Credit Policy for businesses and how to extend credit and manage credit risk

When you make collection calls, you should know what you are going to say before you pick up the phone. Your best bet is to BE PREPARED!

Your opening statement should be brief and to the point.  You need to identify yourself and your company, state why you are calling and what action you want them to take.

Always ask the question and WAIT, let the customer or debtor break the silence, and always assume the debtor will pay.

An example would be:

"Hi, this is Michelle from KTM Auto calling about your balance of $500.00 on invoice # 1234 dated 5/1/06.  I am calling you today to take your payment over the phone to clear this balance from your account.  Would you like to pay with a check over the phone, debit or credit card?  STOP! Let them answer you, remember they feel more uncomfortable than you do about the silence.