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.
What You'll Learn
- 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!
Who Will Benefit
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.