DBM 001 – Debt Techniques: Turn a late-payer into a loyal customer

Category:

Debt Management/ Finance & Account/ In-House Programs/

Price

Duration: 2 Days

Lectures: InHouse

Certificate of Completion

INTRODUCTION

Debt collection is a tricky problem, and you have definitely faced it before. In your normal business dealings, you have probably encountered customers who innocently do not pay when they are supposed to. Clearly, aggressive collection on such customers will unnecessarily create ill will. In fact, the typical customer will be embarrassed over not making the required payment on time. Then, there is the other customer—the one who deliberately avoids or delays payment. This type of customers can ruin your business. Somehow, you must distinguish between the two, and you must resolve the debts. In this course, you will learn how to do that and learn proven techniques to turn a late-paying customer into a loyal customer.

Objective

Understand why debts occur and be able to evaluate your debtors for collecting
Employ simple strategies to collect outstanding debts while avoiding common collection mistakes that cost you your company business
Convert a debtor customer into a faithful, profitable customer

Improve your income and protect your business from failure
Reduce your stress and enjoy a fuller, more productive life
Understand the definition and differentiation in between debt and hard core debt
Master in collecting hard core debts

Who should attend?

Collection Executives, Banking and Financial Executives, Collection Managers and those who are progression into a collection management role or who have limited experience in debt collection activity.

CURRICULUM

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Day One

Module 1: Your Telephone Voice

practice

Helps participants understand the importance of using positive collection techniques and strong interpersonal skills. Learn and practice aspects of voice quality, including inflection and pacing.

Module 2: Listening Skill

practice

Teaches how to improve listening skills. Focuses on learning what to listen for, recognising communication styles and identifying habitual customer responses. Provides tips on how to avoid and overcome negative “self-talk.”

Module 3: Communication Gaffes

seminar

Explains how to determine what a customer is really saying under conditions of stress. Offers suggestions on when and how to challenge customer generalizations and assumptions.

Module 4: The Emotional Side

exercise

Trains the participant to deal with customers in a variety of emotional states and to guide them toward a state in which they are most likely to pay. Shows how to save one’s own ‘emotional side’ in the face of angry and abusive clients

Day Two

Module 5: Pre-Call Planning and the Opening Statement

practice

Stresses the basic steps of the collection call. Teaches a process that prepares the collector for the call. Reviews how to make an effective opening statement and get through to the right person

Module 6: Asking Questions with Precision and Transition to Payment Arrangement

practice

Explains how to ask questions that get specific information and encourages desired behaviour. Addresses the “how to” for presenting to the customer the specific payment arrangement in a way that gains acceptance.

Module 7: Handling Objections and Closing the Call

practice

Teaches the participant to handle customer objections and gain agreement on a specific payment arrangement. Includes the elements that must be covered in closing the call.

Module 8: Introducing TPS Technique – Third Part Searching

seminar

Teaches the participants to overcome the problem of untraceable debtors by using these techniques.

Price

Duration: 2 Days

Lectures: InHouse

Certificate of Completion