Finance and Accounting

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


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FI235644

15 - 19 Dec 2024

Cairo (Egypt)

Hotel : Holiday Inn & Suites Cairo Maadi, an IHG Hotel

Cost : 3250 € 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

15 - 19 Dec 2024

Cairo (Egypt) - Holiday Inn & Suites Cairo Maadi, an IHG Hotel

Hotel : Holiday Inn & Suites Cairo Maadi, an IHG Hotel

Cost: 3250 € Euro


  About Cairo

Cairo is a mesmerizing assortment of iconic monuments, bustling markets, and ancient sites encircled by a vast and sprawling metropolis. At its core lies a maze-like medieval quarter. A world away from the modern side of the city, it boasts a seductive blend of intricate mosques, jostling crowds, madrasas, and traditional hammams. No visit could be complete without visiting the awe-inspiring Giza Pyramids that preside over the city's horizon. Whether you come to delve into the city's ancient past, dive into colorful souqs, sip mint tea and contemplate thousands of years of history or explore the city's cosmopolitan side, you'll be left with memories to last a lifetime.


  Things to do and places to visit in Cairo

The multi-layered capital of Egypt offers its visitors lively markets, authentic restaurants, and a multitude of ancient sights and archeological findings. Gaze in wonder at the Pyramids, take an awe-inspiring look at Tutankhamen's burial mask, shop for handmade souvenirs in the bazaars or hop on a sunset cruise down the Nile and embrace the sensory overload that is Cairo.

Take a vacation in Cairo and you can:

  • Visit the Great Sphinx of Giza, one of Ancient Egypt's great mysteries.
  • Explore the ramparts of the Salah El-Din Citadel.
  • Join locals drinking coffee at Fishawi Café, one of Cairo's first cafes and most important meeting spots.
  • Marvel at the seemingly endless historical artifacts on display at the Egyptian Museum.
  • Learn about the Ummayad, Ottoman, and Ayyubbid dynasties and more at the Museum of Islamic Art.
  • Haggle for souvenirs and gifts at the Khan el-Khalili souk.
  • See one of the world's oldest universities at the Al-Azhar Mosque, one of the city's original mosques.
  • Take a tour of the showstopping Giza pyramids.
  • Savor local cuisine such as mezze in the old city.
  • Wander through the labyrinth-like streets of Coptic Cairo, the city's ancient quarter, and spot Roman relics.
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