Business Success Strategies
DEBT COLLECTION TECHNIQUES:
Making Tax Season Work for You
By Jim Finucan
Income tax refunds to debtors can be drawn upon to settle a
balance when you dun and do a proper follow-up. Indeed, You can
actually triple your collection amounts during tax season!
In January, pinpoint the accounts that might have refunds coming.
Include a question in the "facts" part of your call
as to whether the debtor expects to get a refund. Then keep tabs
on them and in your conversations repeatedly confirm that they
will use the
refund to pay your bill. Watch out for "reduction tactics" which
the debtor may try around the time he expects the refund check
to arrive –
"I just found out that the refund isn't going to be as
much as I thought," (sounding sincerely disappointed.)
You should then request immediate documentation of this lower
figure and inform the debtor that further collection procedures
will now be implemented. Then discuss other ways the debtor can
come up with the money.
If the debtor becomes evasive or doesn't respond to your messages
around the time he expects his check don't hesitate to call him
at work. If you haven't been "ceased" from doing this
(see pages 24-25).
You need to stay on top of this situation because
you'll often find
yourself competing with collectors from other businesses who
are also after this guy. Those who are most efficient, who
are firmest in their demands, are the ones who'll bring in
the bucks. © 2005 Tiare Publications
Let 15-year collections pro Jim Finucan show
you how to double – even
triple- the amount of money you collect from your accounts receivable.
Check out his unique collections manual "Past Due" shows you how to
handle all their excuses. For more information visit:
http://www.tiare.com/pastdue.htm
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