Graeme Davy posted an update 1 month ago
So my philosophy is to try and keep things simple in this complicated world. What do people think about these 5 simple ways to improve recovery rates? You’d think they are obvious but not always:
1. Look to take security from the customer. This makes the recovery process quicker, more effective and, subject to the security’s value, will ensure the business is paid…. eventually;
2. Have regular review meetings or calls with your customers. If you’re providing credit to fund their business they should expect this. Review meetings provide you with an opportunity to review risk, gather intelligence and ensure that your information is up to date.
3. Know your customer’s business. Their business is your business.
4. Ensure customer’s details on file are accurate and up to date. These details are your insurance policy, and will give your debt recovery team the best chance of recovering that debt. This should be a given!
5. Build long term and open relationships with your sales team. Aim to work with them, not against them. You need each other.
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