3 Ways to Improve Your B2B Debt Collection Performance
B2B debt collection isn’t plain sailing for even the most experienced credit professionals. However, there are ways to improve your results and recover the debts you are due.
The people behind the business can often see the processes of debt collection as something set in stone. But, it’s important to remember that when it comes to debt collection, whether that is B2B or B2C, there’s no one ‘correct’ way. Each company has its unique sale and marketing processes, and they also need to find their individual debt collection and credit control.
If you are struggling with B2B debt collection and are looking for realistic and attainable targets to improve, then please keep reading. By taking on this expert advice, you can start to see real progressive change in your debt collection performance.
Clear and Consistent
You should always be clear and consistent when trying to recover a debt. It’s best to start by looking at the people you are contacting in your customer’s business. If there are multiple points of contact, each person should be given the same information so that the company has a clear understanding of what is happening.
Also, before you make a call, take a moment to remind yourself of what your standard processes are and what different outcomes will be acceptable for you. This ensures the conversation heads towards the outcome you want, preventing you from being sidetracked or dismissed. Being clear and consistent in these calls reduces misunderstanding and will help you develop a quicker and cleaner resolution.
Consistency can show through how you handle the processes, from calling back at particular times to the steps you take when repayment is missed. This shows you are professional and serious about recovering your debt.
Keep a Record
Try and keep a record of all the interactions you have with a customer, especially ones where terms are agreed, invoices are sent and where you have issues reminders for payment. Having all of these interactions as evidence will help in the event of miscommunication, accusations or confusion. It will also allow you to answer any of the customer’s additional questions quickly.
If you have to turn to a B2B debt collection agency, this record will also support any action they have to take and help you recover the total amount you are owed.
It can seem easy to give in to temptation and act in a manner that expresses your frustration and anger at a situation. However, it is essential that no matter who you are dealing with, you stay professional. This concerns the way you speak over the phone, any written communications, and how you approach the situation.
Instead of letting your frustration show when excuses are given for unpaid invoices or when communication breaks down between both parties, keep the conversation and approach professionals to help you reach a more desirable outcome. This enables you to stay in control of the situation and stay calm throughout the whole process.
If you are struggling to manage your debt collection, reaching out to a B2B debt collection agency can help you develop your debt collection performance.
If you want to recuperate any loans owed to you and prevent debt issues before they occur, then get in contact with us today. Not only do we excel in debt recovery, but we can help implement simple credit control procedures to minimise bad debt problems before they occur. To speak to our debt collection team about recovering money for your business, contact Iain Bould on firstname.lastname@example.org or Tracy Popperwell email@example.com.