Resolving a client’s Accounts receivables and managing same is a skill. Collection agency’s must not only negotiate and advise but be extremely diplomatic. With thorough knowledge about the prevailing market trends and information about the history of the borrower the agency has to tread on eggshells at times to ensure a smooth and friendly closure to deals. Lending and borrowing is not necessarily a onetime deal but can be recurring. With this in mind it is imperative for an agency to work with open-mindedness and without prejudice.
The collection agency needs to follow certain tried and tested methods to deal with the debtors and at the same time keep innovating new ideas based on the situation.
The sophistication carried by the collection agency needs to reflect in the body language and speech. This in itself keeps the borrowers on an edge to know they are dealing with professionals. The collection agency should be able to demonstrate their expertise to the extent that the borrower in turn calls to avail of their services or at least be a referral.
The recipe for collection equation needs to be customized and flexible. Based on a particular situation the agency can also convert to the role of an advisor to the borrower to help them get their finances under control. Suggestions and modus operandi for business restructuring and revision in policies can enable the borrower stabilize his position as well. In this way the collection agency has a 3 way role to play to ensure a satisfactory deal for all.
The collection agency needs to monitor, match and cater to the style of both the lender and borrower. By understanding the business model of both, the approach has to be meticulous and welcoming. A push and pull policy has to be used and attention needs to be paid that when push comes to shove Aspira One can handle that dexterously.
Further details : Debt recovery for small business in Chennai