Fundamentals of First-Party Consumer Collections

• Overview

Learn to effectively communicate with a consumer in a unique situation and how to use specific tools for those in temporary circumstances.Most of us were hired to do a job that was not labeled as debt collector. The position might have been an account receivable representative or bookkeeper which now requires this additional role of which you have no training. What do you do when your accounts receivables are aging, and your statement reminders are not working? First-party collecting is becoming more common and is a necessary tool for any business to maintain working capital. Whether your product is a service or a widget, you want to be paid and retain your customer. This can be quite a dilemma in today's environment. It is necessary to be able to analyze why your customer isn't paying and what happened from the time of your customer's purchase to the time that payment was due. This material will help anyone develop the skill set to effectively recover past due payments and how to navigate the collection process through a pandemic. You will take away knowledge to address your slow payers, and increase revenue for your company.

Authors

Agenda

Type of Consumer

• The Slow Payer

• Johnny McExcuse

• Penny Promise

Excuses

• Common Excuses

• How to Respond

The Collection Processes

• The Original Purchase Agreement

• How Many Statements to Send

• When Do I Call the Customer

• When Do I Use a Collection Agency

• How Does COVID-19 Affect This Process