Easy and Effective Debt Collection Strategies

Collecting monies owed to your organization can be a big exercise in frustration if you're not familiar with strategies that get results and keep you legally compliant with government guidelines. Gain information and techniques in this debt collection training to help collect debts more quickly and efficiently.

The Fair Debt Collection Practices Act (FDCPA) was established to protect consumers from unfair treatment at the hands of debt collectors. Failure to comply with any part of the Act's strict guidelines and requirements can result in sizeable fines, penalties and judgments. Therefore, it is critical that you become familiar with the FDCPA's regulations to avoid legal action being taken against you and the organization.

Not only do you need to understand and abide by collections law, you need to know the strategies and techniques to easily and effectively contact and deal with debtors. Let our workshop help! From account categorization and prioritization, to resource allocation and contacting procedures, what you learn here will help the organization develop, implement and follow a formal process for handling all collections.

This power-packed one-hour course will uncover specific techniques and strategies for developing a formal debt collection process that will save time and effort in contacting debtors and managing delinquent accounts.

If asked, could you confidently:

• Identify factors that help determine a debtor's repayment potential
• Prioritize collection strategy using amounts owed, days late and repayment potential
• Utilize tools that will help foster positive relationships with those from whom you're trying to collect
• Define collections harassment or abuse and ensure that the organization does not engage in any practices defined as such
• Choose the right options for legally locating debtors and applying greater pressure on them
• Handle angry and offended debtors when discussing financial situations

Almost 74 percent of receivables that are three months delinquent are paid. However, after six months, that percentage drops nearly 20 points. It's extremely important that, as a collections specialist or A/R professional, you are promptly and legally contacting debtors and using the appropriate tactics for getting the money owed.

With the skills, strategies and tools provided in this program, you'll find that collecting money is faster, easier and less stressful than you ever thought possible!

Sign-up today and get great training you can use to swiftly and safely collect debts owed. In just a one hour class, gain the insights needed to get a handle on managing delinquent accounts, contacting debtors and complying with FDCPA regulations — and start collecting monies owed today!

• Identifying the essential elements of effective credit policies — and use them to evaluate the policies in place at your organization
• Ranking accounts to help prioritize and determine an effective and appropriate contact strategy
• Gathering all information necessary to start building positive relationships with debtors upon first contact
• Motivating slow pays, large accounts and big clients by using benefits rather than consequences
• Addressing debtors' responses and reasons for nonpayment with positive and productive conversation
• Remaining calm and cool when customers get hot
• Negotiating verbal agreements with debtors that will keep repayment on track and on schedule
• And more!

Professionals in collections, accounting, finance, customer service, credit, sales, accounts receivable and operations, as well as managers, supervisors, vice presidents and small business owners will gain invaluable information concerning debt collection and legal compliance for your organization.