigation. Accurate notes will also help in further credit decisions, or in cases where skip tracing may be needed. PRODUCTIVE: Keep calls brief and to the point. This is a business call only, not a social one. Try to view your efforts on a ratio of time expended to results achieved. Long conversations usually mean the customer is stalling for time or trapping you in the buddy syndrome. PRECISE: Never leave a contact open ended, such as "Well talk next week," or "Ill send what I can." Every contact should result in a commitment to payment. A specific amount, by a specific date, even the check number the customer is using to pay the debt. TIME: The longer an account is held, the less likely it is that it will be recovered. If payment or a payout is not arranged within 90 days, place the claim with a collection agency or start legal proceedings. PLACEMENT: Just type "Collection Agency" to any search engine and pick a firm that ranks outside of the sponsored listings. If a Collection Agency needs to buy you or bid for your business they must be desperate and could have money issues.
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