Foolproof Strategies for Getting Delinquent Customers to Pay

Overview:

This webinar will cover the entire credit process from how to set up an account, how to decide what payment terms they should receive all the way to how best to collect from a delinquent account. The webinar outlines steps for the following processes:

Credit application- what is needed in the body of your credit application so that your company is covered should there be a lawsuit, or the customer goes to collections. What can you ask on your credit application and still be PCI compliant?

Once the credit application is received what does your team need to do to determine if the customer is credit worthy enough to have open account. If they are not creditworthy enough what are next steps. 

Time will be spent discussing whether cash in advance is really a good option for a customer that may not look as credit worthy as you may like. We will discuss reports that your IT department can write that will help you monitor your accounts, process credit cards, and determine DSO for each of your accounts.

The webinar will cover several techniques on how best to collect from your accounts while still retaining them as a customer, when to request help from your sales team and what the final steps should look like before you turn an account over for collection.

We will also discuss credit insurance and is it right for your company. Do you use letters of credit, do you use credit reports and how beneficial are they. Do you still use bank and customer references inquiring about a new account? What do you do if you send an account to collections and then they pay off that balance and now come back for a new order. All these topics will be discussed in this webinar. 

Why you should Attend:

Every company is faced with the problem of having customers not paying on time so what can you do to help address is problem. There are many factors that you can improve to help lower the percentage of your delinquent paying accounts. In this webinar we will discuss the processes you will need to review from how you set up a new account, what information do you require for a new account set up, what is your collection process, what methods do you use in contacting your customer and how to use your sales team to assist you. Does your team focus on building relationships with your accounts and is this done with phone calls, e-mails or mailing letters. 

Depending on which one you are using can make a huge difference in your success of collections. Do you have an escalation process in your collection area so after so many attempts to reach an account it will get escalated to the next level? What can you legally say in a phone call with a delinquent account to avoid that customer from coming back and filing a suit against you. When do you put a customer’s account on credit hold, does your system do this automatically, how do you notify sales when you put an account on hold? What do you do after a customer finally pays you after four months and they want to place a new order? All these challenges will be discussed in this webinar.

Areas Covered in the Session:

• Setting up a new account
• Reviewing whether your credit application is solid enough and if not how to get it there
• Once credit is given to an account how best to monitor the account
• If the account is not paying as promised the steps needed to secure a payment

Who Will Benefit:

• Credit Analysts
• Credit Managers
• Bankers
• Owners of Small Businesses