they<\/em>\u00a0may say. Keep probably excuses and your answers to them in your mind so that you aren’t blindsided.<\/p>\nKeep them Engaged<\/b>
\nNo one wants calls from a collection company or from an old work connection asking for money. But to collect, you have to keep them on the phone.<\/p>\n
Establish professionalism from the get-go, and be sure not to come off as predatory. If you can keep them from getting defensive, you’ve won half the battle, because as long as they aren’t feeling attacked, you are likely going to keep them on the phone and be one step closer to commercial debt recovery success.<\/p>\n
Make Clear Expectations<\/b>
\n<\/p>\n
Make sure you state, clearly, what you are calling about. If you beat around the bush, a talented client may be able to talk you out of collecting any money at all.<\/p>\n
Make sure you establish up front what money is owed when it was owed, and that you are wanting to resolve the issue today. Maintain professionalism, but be clear and direct.<\/p>\n
Know Your Client<\/b>
\nListen to the client and pull from knowledge of them when you did business together. This is going to help you respond to whatever they can throw at you in an effective way.<\/p>\n
Try and put yourself inside their head so you can anticipate how the call is going and how it is likely to end.<\/p>\n
Communicate Importance<\/b>
\nStress that this is an urgent matter. But beyond that, try to establish and stress what necessary steps will have to be taken if payment is not made.<\/p>\n
This is not an incitement to blackmail. We aren’t suggesting you hold hostage their browser history until they pay.<\/p>\n
However, it is advisable to remind the client. This is to the fact that neither of you really want to take the matter to court or to a collection agency. If the payment is not made, the reminder is just the logical choices.<\/p>\n
Make a Plan<\/b>
\nAt this point, the client should be ready to make a plan. You may be able to be flexible here, offering a payment plan<\/a> if payment cannot be made in full. Being willing to work with the client is likely to get you closer to successful recovery than demanding that complete payment is made immediately.<\/p>\nClose the Deal<\/b>
\nOnce you’ve got a plan in place, be sure to thank the customer, but also take the time to re-affirm the plan and ensure that both you and the client are aware of the entirety of the plan and the consequences for not following through.<\/p>\n
This part may feel like overkill, but it’s just one last opportunity to ensure that you and the client are on the same page and that you both understand what is expected. This way, a client can’t come back and claim ignorance.<\/p>\n
Wrapping Up<\/h2>\n
Commercial debt recovery can be tricky. It is not a conformable situation. And many business owners either struggle or keep away from it. They do this, altogether. The reason is that they just are not sure how to do it.<\/p>\n
But by following the steps outlined above and remembering to be direct and professional, you are well on your way to commercial debt recovery success.<\/p>\n
If you need more help, drop us a line.\u00a0We have commercial debt recovery specialists. They are ready to share their expertise. Side by side, they will recover your commercial debts. All this is for your business.<\/p>\n<\/div><\/div><\/div>