The Truth About B2B Debt Collection Negotiation
Dispelling 5 Common Myths Negotiating collections with debtors can be stressful, particularly when payment is not forthcoming. If you’ve reached a point where you need to arrange a repayment plan with a customer, your collections team will need to negotiate carefully to get the best deal possible. Unfortunately, this process doesn’t come naturally to everyone in Accounts Receivable and no matter whether you’re new to the Credit Department or years into a Delinquency Management role, it can be easy to misjudge debtor negotiations. Adopting a one-size-fits-all approach to debt collection negotiation just won’t work – not least because every debtor’s financial situation is unique. As such, active listening and effective communication are vital to establishing a win-win outcome for both parties. But that’s not the only potential pitfall in B2B debt collection. In this article, we will discuss five common misconceptions that may be affecting how well your debt collection negotiatio
