An actionable summary of how collectors can work closely with their customers to recover past-dues faster during the COVID-19 outbreak
Due to the sudden outbreak, CFOs & Treasurers are focusing on stabilizing the cash flows. Reduction of DSO is one way A/R teams are able to contribute towards this goal. However, a recent Gartner survey indicates that 60% of the CFOs on the buyer end are planning to increase their DPO in order to have more available cash. In this tricky situation, how will the collection teams ensure faster recovery?
‘Dunning via collection calls’ – this is one of the legacy methods used to recover past dues, and over the decades, the success rates have remained significant. Especially, during the complete global lockdown where people are working from home, a collection call adds a personal touch, enhancing the customer relationship.
But like they say, there is no free lunch! Collection call – although a very effective dunning tool – requires more than just asking the customer to pay.
Making collection calls can be awkward, uncomfortable, time-consuming and unproductive. As a collector, you must have had the experience of listening to
never-ending excuses given by the customers as to why they were unable to pay. As a top-performer, you must have a set of strategies which you use to recover from those defaulters, but will those strategies be applicable during the current crisis?
In this turbulent economy, what can you do to ensure successful collection calls? Simple, take a pivot and be prepared for the common defaulter excuses. Be ready with prompt responses and multiple options to tactfully deal with typical excuses and scenarios while maintaining healthy customer relationships.
This e-book explains how top-performing collectors deal with the most common excuses and scenarios encountered by them every day at work.
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