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Finding the Right Balance in Collecting

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It has long been a misunderstanding that the perfect collection team is comprised of cut-throat employees that will resolve the conflict and obtain maximum compensation at all cost. While the primary goal of collecting is to ensure that you secure all of the money owed, the “hardball” approach often inhibits achieving this desired result. Listed below are some recommendations on what to focus on when constructing the ideal collection team for your business. 

Toughness is Not the Ideal Characteristic of a Collection Agent

It is important for your collection team to be comprised of individuals who have a backbone. They need to be willing to put their foot down and communicate the seriousness of collection notices and let the customer explicitly understand what is expected of them according to a prior agreement. With that being said, being too overbearing may result in more issues with regards to collecting payment. Someone who is not compassionate to a degree may run the risk of jeopardizing the chance to continue doing business with this customer in the future. An individual who communicates with reason and shows interest in retaining a customer will help reduce the chance of customers finding new suppliers.  

Focus on Different Qualities when Assembling the Right Team

Find someone who is a problem solver. A collection agent is going to be far more successful in obtaining compensation when they are able to reason through complex issues. Someone who is capable of understanding the reason for late payment and developing a plan to work with the customer is more likely to keep your company happy, doing so by getting the payment conflict resolved and retaining the customer for future business!

Another sought after trait of a successful collection agent is someone who is friendly. As simple as this sounds, the ability to maintain friendly and professional relations with customers even in awkward situations will lend to higher rates of success.

Organization is another facet of a successful collection team. Understanding the importance of keeping up with appointments, dates of collection notices, and general paperwork will help avoid additional issues when problems inevitably arise. 

An often overlooked trait of a successful collection team is one that is aligned with company goals. While collection teams may often seem to operate as a separate entity than the core company, it is important that the team understands that maintaining the company culture and objectives is a huge deal. When all motives are aligned correctly, the overall efficiency and productivity of the company will improve dramatically. Having too cut-throat of a collection team may send the message to customers that the whole company operates like that and will reduce the likelihood of retaining customers. 

These suggestions serve as a foundation to building the perfect collection team for your company. While the needs differ from company to company when it comes to building a successful collection team, these recommendations will act as building blocks in getting your team structured the right way. The main takeaway of these recommendations is to shift your understanding that the outdated idea of having a hard nosed collection agent is actually counterproductive for generating the desired results.

The post Finding the Right Balance in Collecting appeared first on Business Debt Collection Agency.


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