At Debt Collection Limited we take different mindsets when dealing with a professional organization, large corporation, or small business owner versus an individual who can’t pay their bills.
Our collection officers take a custom approach on each claim. We review all of the documentation provided by our clients before making the first call. A great collection officer understands how businesses work and the role of contracts (including sales orders, purchase orders, invoices, return merchandise authorisations, pricing discounts, sales tax laws, freight and shipping charges, returns and return policies, and other general contract terms).
We develop an understanding of the company or individual that owes the money and the person they are contacting prior to calling. The more insight a collection officer has when performing the collection process, the higher the success rate.
There typically are two initial factors that are critical to success – understanding the real reason the debtor has not paid and understanding the debtor’s personality to determine the best way to negotiate with the individual.
Often times debtors do not initially reveal the true reason they did not pay their bill. Getting a debtor to talk is a key part of getting the money, so listening and letting them explain their situation has multiple benefits.
We learn about the business, the personality of the person we are talking to, and the names of other people who are involved that we may be able to leverage later. We listen carefully to excuses and explanations, and ask questions to figure out what is real and what is a smokescreen. Catching a debtor in a fabrication or misleading story can ultimately be a powerful tool in accounts receivable collections.
Once we understand the real reason they did not pay, we can come up with a strategy to get the money. Our collectors are highly trained, have lots of experience, listen carefully, and once they have figured out how best to collect, they make it happen.