Finance and Accounting

Training Course: Mastering Customer Debt Collection: Techniques and Best Practices


Register Now
Quick Inquiry
Discount Group Download Brochure  

FI235644

1 - 5 Dec 2024

Dubai (UAE)

Cost : 4150 € Euro

Introduction

This training program is designed to equip participants with the essential skills, techniques, and strategies needed for effective customer debt collection. The course covers legal considerations, communication strategies, negotiation techniques, and best practices in debt collection. By the end of this program, participants will be able to manage the debt collection process with confidence, efficiency, and professionalism, ultimately improving recovery rates and maintaining positive customer relations.

 

Target Audience

  • Debt collection officers

  • Accounts receivable professionals

  • Credit managers

  • Financial service personnel

  • Customer service representatives involved in collections

 

Objectives

  • Understand the principles and techniques of effective debt collection

  • Develop skills in communication, negotiation, and conflict resolution for collection scenarios

  • Learn about legal and regulatory requirements in debt collection

  • Apply best practices in record-keeping, tracking, and reporting collections

  • Build strategies to improve collection rates while preserving customer relationships

 

Training Program Outline

Day 1: Fundamentals of Debt Collection

  • Introduction to Debt Collection

    • Importance of debt collection in business operations

    • Overview of common challenges and solutions in debt recovery

  • Understanding Debtor Behavior

    • Psychological aspects of debt avoidance

    • Techniques to assess debtor’s willingness and ability to pay

  • Regulatory and Legal Framework

    • Overview of debt collection laws and regulations (e.g., FDCPA, GDPR)

    • Ethical practices and maintaining compliance

Day 2: Communication and Negotiation Techniques

  • Effective Communication Skills in Debt Collection

    • Building rapport and empathy with debtors

    • Active listening skills to understand debtor concerns

  • Negotiation Techniques for Collectors

    • Setting clear objectives for negotiations

    • Using negotiation tactics to secure payment plans and commitments

  • Handling Objections and Difficult Conversations

    • Responding to debtor objections and excuses

    • Techniques for de-escalating conflicts and maintaining professionalism

Day 3: Collection Strategies and Payment Plans

  • Debt Collection Strategies

    • Pre-emptive strategies to minimize overdue payments

    • Segmenting accounts based on risk and prioritizing high-risk collections

  • Structuring Payment Plans

    • Designing payment plans tailored to debtor capacity

    • Terms and conditions to ensure compliance with agreed plans

  • Use of Technology in Debt Collection

    • Collection management software and automation tools

    • Leveraging digital channels for communication and tracking

Day 4: Advanced Techniques and Handling Difficult Cases

  • Best Practices for Record-Keeping and Documentation

    • Accurate documentation of communications and actions

    • Managing records for regulatory compliance and reporting

  • Handling Complex and High-Value Accounts

    • Special strategies for collecting from businesses and large accounts

    • Engaging third-party agencies for difficult cases

  • Dealing with Unresponsive Debtors

    • Techniques to encourage debtor engagement

    • Escalation strategies and when to consider legal action

Day 5: Monitoring Performance and Continuous Improvement

  • Performance Metrics in Debt Collection

    • Key metrics: recovery rate, days sales outstanding (DSO), and more

    • Techniques for analyzing collection performance

  • Continuous Improvement in Collection Processes

    • Identifying areas for improvement in current collection processes

    • Applying feedback from collections to enhance future performance

  • Final Review and Action Planning

    • Review of key concepts and techniques learned

    • Developing a personalized action plan for applying skills in the workplace

Finance and Accounting

Training Course: Mastering Customer Debt Collection: Techniques and Best Practices


Register Now
Quick Inquiry
Discount Group Download Brochure  

FI235644

1 - 5 Dec 2024

Dubai (UAE) -

Cost: 4150 € Euro


  About Dubai

Dubai, located on the Persian Gulf, is one of the seven United Arab Emirates and one of the most popular tourist destinations in the world. The discovery of oil in the region has made Dubai extremely wealthy, allowing it to build the glittering skyscrapers that it is now famous for. That wealth is strongly in evidence in Dubai and visitors will see luxurious buildings and supercars aplenty. Perfect beaches and endless shopping opportunities are to key to Dubai's attractions. Flights to Dubai open up the city's cultural attractions to tourists, with beautiful mosques, museums and art galleries scattered throughout this ultra-modern metropolis.


  Things to do and places to visit in Dubai

Dubai's wealth has made it famous for building ever taller buildings and creating artificial islands off its shores. The city's hotels are luxurious and shoppers will love its extensive shopping malls which showcase all the world's top brands. Dubai's attractions don't end there. Dubai also caters to adventure lovers, who can jump in a 4x4 or on a board to speed over dunes outside the city. Local culture mustn't be forgotten either, and visitors have wonderful mosques to visit and old districts to explore. All that combined means that a flight to Dubai is sure to lead to an unforgettable holiday.

When visiting Dubai, be sure to:

  • Go to the observation deck of the Burj Khalifa, the tallest building in the world.
  • Admire the intricately beautiful Grand Mosque, which has the tallest minaret in the city.
  • Understand the local history and culture with a visit to the Dubai Museum.
  • Discover objects from the 6th century at Jumeirah Archaeological Site.
  • Go skiing – That's not a joke, the Mall of the Emirates houses a snowdome.
  • Go shopping at the Mall of the Emirates or the Dubai Mall.
  • Explore the desert surrounding the city – either by 4x4 or atop a camel.
  • Eat fantastic seafood at Dubai Marina.
  • Cool off at the Wild Wadi Waterpark.
  • Marvel at gorgeous Arabic calligraphy at Jumeirah Mosque, the biggest in the city.
  • Take a yacht tour around the artificial islands of Palm Jumeirah.
  • Haggle for souvenirs in one of the city's souks.
  • Wander around the traditional building in Bastakiya District.
 22 Portman Square, Marylebone, London W1H 7BG, UK
 3 Oudai street, Aldouki, Giza, Giza Governorate, Egypt
 0020233379764
 00201095004484
 00201102960555
 00201102960666
 19 Mayıs Mahallesi, 19 Mayis Street No 2 Sisli, 34360 Istanbul/Turkey
 00905357839460
 Australia Street, Raouche Beirut, Lebanon .، Beirut, Lebanon
 0096181746278
 811 Massachusetts Avenue, Boston, Massachusetts, 02118, USA
 6 Beirut Street - Fifth Circle Abdoun, P.O. Box 831370, 11183 Amman, Jordan
Copyright Global Horizon Training Center © 2019