3 Tips to Improve Your B2B Debt Collection Performance
Debt collection is one of the most challenging industries out there, and its nefarious reputation surely doesn’t help either. However, the challenges become tenfold when you talk about debt collection for business. One of the challenges in debt collection, whether B2C or B2B, is that there are no fixed paths. You need to improvise according to the customer in both segments. Whether it’s a company or a customer, you need to understand their credit situation and financial conditions for the best results.
Here are some tips to help you improve your B2B debt collection performance.
Be clear and consistent in your efforts
One of the banes of the digital debt collection industry is that no one takes you seriously the first time. Be prepared to be ignored and overlooked by many of your B2B clients. You need to ensure that you are consistent in your efforts until someone listens.
When trying to achieve consistency, another thing to keep in mind is to never rely on just one point of contact in the organization. Make multiple levels of contacts within the organization and check on them at regular intervals.
Ensure that whoever you talk to knows just why you’re talking to them. Be precise about why you are contacting them and what you need them to do. Don’t leave the conversation without getting a follow-up date where you can call them again to know the progress.
Keep a record
Often, a business can deny that you had tried to contact them several times, or they can claim that they didn't get the warning before the legal letter was sent. To prevent that from happening, always keep a record of the contact attempts you make.
These records will act as evidence should you need to take legal action against the company you are collecting payments from.
Apart from that, there is another benefit of keeping records of all your interactions. By scanning the records, you can quickly identify how much progress you have made with each client and how long you need to work before they become a high-risk debtor.
Stay professional
It is pretty standard for people to let their emotions run high when dealing with debt collectors and say unpleasant things. Or, your clients can even accuse you of doing things that are not legal or delay the payment as long as possible by making excuses. However, as a debt collector, you cannot afford to lose your calm or get rude to your clients.
Always be polite and concise when dealing with debtors. Don’t make personal comments or remarks about the business or reputation. Deal with facts and give them the information they need to know. Be considerate towards your client’s problems and stay in control of the conversation.
About us
DebtCo is the only all-service digital debt collection agency you need for all your payment collection woes. We have developed an innovative digital debt collection platform that can take care of all your collection problems, regardless of your industry. You can reach out to us at 01376 800 592 or request a meeting to learn more about our small business debt collection agency.