Three Keys to Improving In-House Collections
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The document outlines essential strategies for improving in-house collections, emphasizing the importance of control during calls, effective communication, and active listening. Key points include setting follow-up deadlines, maintaining a calm tone, and treating debtors with respect to foster a cooperative environment. Successful collectors are encouraged to strategize before calls, focus on listening, and ensure a win-win outcome while addressing any personality conflicts appropriately.
Three Keys to Improving In-House Collections
- 1. Three Keys to Improving In-House Collections
- 2. Stay in Control • There is never a better time to collect the money than on the very first call • Always leave the call with a deadline for followup • Tonality of your voice plays a monumental role in keeping control of the call • Making an outbound call is more powerful than accepting an inbound call • Ask open-ended questions • Use silence • Stay focused • Don’t let the debtor manipulate you • Go into every call with a focus. Strategize in your mind before you pick up the phone. • Hostile debtors are the result of hostile collectors. Never get emotionally involved on a call.
- 3. Listen • The best negotiators talk 20% of the time, and listen the remaining 80%. • Listen carefully and take notes. You will get clues to whether the debtor is serious about paying. You’ll also have ammunition for your next call on the account and will be ready to counter any excuses that may have been tried in the past.
- 4. Work With Your Customer • The intended outcome is a “win – win” situation • Treat the debtor with respect • Knowledge is power • Address the debtor by name • Make the debtor right, even when they are wrong you may not agree with what they’re saying, but you can still validate it • If you find yourself in a personality conflict with a customer, don’t let the account get away – refer it to someone else that might have more success.