Course code: ECT - call 0845 071 2801
Overview
Course duration: 1 day.
A hands-on course that provides new credit controllers with the tools and techniques to collect payments.
To be a successful collector it’s important to understand that
collections are competitive. This practical course will enable
delegates to operate a complete collections cycle with increased
confidence using best practice techniques. It will give them new ideas
to put into practice immediately, and help them to ensure that they are
first in the queue for payment.
Is it right for me?
Suitable for anyone involved in collecting trade debts from
customers who wants to concentrate on improving in the key elements of
their job.
What will I learn?
By the end of this course you will be able to:
- Recognise the importance of good credit control.
- Implement good practice techniques to meet collection targets.
- Understand the significance of contract terms.
- Carry out all elements of the collections cycle.
- Apply improved telephone techniques.
- Choose the most appropriate combination of collections tools.
- Decide when and how to escalate debt or take third party action.
- Collect the toughest debts with greater confidence.
What will it cover?
The Importance of Good Credit Management
- Maintaining cash flow
- Minimising bad debts
- The cost of overdues
- Improving profitability
- Good customer relations
Our Contract with the Customer
- Elements of a contract
- Terms and conditions - whose terms apply?
- Are your payment terms fully understood?
- Late payment interest and compensation charges
- Retention of title
The Monthly Collection Campaign
- Deciding on priorities
- The collection timetable
- Invoices, letters and statements: timing and format
- Combining the tools available to best effect
Telephone Collections
- Planning and making calls
- Asking for payment
- Overcoming excuses
Collecting Tough Debts
- Examine your options
- Payment plans
- Third party action
- Query management
Techniques for Measuring Performance
- Using DSO as measure of performance