The Dos And Don’ts Of Commercial Debt Collection
DO understand that this is not something that should be taken lightly. This is a serious undertaking and it needs to be handled accordingly. If you feel like you are not capable of handling this yourself, it would be a good idea to handle an agency to take care of it for you. While you will have to pay a fee for this, at least you will know that it will be taken care of properly.
DON’T take “no” for an answer. When you call people to collect debts, it is likely you will hear every excuse in the book. From “the check is in the mail” to cash flow issues, people will always try to find a way not to pay you. Instead of accepting the excuses you are given, work on your rebuttals. This will show them that you are serious about getting your money back.
DO prepare yourself before you make the call. Make sure that you know the amount the debtor owes, the products and services they purchased, any terms of the sale and the date that the payments are due. Failing to have any of this may result in the debtor becoming frustrated and possibly ending the call.
DON’T be less than professional while on the call. You should not be eating or drinking anything. You should also speak in a clear, authoritative tone. This is important since a miscommunication can mean the difference between getting your money on time or not getting it at all. While there is never a guarantee that the way you present yourself will have anything to do with collecting your debts, it definitely increases your chances.
Collecting business debts is not as hard as you may think, especially if you are equipped with the right information. The next time you have to contact someone about the money they owe you, it would be a good idea to refer to this guide. It will help you avoid any mistakes along the way.
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