Corporate Training By Zack Academy - Collections 101 - Getting Delinquent Accounts to Pay Up

Why Should You Take The Collections 101 - Getting Delinquent Accounts to Pay Up Workshop?

In this one-day Collections 101 - Getting Delinquent Accounts to Pay Up Workshop, you'll learn the essentials of collecting money. You'll get an overview of the entire collection management process, including the skills and techniques that dramatically increase your odds of getting paid. You'll learn how to keep your organization out of legal trouble by ensuring that the collection of past-due accounts is done in a legal and proper way. You'll understand when and how to work with third-party collectors like collection agencies and attorneys. You'll even get practical tips on the special situation of checks, notes, and guarantees, along with the special challenges involved in collecting money from international accounts.

Collections can be an incredibly difficult and stressful job. You need to be absolutely sure that all collection attempts are 100% compliant with the law — or you're leaving your organization vulnerable to dangerous and expensive lawsuits. Make sure that you're contacting and collecting from debtors in a safe and legal way — and get the money that your organization is owed.

Syllabus

Accounts Receivable Affects the Financial Health of Your Organization: A Collections-Centric Overview

• Accounts receivable and your financial statements
• Cash flow: the two most important words in business
• Effective credit management: understanding credit risk
• Developing a credit policy that works for both you and your customers
• How to use discounts and late fees to get paid earlier
• The four principles of collection management
• The importance of having a written collection policy
• Consistent follow-up: the art of showing up

Communication and Collecting on Delinquent Accounts

• Mastering the use of telephone collection skills
• Getting past human and electronic gatekeepers
• What to do when you can"t talk to your debtor
• Techniques for working with customers who can"t or won"t pay
• The 10 most common excuses and how to deal with them
• Negotiating the payment of past-due accounts
• How to set up payment arrangements

Collection Letters, Skip Tracing, and Technology

• What collection letters can and cannot do to help you get paid
• The five basic types of collection letters
• The important elements of standardized collection letters
• Skip-tracing essentials for locating missing debtors
• Best skip-tracing resources and how to use them
• How technology impacts collection efforts
• An overview of collection management software and services
• The advantages and disadvantages of email in collecting money
• How to use social media to help you get paid – and what you can"t legally do
• Other uses of technology to speed up the collection process

Complying With Collection Laws

• The Fair Debt Collection Practices Act and what it means for creditors
• The Fair Credit Reporting Act and how to report slow payers and do credit checks
• Other important collection laws and what you need to know
• The essentials of bankruptcy: important bankruptcy statistics
• Understanding Chapter 7, Chapter 11, and Chapter 13
• The steps to take when customers tell you they have filed for bankruptcy

Special Situations and How to Handle Them

• Crossing borders: what you need to know about collecting money internationally
• How to protect your business with international collections
• An overview of working with checks, notes, and guarantees
• The steps to take when you get a bad check
• When not to accept a customer"s check – and how to tell
• When and how to use promissory notes and guarantees

Dealing With Severely Delinquent Accounts

• What to consider before taking your debtor to court
• How to work with collection attorneys
• Doing it yourself: the ins and outs of small-claims court
• Turning debt over to the pros: when and how to use collection agencies
• How to find a good collection agency
• Questions to ask a prospective collection agency