Speedy Debt Recovery and Effective Credit Management
Clever Debt Collection Techniques that Get Results
“Having bumper sales may not mean having bumper profits”. Sounds familiar? Very often, the problem is poor credit control and debt collection. Debt collection efforts wear off by 80% after 90 days? Bad debt is a part and parcel of doing business. However, with effective debt collection techniques, it is something that can be managed and controlled to ensure the organization stays on the right track of probability. A well trained employee in debt collection means increased cash conversions, optimal resource utilization and great return on investment but many employees find debt collection frustrating and tough.
This 1 day high impact workshop will provide you with critical, fool-proof techniques that will help your company improve credit management and debt recovery. Facilitated by Mr Gregory Chua who has over 13 years in a leading business and credit information service provider, Gregory will share valuable personal experiences and practical techniques in debt recovery while retaining customers’ satisfaction.
Meet the Industry Expert: Mr Gregory Chua
Professional trainer, Singapore Association of Credit Management (SACM) on the certification program “Collections Best Practice.”
Gregory is a dynamic facilitator who brings with him a wealth of experience in the field telephone techniques to face-to-face communication skills. Gregory spent over 13 years in a local leading business and credit information service provider as a Senior Account Manager, where he was tasked with group’s services ranging from business/credit information to debt recovery and account receivables management.
He has been providing training on sessions debt recovery techniques to collection officers across government ministries and statutory boards, Multi-National Corporations as well as Small & Medium-sized Enterprises. Some of these include Ernst & Young, BP Singapore, ExxonMobil Asia Pacific, NTUC Income, Hong Leong Asia, Hong Leong Finance, Singapura Finance, Epson Singapore, Chubb Singapore, Tuas Power, Societe Generale, Gleneagles Hospital, National Cancer Centre, National Heart Centre, National University Hospital, J.V. Fitness (California Fitness Centre), Starhub Ltd, Pacific Internet, Tenet Insurance, QBE Insurance (Intl), Maybank, OCBC Bank, HSBC, RHB Bank, ECICS Ltd, Cycle & Carriage Industries & many others.
Key Takeaways: Collect Debts Effectively and Confidently
At the end of this workshop, participants will learn how to:
- Deal with delaying or non-payment excuses and reduce credit exposure of difficult customers effectively
- Collect from financially distressed debtors
- Grasp the importance of strategic importance of credit collection management and commercial/business awareness
- Master the art of collecting debts through phone and the three phases of collection call
- Successfully implement a proactive and practical credit management and debt recovery strategies to address delay/non payments
- Better understand different methods of collection (including negotiation) on debts
- Lay groundwork to make collection efforts produce better results
- Comprehend the legal perspective in debt collections and maximizing debt recovery through ligation procedures
- Write effective letters, faxes and emails that are shorter, clearer and deliver desired results
- Make the right decisions in credit collection and increase your organization’s Return on Investment (ROI)
- Use different debt collection techniques to different situations designed specifically for your customers
Introduction to debt collection
This section will introduce the participants to the primary objectives in collections, the importance of collections, objectives of establishing collection policies as well as examples of some general collection policies.
How to lower your risk factors?
This section covers having a proper credit control system, causes of delinquency in receivables, knowing your legal rights against your debtor.
Attributes of an effective collections staff
This section touches on what are the attributes that makes an “effective” collections staff.
Effective collection techniques
This section includes general guidelines on collection techniques.
Effective telephone techniques
This section will introduce telephone collections, communicating tips, the process of a successful phone collection call & developing your collection “POWER”.
This section will guide the participants through on the different debtor profile types & the “tell-tale” signs as well as the kinds of delinquent debtors.
Delays & objections/disputes, gatekeepers
This section examines the difference between a delay & an objection/dispute, the different types of excuses, how to counter them & also how to get around gatekeepers.