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You delivered a very dynamic, comprehensive collection-specific seminar. Our team continues to use the many techniques provided in your presentation. Your program was a real win for our collection team!"

Craig Burkhard, Vice-President, Lending, MacDill Federal Credit Union.
 

 

It pays to listen!

What's the best collection advice
you ever heard?

We asked the folks who receive our (free) monthly e-mail to tell us the best collection advice they ever heard.

It was difficult, but we chose the top five and they were given their choice of any of our listed  collection products.

Those five, and some great 'runner-up' entries are listed here - with only minor editing for space.

Don't forget - upcoming collection seminar in Toronto on February 23, 2007, click here for details

The top five:
  • Angie Deslauries:

    Never make the collectee feel stuck.  Let them feel like they have
     some control over the payments.  For example, give them 2 choices
     for payments (3 payments of $200.00 or 5 payments of $120.00).
     When they choose one, they feel more responsible for the payment
     agreement and are more likely to pay and they also feel you are
    trying to help them out by giving them options.

     
  • Asma Khan:

    The best collection advice came from my great grand father:
    "Lend a man $10,000.00, you own him.  Lend a man $10,000,000.00, he owns you." Remembering  this when I
    called my client, was a good gauge of how the conversation with my client should unfold.
    Does he own me or do I own him?
     

  • Dayna Feist:

    I’ve received a lot of good advice of the years but the one tid-bit
    I continue to find useful is silence.
    Silence is a tool that can be used in every type of collection call
    you can imagine.
    In a heated call, just listening and sitting silent inherently will bring
    the call tension down.  It also tends to cause the irate customer to
    say things they would probably not say, like admissions to guilt.
     

  • Janet Saare:

    BE DIRECT, RESPECTFUL AND A GOOD LISTENER!

    (When I started my job, I had a very large delinquent account
    ($200,000) and it took two years to clean it up...which I did
    successfully but today that Company has bought us out and I am
    now an employee of theirs)

    •
  • Rosemary Curran

    I really can’t remember where I got the advice, it was a very long
    time ago, but I was advised to do a couple of things really, and I
    think they all go hand in hand.
    Never treat a customer like he’s your best friend, because he’s
    not, but never talk down to him.
    Always be courteous, but firm !  In other words I guess
    “always be professional “
     

    "most honorable mention"


     

  • Terry Walling:

    I ensure all my collectors follow the maxim “You catch more flies
    with honey than you do with vinegar”

    If you begin your approach aggressively you will immediately
    put the debtor on the defensive and he/she will clam up which
    is the last thing you need. My people are taught to initially use
    the “arm around the shoulder “approach by saying. “This is
    the situation and I understand there are many good people
    who find themselves in difficult situations from time to time
    so how can I help you sort this out?”

    (Terry wasn't alone in the philosophy of “catching more flies with honey” - still good advice.)

     

  • Susan Sommerfelt:

    I find that although you must be very firm, you definitely
    catch more flies with honey than with vinegar.  If you
    show some sympathy and understanding to the customer
    and at the same time be very firm on what must be done
    to alleviate the debt, I find a big percentage of customers
    comply.
     

  • Charlene Davis:

    The best advice I received was from my first collection
    job 12 years ago.  The woman who trained me said: 

    “Customer’s who are short on funds have a hat.  The
    hat contains all the people they need to pay.  When you
    call that customer you need to be firm, but not too
    aggressive.  Too aggressive and the customer will get
    insulted and take you out of the hat.”
     

  • Cathy Peterson

    The best collection advice I have received is this: 
    Treat your customers with respect – first and foremost.
    Yes they owe you money, but they are human beings, too.
    Some of the important people we need to speak with for
    payment wear many hats.  They are chief cook and bottle
    washer, janitor, human resources, payroll and last but not
    least, accounts payable.  So, if you treat them with respect
    and understand their situation you can better collect
    knowing all the responsibilities they hold in order to keep
    their business in business. 
     

  • Dona Birtwhistle:

    I heard this many many years ago and truly believe in it.
    “Always remember that paper has no feelings. It doesn't care
     what the reasons or circumstances were that caused the
    debt to be a debt. It is still a debt and a debt that is owed.”

     It helped me keep focused.
     

  • Luella Bos:

    1. You can't get your groceries for free.  They know they
    need to pay so it is up to us to remind them.

    2. Kill them with kindness and money will fall in your lap.
     

  • Anonymous:

    I have been in the business for 8 years and the advice I
    adhere to daily is:
    "Become best friends with the receptionist or switchboard
    operator of your clients."
    In time of need, they can be your best resource for getting
    through to a hard to locate contact and to gather information
    during the friendly discussions.

COLLECTORS CORNER  -
 




Collector's Corner is designed to give you some support, catch you if you fall, save you some time, wipe the sweat from your brow and stop the bleeding. We will try and get you up and push you back out into the ring, cause we've been there, maybe been counted out, but never heard the bell.

Who is in your corner? We are. We've got your back.
Tim Paulsen, Toronto, September, 2005

 
 
 

The fine print:

You're big boys and girls out there so you know how this works. We expect you will find most of the products and services of interest, but please don't take that as an endorsement. Eyes wide open, eh?

Click on the following for more information:

Tough Question: "Are you threatening me?" - Check the straight answer from lawyer Catherine Willson. Click here.

It's too big for one page - so we're expanding! You will find some of the categories on this page and others,  like movies and interviews, now have a page of their own.

BOOKS:

"Paid in Full" - by Tim Paulsen
No surprise here, but I hasten to assure you that this selection, made by several members of the Paulsen family, after a full meal and several bottles of wine and beer was a near unanimous selection.

"How did the Sheriff of Nottingham ever manage to collect from those wily serfs and villains without having Tim Paulsen's book handy?"
John Owen, Principal,
Omega-One Ltd

To find out more about this book, please click here.
 
The Check is NOT in the mail - Leonard Sklar
You gotta' love a guy who writes (and talks) with the overall philosophy that money isn't everything, but it isn't nothing, either.
Len's book may not be easy to locate in a bookstore or in the library, but finding a copy is worth the effort. You should be able to get a copy by sending an e-mail direct to the author at :
lenwriter@aol.com

As close to a free lunch as you're gonna' get - check the library for:

"The Handbook of Credit & Accounts Receivable Management" by Rosie Bukis
ISBN 0917253671

"Positive Cash Flow: Powerful Tools & Techniques to Collect Your Receivables" by Robert Cooke
ISBN 1564146774

"Getting Past No: Negotiating Your Way from Confrontation to Cooperation" by William Ury
ISBN 0553371312

Magazines & Newsletters:

National Credit News:  A 'hard copy' credit & collection magazine with excellent articles (Tim Paulsen writes a monthly column), products and seminar listings for credit and collections.
http://www.ncnjournal.com

Covering Credit: With a claim of more than 5 thousand subscribers, this newsletter is targeted at credit professionals.
http://www.coveringcredit.com Business Credit Management (U.K.) Though it is directed in particular to those in the U.K., many of us in the field will benefit from the articles and information that John Arnold puts together in this credit & collection management newsletter.
http://www.creditman.co.uk

The Collection Advisor: Collection Advisor is a national bimonthly publication focusing on management and technology for first- and third-party collections. Each issue includes collector profiles, software/system reviews and recurring columns addressing today’s hot topics and much more. 
http://www.collectionadvisor.com

Collection Software:

Collect!  

Full-featured software for credit and collection. You can do 'lots of stuff'! Import and export data, letters, credit bureau reporting and more. The vendor says this product is suitable for businesses from small home-based to very large offices.
http://www.collect.org

Free download of Collection Screensaver

The ten rules and some clip art are a fun way to keep us on our toes and reminded of what is important in our profession. You and your team will have some fun with this one, but don't take our word for it! To view a sample of the screensaver, click on 'show me the money'. 

The product is free to all Tim's Tippers. It is safe and easy to install. Just a couple of clicks. (Of course, you can take it out anytime you want - install again later if you like.) Click here for details.