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Tip of the Week Archives
Every week we email a free tip, technique, or strategy about doing business on the web. The tips are short, to the point, and cover a wide range of subjects. To sign up for the tip of the week, use the sign-up form on the right. We value your right to privacy, and we will never sell or share your email address with others, nor will ever send you spam. Unsubscribe instructions are included with every tip.
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Donuts: Your Secret Weapon?
While you can establish strong and healthy relationships with customers over the phone, you can do even more in person. One experienced credit and collection manager we know makes it a point to vi . . .
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Collection Training: Do You "Revisit?"
As a manager, you probably remember at least one orientation program during your career where you were just literally overwhelmed with information--so much so that you simply couldn't assimilate it. . . .
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Legal Case Study: Debtor Sues Based on Deceptive Letter from In-house Collection Arm. Is that A FDCPA Violation?
This legal case study explores a situation in which a retail credit card holder fell behind on her payments. This retailer's accounts were operated by Citicorp, which sent the debtor various dunning notices. When she failed to pay, she received a letter from "Debtor Assistance," which stated that "your account has recently [been] charged off" and which offered her a manageable repayment schedule. At the time of this case, Debtor Assistance was actually a unit of Citicorp that handles accounts that have been written off but not yet assigned to collection agencies. The debtor never paid and ended up filing for bankruptcy protection. She eventually sued Citicorp for violation of the Fair Debt Collection Practices Act (FDCPA), based on the letter from Debtor Assistance. Think she had a case? Read on for the answer and our analysis! . . .
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"Have you been trying to reach me?"
How's this for an opening line for a collection call? "Have you been trying to reach me?" Ummm, yeah, right, you might be thinking... My past due customers sure aren't beating down the door trying to reach me. What a ridiculous question! On a strictly literal level, that is probably true. . . .
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Two Key Elements of a Top Bank's Collection Training Program
One bank with a highly-successful collection operation emphasizes, among other things, thorough training for their collectors. First, they cover their overall philosophy, but also provides collectors with specific collection tools that will help them implement the philosophy. There are five key tools they aim to give their collectors. In this weeks' tip, we'll cover two of them. . . .
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Hiring: Eight Ways to Identify a Great Collector
Here's an eight-point checklist used by credit expert T. Frank Hardesty, vice president of management services for Payco American Corp. (Dublin, Ohio) that can help you determine how likely it is that a candidate will succeed at collections: . . .
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Collections: Focus on the PICTURE!
Collectors need to sound professional on the phone. One way to get them to do so is to focus on the word "PICTURE." P = Pitch. Collectors should use a lower rather than a higher pitched voic . . .
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Call Early and You'll Get Good Results
"Don't wait for an invoice to become past due," advises one West-Coast credit veteran. "Call just before the due date. The call should be a forethought, not an afterthought. If you wait 30 days after . . .
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The Collection PICTURE
Collectors need to sound professional on the phone. One way to get them to do so is to teach them to focus on the word PICTURE" P = Pitch. Collectors should use a lower rather than a higher . . .
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