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Business success depends on generating strong cash flow, and effective debt collection helps maintain that flow. When your team contacts clients or customers regarding past due accounts, they should make every call with that goal in mind. Here are a few tips that can help maximize their efforts to obtain money owed to you.

Tips for Successful Business Debt Collection

1. Be Prepared

debt collectionHave all the information about the customer in front of you before placing the call. Being familiar with the payment history and business relationship enables your caller to open the conversation easily and transition smoothly to the reason for the contact.    

2. Be Pleasant & Professional

Approaching the customer with a pleasant and polite attitude sets a positive tone for the discussion. Customers are more likely to be cooperative if they feel they are treated with respect, despite the fact that they owe a debt.   

3. Stay Calm

You don’t know what the customer or client is involved in or has just been through when you call. If they become agitated, angry, or rude, avoid responding the same way. Maintain a calm voice and demeanor, say you will call back at a time that’s better for them, and ask for a convenient date and time frame.   

4. Offer Options

Perhaps your customer is in a financial bind but is expecting funds on a date certain. Be flexible and willing to accept payments in installments or extend the debt for a reasonable period of time. Put the agreement in writing, even if it’s just confirming the terms in a quick email. 

 

In-house debt collection can be challenging, which is why businesses turn to Joseph, Mann & Creed for expert third-party collection services. Based in Twinsburg, OH, this collection agency offers almost 20 years of experience and is certified by the Commercial Law League of America, all to protect and enhance your bottom line. Visit their website and LinkedIn page to learn more about their legal collection services. Call (216) 831-5626 today to schedule an appointment with a representative.

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