Finance and Accounting

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


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FI235644

22 - 26 Dec 2024

Istanbul (Turkey)

Hotel : DoubleTree by Hilton Istanbul Esentepe

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

22 - 26 Dec 2024

Istanbul (Turkey) - DoubleTree by Hilton Istanbul Esentepe

Hotel : DoubleTree by Hilton Istanbul Esentepe

Cost: 5250 € Euro


  About Istanbul

Few places compare to the vibrant, cosmopolitan city of Istanbul, whose enormous size straddles both Europe and Asia, forming a bridge between western and eastern cultures. Resting upon the natural harbor of the Golden Horn, the skyline of the once-Constantinople is pierced with minarets and ancient monuments that embody centuries of history. While it is brimming with historical landmarks and colorful markets, modern Istanbul is also well represented through its contemporary art scene, European-style café culture, world-class dining venues.


  Things to do and places to visit in Istanbul

Istanbul is teeming with attractions and landmarks from historic sights and unique cuisine to lively markets and unmistakable culture. It is a thriving city, with a myriad of things to do that skillfully manage to blend every aspect of both the contemporary and the historical world.

On a city break in Istanbul be sure to:

  • Visit a hammam, a traditional Turkish bath, whose origins date back to Roman times.
  • Marvel at the Hagia Sophia, Süleymaniye Mosque and Blue Mosque, Istanbul's most spectacular monuments that dominate the skyline.
  • Explore the Topkapi Palace Museum, one of Istanbul's most visited museums, home to over 80,000 artifacts.
  • Walk through the Basilica Cistern, an underground marvel built in the 4th century.
  • Be dazzled by the Grand Bazaar, one of the world's oldest and largest covered markets.
  • Go shopping for exotic products and Turkish delights in the Spice Bazaar.
  • Cross the bridge connecting Europe and Asia against the backdrop of the Bosphorus, or take a Bosphorus cruise.
  • Taste the diversity and flavor of Turkish cuisine.
  • Admire panoramas of the city from the Galata Tower.
  • Walk through Taksim Square, the city's dynamic square that never sleeps.
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