Finance and Accounting

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


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FI235644

25 - 29 Nov 2024

Amsterdam (Netherlands)

Hotel : Grand Hotel Amrâth Amsterdam

Cost : 5250 € 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

25 - 29 Nov 2024

Amsterdam (Netherlands) - Grand Hotel Amrâth Amsterdam

Hotel : Grand Hotel Amrâth Amsterdam

Cost: 5250 € Euro


  About Amsterdam

Amsterdam, capital of the Netherlands, is a popular destination amongst travelers from all around the world. Once just a little fishing village, Amsterdam is now a major international city after having become an important port during the 1600s. Throughout its history, the city has had many famous residents, including artists, philosophers and other historical figures. There is much to discover along Amsterdam's quaint streets and picturesque canals. So much so that a flight to Amsterdam comes with a guarantee of cultural and historical attractions that will provide memories to last a lifetime. Amsterdam is a hotbed of culture for travelers of all ages and tastes.


  Things to do and places to visit in Amsterdam

From the moment passengers step off their flight to Amsterdam, they will find it a friendly city with a lively atmosphere. Its flat geography means that it is perfect for exploring by bicycle. If you're feeling less active, it the city is also well-served by public transport. The so-called Venice of the North has something for every visitor. Culture vultures have museums, galleries and theaters to see, Families can visit the zoo or the Science Center NEMO.

When visiting Amsterdam, be sure to:

  • See the picture-perfect and colorful houses of the Grachtengordel district.
  • See the iconic works of one of Holland's most famous artists at the Van Gogh Museum.
  • Visit the house where Anne Frank and her family hid from the Nazis.
  • Browse through the extensive collection of fantastic art in the Rijksmusem.
  • Wander through the blaze of colors that is the Singel Flower Market.
  • See the city at a leisurely pace on a canal cruise.
  • Marvel at one of the city's many historic churches.
  • Learn about life aboard a ship at the National Maritime Museum.
  • Discover the Begijnhof's well-preserved medieval architecture.
  • See animals of all kinds, as well as the butterfly pavilion and aquarium, at the Artis Zoo.
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