collection secrets presentation
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WRCC Collection Secrets - for collecting past due debt in a business to business enviromentTRANSCRIPT
Collection Secrets
Presented by: Nannette BringardAccountant / Credit Manager
Deluca Liquor & WineCoors of Las Vegas
June 6, 2007
Collection Secrets
Who are you selling to? Get to know your customer by doing your homework before the first sale
What are you selling?
What are your terms of sale?
Collection Secrets
Does your customer posses the 6 C’s of Credit?
CharacterCapacityCapitalCollateralConditionsCredit Record
Collection Secrets
Start with your Credit Application
Ask the right questions, and thenVerify the information given
Verify trade references Verify their payment history Verify bank information Verify corporation with the Secretary of
State. (Nevada Secretary of State website is http://sos.state.nv.us
Collection Secrets
What are the terms of your sale?
Terms and Conditions of Account
Personal Guaranty
Collection Secrets
Motivate and train your customer to pay on time
Start with the first order
Use follow up calls, reminder of payment terms
Collection Secrets
Organize your collection calls
Know the balance and the background
Prepare a past due log or call sheet
Document your conversation
Collection Secrets
Have a systematic follow up procedure in place Send out monthly statements
Use stickers or hand written notes• www.renton.com
Collection Secrets
Make “Feel Good” collection calls
Portray a positive customer service attitude
Use thank you cards
Collection SecretsWatch for warning signs that a company is in trouble
Stall tactics• Check has been cut but is pending final
signature, or no one is here to sign the check
• Missing an invoice and needs a copy (several times)
• The check is “in the mail”• We just don’t have any money right now• NSF checks
Collection Secrets
Be part of the solutionPayment plans
Know when it is time to turn the account over to collections
Collection Secrets
Educate yourselfAttend seminarsSubscribe to credit and collection magazines
Collection Secrets
Consider joining CMA and industry credit groups
Collection Secrets
Attached sample formsCredit ApplicationTerms and Conditions/Personal GuarantySample letters to customers
10 Tips to Improve Collection Procedure pulled from CMA News website http://www.imakenews.com/anscers/
Effective Communication TipsGuidelines For An Effective Collection Call
Collection Secrets
Questions?
If you have any questions after you leave, I can be reached by:
Email: [email protected]: 734-5228