Collection Strategies that Work

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Course features
  • Category: Finance
  • Subcategory: Account Receivable
  • Time Required: 4 hours
  • CE Credits: 4
  • Exam: Yes
  • Check on Learning  
Certificate of Trng
Course Overview
Collecting receivables and overdue accounts is never enjoyable, but must be done! Being equipped with the right strategies is key and time is of the essence. This is a training course for you and your team that includes a downloadable collection kit modeled for success. With a 99.99% collection rate for over a decade, you will learn how to employ the ACT Framework (Access - Collect - Take Action) to get those results.
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What you will learn
You will learn about why customers don't pay, how to identify customer personas, how to prepare to collect, how to object to customers reasons why they can't pay and much, much more. See topics below.
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You should attend if....
♦ You don't like asking customers for payments
♦ You don't have a collections SOP
♦ You want to learn how to read customer indicators and personas
♦ You want to learn how to escalate collects the right way
♦ You have Accounts Receivables (A/R) over 30 days past due

Course Topics
  • Why customers don't pay
  • How to be proactive versus reactive
  • Reading customer indicators
  • Collecting information: the right information
  • Escalation notification examples & timelines
  • Payment alternatives
  • Understanding Terms & Conditions of the contract
  • Overview of Lien Notice Laws & timing
  • How and when to implement the ACT Framework
  • When to walk away
ACT Downloadable Collection Kit
  • Downloadable Company Collection Policy you can brand
  • ACT Collection Framework
  • Preparation & Research Checklist
  • Individual & Team Responsibilities
  • Proven Collection Procedures
  • Sample Scripts & Demand Letters
  • Proven techniques with timing layout for a 99.99% success rate
  • Forms & Templates (email; notice to lien; credit checks, etc)
  • Access to 3rd Party Financing that generates you commissions