Debt collectors are commonly misconceived as hard-hearted and ruthless phone jockeys who intimidate individuals into paying their dues. Sadly, while the aforementioned are lurking somewhere out there in the shadows, the reality of effective debt collection is quite the opposite.
Being able to collect debts efficiently and effectively requires a diverse and unique subset of skills including expert person to person communication. Such expertise cannot be acquired via printed page or word of mouth, but only through experience.
Our 30 years of career experience in debt collection enable us to formulate the most effective strategies to resolve each and every debt dispute. Our superior understanding of debtors and available resolution strategies means our clients benefit from greater returns on their debts, faster results and better value for money.
We understand how to overcome objections
The most common thing a debt collector encounters is excuses. In fact, we’ve heard everyone in the book. But experience has taught us how to look behind the excuses to figure out what the real objection is and how we can overcome it. While we treat each debtor as an individual, our experience has shown that most fall into a category of ‘usual suspects’ who commonly experience financial difficulties. We are skilled at figuring out what motivates such people and how to use that information to your advantage.
The goal of debt collection is not simply to elicit payment of money, it is to do so whilst preserving the integrity of the business relationship. This can be quite a delicate feat.
Communicating with people in uncomfortable situations is a skill that is only gained through experience. In addition, we understand that more important than talking is listening. Listening to a debtor provides much greater insight into their circumstances and reasons for not paying than could ever be gained by persistently barking at them to pay up.
Creative problem solvers
Where there is a debt, there is a problem. When your options are limited to the obvious generic solutions, negotiations can quickly reach a stalemate. However, creativity allows a debt collector to engineer new solutions or compromises that are acceptable to both parties and reach a resolution. Over our 30 years, we have compiled a broad repertoire of “out of the box” solutions to resolve our clients’ matters. We can draw on such solutions or engineer new ones to recover your debts as quickly as possible.
Ethics and empathy
Many new and enthusiastic debt collectors lack respect for debtors. They fail to appreciate that by aggressively pursuing debtors at all cost, using questionable methods, they may irreparably damage their client’s business reputation or relationships with debtors such that they lose out on repeat business and future profits.
Our experience has taught us that empathy for a debtor’s situation and the reason for their debt is important. It allows you to reach the heart of the problem, where emotions lie and work with them.
Make no mistake, the people you choose to entrust your clients to are not all equal. Opting for a firm with the experience to back up its claims will bring lasting benefits to your business.