Learn who to contact and what to say in the debt collection process.
Cash is King, and in today's competitive marketplace, underperforming collectors put their entire enterprise at risk. Too often, collecting is not given the priority it deserves. Without a commitment to keeping past due accounts receivable (AR) in check, cash flow suffers. An ad hoc approach to collections is not only unacceptable but a sure way to exacerbate any problems lurking in your AR. To be successful in collecting commercial receivables, you need to put in the necessary time and follow proven best practices. You not only need to know when it is best to call and when an email will suffice, but you also need to be clear, concise, and comprehensive to get a message across to past-due customers that will convince them to pay. Avoiding interruptions, prioritizing your work, asking the right questions, and countering customer excuses are all part of the formula for success. Being a bill collector may not be glamorous, but it is a necessary function that needs to be done well.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Introduction
- What Do Collections Involve?
- Collections Role in the Order-To-Cash Process
- What Makes B2B Collections Different?
- Outline of Material to Be Covered
Collection Correspondence
- Information to Share
- Messaging to Use
- The Importance of Follow-Ups
Dialing for Dollars
- Attitude: It's Business, Not Personal
- Preparing for the Call
- Asking Questions
- Deflecting Excuses
- After the Call
Managing Your Time
- Applying the 80/20 Rule to Collections
- Calls vs. Correspondence
- Prioritization Schemes
Tips and Tricks for Collecting More
- Don'T Leave Anything on the Table
- When to Use a Collection Agency
- The Secret to Automation
- Other Tips
Conclusions
- Cash Is King
- Collections Is a Numbers Game
- Collection Requires Diligence
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on February 22, 2024.
Call 1-866-352-9540 for further credit information.
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- HI CLE 1.0
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- NH MCLE 1.0
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 65 Minutes.
- NJ CLE 1.3
- This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.3 hours of total CLE credit.
- PA CLE 1.0
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WI CLE 1.0
- This program qualifies for 1.0 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
- WV MCLE 1.3
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.3 MCLE hours.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
MP3 Download
- Arizona CLE 1.0
- CA MCLE 1.0
- CT CLE 1.0
- HI CLE 1.0
- NJ CLE 1.3
- VT CLE 1.0
- WV MCLE 1.3
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
David Schmidt
Ferguson Calder LLC, dba A2 Resources
- Managing Director of A2 Resources
- Founded A2 Resources in 1994, a management consultancy focusing on credit, collections, and receivables improvement along with small business data intelligence; besides working with corporations and financial services firms, David also serves as the leading industry analyst covering the B2B order-to-cash automation marketplace
- Prior to A2 Resources, he managed credit departments in corporate manufacturing and distribution environments for 16 years; he is also an alumnus of Dun & Bradstreet
- Has conducted workshops across North America as well as online on a variety of credit and collections improvement and receivables automation topics
- Co-author of the seminal text on collection automation, Power Collecting: Automation for Effective Asset Management, 1998, John Wiley & Sons, NYC
- Author of hundreds of articles for a variety of publications, including Business Finance, Collections Advisor, Business Credit, the Credit & Financial Management Review, the Credit and Collections Manager’s Letter, and of course, Credit Today
- Has worked with the Credit Research Foundation, Federation of Credit & Financial Professionals, Institute of Financial Management, and the NACM and many of its affiliates
- Can be contacted at [email protected] or 215-260-3688
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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