5 Steps to Collecting Commercial Debt Yourself

23 Jul

Handling Debt Collection In-House

Businessman on phoneMost small-business owners and operators wear lots of hats to get the job done. Most of them all agree, the most uncomfortable hat is the debt collector’s.

However, with a process in place, making collection calls doesn’t have to be so bad. A good debt collection timeline can help you communicate in a timely manner. From there, consider the following for success:

1. Start with a script: Knowing what you’re going to say ahead of time can make all the difference with your confidence going in. Rehearse it a couple times so it feels natural.

2. Know the facts: Having the facts and figures in front of you before a call (along with any notes about the customer) will arm you with the knowledge you need to make the call a success.

3. Keep it short: You don’t need to explain why you want to be paid. All the customer needs to know is that you’re expecting to be paid in full because they owe you.

4. Be willing to hear the story: Yes, keep your words short but be willing to hear your customer out. They may reveal something that changes your direction.

5. Follow up: Any promises made must be noted and if the customer doesn’t follow through, make another call. Don’t let any time pass once a promise is broken.

Your in-house process can help keep you on track with collections.

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