Three Tips For Successful Cannabis Debt Collection Calls
- October 15, 2019
- Posted by: Peter Moran
- Category: Collection Agency, Tips and Tricks
The person you select to call your debtors on past due accounts is extremely important. Choosing the “right” Cannabis debt collection caller can be the difference between getting paid and not.
1. Persistent But Professional Cannabis Debt Collectors
Persistence is an absolute must for someone who is making collection calls. There are many challenges a debt collector faces. To start, it can be extremely difficult to reach the debtor. Numerous phone messages often go ignored. So collectors need to be creative when trying to get past the “gatekeepers” who are trying to prevent them from speaking directly with the responsible person. You cannot have someone making calls to a debtor who is going to get frustrated if they have trouble getting the debtor on the phone.
As everyone knows, debtors can be full of excuses and know every stall tactic in the book. Cannabis Debt collectors must be aware of these schemes and have the ability to react quickly and refute the debtor’s excuses. Although dealing with debtors on a constant basis can be difficult and stressful, it is extremely important that debt collectors maintain a high level of professionalism. All collectors should comply with the Fair Debt Collection Practices Act (FDCPA).
2. Organization Yields Better Results For Cannabis Debt Collections
In order to have a productive conversation with a debtor, the collector should be prepared. This means being organized and maintaining good documentation. The collector should be familiar with the history of the account including details of the account, current balance, aging and any prior communications with the debtor. If the collector has this information ready, he/she will be able to answer any questions the debtor may have regarding their account. Sometimes this is all it takes to successfully resolve the matter.
3. Dealing With Debtors? … Good Negotiation Skills Are Required
In addition to stalling, some debtors will do all they can to try to get out of paying all, or at least a part, of the past due account. Just about every situation with a debtor requires some negotiation for payment. Whether there is a dispute involved or the matter simply does not warrant a great deal of collection effort, a good debt collector should have great negotiation skills. When attempting to resolve a past due account, the collector may need to negotiate some or all of the following:
- Payment terms
- Payment in full or settlement amount
- Frequency of payments
Credit professionals should be cognizant of the skills required to make effective debt collection phone calls.