Pursuing debts owed by individuals and companies requires tact and professionalism. Having the right debt collection skills is the only way you can be sure of collecting payments owed.
Here are 4 debt collection skills that are guaranteed to be successful
1. Emotional Intelligence
Debt collection can be a challenging experience especially when dealing with procrastinating debtors who avoid picking calls and are not available when you make physical visits to their premises.
While this can be frustrating, it’s prudent to know that as a debt collector, high level of emotional intelligence is necessary in order to succeed.
Imagine a situation where you and a debtor are both charging insults at each other in a spate of anger.
You need to understand the emotional state of the debtors and manage your own emotions in order to exercise the right social skills.
2. Communication and Negotiation skills
Communication skills is paired with negotiation skills because in collection you don’t always have to negotiate for full payments.
Rather, you use your communication skills to negotiate for full payment by asking the debtor to choose a viable payment plan.
Always bear in mind that a debtor won’t agree to make the full payment just yet. So giving them options and setting reasonable timelines affirms the seriousness of the process.
3. Excellent writing skills
As debt collector, you need to document accounts in a manner the debtor can understand. You need to be clear and concise in your writing in order to avoid miscommunication.
Read what you write and see how well you can understand and comprehend it.
This also applies when you do not reach an agreement with the debtor, ensure you write down, all parties understand and agree to the terms and sign.
4. Time management skills
Debt collection is about productions of results in terms of payments collected. Time management involves scheduling and following up on payment arrangements. You work on set deadlines that have to be met in order to establish success of accounts.
How successful you collect payments is highly dependent on how well you can adhere to schedules.
Start collecting all your debts…
By learning these skills you will be able to aid a speedy debt collection procedure, increase the financial health of your company, efficiently deal with delinquent customers and use the right approaches to make debtors pay.