How to keep credibility when collecting debt
It’s not uncommon to feel uncomfortable when collecting debts. In this blog, we look at how businesses can keep credibility when collecting a debt.
Use a digital, automated system.
- Using a paper system is an easy way to appear disorganised
- Find a system that has automated reminders
Set up reminders for:
- Confirmation of order and payment details
- When a payment is coming up
- As soon as a payment is late.
Outline your terms with a clear payment policy from the beginning.
- Put your policy on paper and share this with customers
- Make this discoverable on your company’s website
- Get a professional to review or write your policy.
Train your staff (and yourself) on customer service and communication skills.
- Soft skills are incredibly important and being able to conduct yourself in a professional manner when in difficult conversations will go a long way
- Conflict management training.
Delegate account management tasks to a single person or team.
- Consistency of communicating with one person makes a difference
- Easier to stay organised and on top of payments.
Keep consistent with your payment policy.
- Don’t waive late payments
- Act promptly – as specified in the policy
- Refer to the policy when sending reminders and following up.
Work with a professional debt collection agency.
- Experience working in a variety of industries
- Trained for handling difficult conversations
Want to know more?
At EC Credit Control we have been helping small businesses succeed in Australia for over 30 years. Rather than just looking at one end of the spectrum, we are focused on how your debt collection process works as a whole.
We believe that in doing this we’re able to help you protect and build up your cash flow in a sustainable way, no matter what is going on in the world.
Talk to our team about a review of your debt management process to ensure your small business is set up to ride out a market downturn.
- Explore the different terms of trade and point of sale documents we can help personalise for your business.
- Load debts online now and hand it over to the experts.
- Find out how we work.
If you would like to talk to one of our friendly team, contact us today.