Certificate in Credit Collection

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Introduction

An intensive and content rich program to help you and your organization collect more money, quicker. However, a sale in not complete until the customer pays AND returns to deal with your firm again, paying on time in the future – the true ‘ART OF COLLECTIONS’.

The objective of this highly participative program is to ensure the attendees develop a systematic approach to one of their  firm’s largest liquid asset after cash - tailored to their individual needs.

Key business benefits

  • A systematic approach to reduce a firm’s largest liquid asset after cash – tailored to individual needs;
  • Hire and train the right people with a reduced investment of time and money;
  • Increase in credit sales;
  • Reduction in irritation and complaints from Customers.

Skills Acquired

  • Learn why writing "best letter or email does not matter if you don't follow five key guidelines first;
  • Find out and create your list of words and phrases to avoid;
  • Discover and develop a ‘special voice’ to use when talking to your customer on the telephone;
  • Find out the two major mistakes made in the collection business – sometimes by seasoned professionals who should know better;
  • Determine why ‘your’ customers are not paying you on time, as agreed;
  • Learn how to write an effective e-mail or letter, including words and phrases to avoid;
  • Set up your guidelines for training or re-training your collection team to quickly bring them to a high level of performance.

Learning objectives

  • Discover what collections ‘really’ is about when you learn the Standards of the Profession;
  • Communicate simply and effectively with the written and spoken word on sometimes delicate and difficult subjects;
  • How to grapple and overcome ANY excuse your client will use for delay of payment in full;
  • How to work ‘with’ your sales team;
  • Tailor your approach to specific customers and types of customers;
  • Master key negotiation skills to shorten the collection timeline.

Day 1

Session 1: Standards of professional collections

  • Largest liquid asset after cash;
  • The CollectABILITY Index Assessment©;
  • Four key areas of a professional in accounts receivable;
  • How to rate yourself as a negotiator.

Session 2: Powerful collection letters and emails

  • Format BEFORE content;
  • Five key guidelines for effective writing;
  • Words and phrases to avoid/eliminate;
  • Special section on ‘death by e-mail'.

Session 3: Three phases of a call or personal visit

  • Statement;
  • Response;
  • Rebuttal.

Session 4: Resolve excuses

  • Two types of excuses;
  • Ten excuses heard in your firm, 90% of the time;
  • How to handle the ‘unusual’ excuse;
  • The Collection Excuse Terminator.

Session 5: Lies

  • Why people lie;
  • Professions that lie the most;
  • Why the objective is NOT lie detection;
  • How to double your lie detection.

Session 6: Deal with the most difficult of customers

  • The fire breathing and ‘bully’ customer.

Session 7: Improve productivity

  • Time Management of collectors;
  • Lessons from The Berlin Airlift;
  • It’s all about Cash On Time;
  • Use of the Check List.

Session 8: Develop a special collection voice

  • Simple development – more compelling, easier to understand.

Session 9: Tailor your approach to types of customers

  • Four types of customers in your business;
  • Tailored approaches using Platinum Skills.

Session 10: Collect using social media

  • Stay legal;
  • Three key sites.

Session 11: Working with your sales team

  • Seek first to understand;
  • Visits with your sales team.

Day 2:

Session 1: Develop a collection team

  • Selection;
  • Development;
  • Training;
  • Retention.

Session 2: Measure, motivate and reward

  • What motivates a good collector;
  • Twelve collection motivations – that work.

Session 3: Credit & collections as a profit centre

  • The objective is NOT to have no losses!
  • Change of mindset from cost only budget to cost and profit;
  • Philosophy first – then policy & procedure.

Session 4: Why borrowers are not paying you 

  • Problematic debt;
  • Reverse role playing.

Session 5: The cutting edge

  • Strategies software and developments to reduce and manage credit loss.

Session 6: Negotiations

  • Strategies and techniques from the world’s best negotiators;
  • It is not always win/win;
  • Assertive vs. aggressive;
  • The five approaches to negotiating;
  • Client who takes an unreasonable position;
  • Choice points in a negotiation;
  • Golden and platinum rules;
  • Negotiation’s biggest losers.

Tim Paulsen

Debt Collection Management

In addition to having worked as a collector in both the consumer and commercial fields, Tim has been a credit fraud investigator, collection manager, credit manager and a management consultant.

He is the author of: ‘Paid in Full’, ‘Tipping the Scales, ‘Sex, Lies & Negotiation Techniques’, ‘Excuses – Excuses, nothing but Excuses’, ‘The Reluctant Collector’ (for Sales Representatives).

The Founder and Managing Director of The International Centre for Professional Collections (ICPC), Tim has consulted and trained across Canada and the United States as well as 26 other countries including: Bahamas, Brunei, China, Egypt, Ghana, India, Indonesia, Ireland, Jamaica, Kuwait, Lebanon, Malaysia, Mexico, Oman, Pakistan, The Philippines, Singapore, Turkey, South Africa and Thailand.

Tim is the creator of two exceptional tools to improve collection productivity: • ‘SAGE – The Excuse Terminator’ • ‘The CollectABILITY Index®.’

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