The Golden Keys of An Effective Debt Collection
Nowadays, an effective debt collection has become much more important due to constantly changing market conditions. Companies should also consider the debt collection process in their sales policies. Although a company’s sales figures are high, it is not possible to talk about profitability if the receivables are not collected on time. At this point, receivable management plays a key role in increasing the profitability of companies and ensuring successful cash flow.
ARS Consultancy which works with a global network over 4000 people in 155 countries, accelerates the collection of your receivables in Turkey and in other countries. Early intervention and the right approach during the prelegal debt collection process is among the explanation of our %78 success.
’Preparation’ is on the Top of the List
For an effective debt collection , it is very important to know and evaluate the following;
- Where is the debtor located? (In Istanbul, Ankara or in other city of Turkey?)
- What is the exact debt amount?
- Why the delay occurred? (Is there any objection of debtor which might be partially true?)
- When was the due date of payment? (Are we at an early stage of collection or late collections is at stake?)
- Who is the debtor? (Payment behavior of that customer has always been problematic or it is new? Any known financial or any other type of problems occurring at debtors side?)
- How would you approach to debtor?
Dominating the debt collection file and making a detailed research means 50% of the successful collection process. As an international debt collection company in Turkey, we also assist our clients with making an in-depth research about debtors. Some of those investigations are composed of: asset check about Turkish companies and/or individuals, Skiptracing about Turkish citizens, credit report of Turkish individuals and/or Turkish Companies.
Careful ‘Wording’ to Reach an Amicable Settlement
Another important key of an effective debt collection is the wording. When we communicate with a Turkish debtor, we never forget the possibility of potential business trade between creditor and debtor in the future. So we also advise you to pay attention in your wordings which should be cooperative, demanding and always kind.
Staying calm, is equally important in reconciliation. As ARS Consultancy, we always communicate with the debtors in a respectful way and aim to resolve the debt collection case without damaging commercial relations between creditor and debtor. Debt recovery negotiations becomes more fruitful if you keep calm, compared to communications with full of tension, or accusations.
‘Patience’ is Required
It is well known that the debt collection is difficult task. Also these requires a considerable amount of patience. As ARS Consultancy, we have witnessed that, Turkish debtors may have a high tendency. So they get aggressive or object at first. The nervous attitudes of your customers, should not effect your positive approach. Giving impulsive reactions may break your patience.
Patience does not mean to wait with doing nothing. As long as you are confident in the necessary actions you have taken, time will bring you the results which you wanted.
Give some time for your Turkish customers to evaluate your payment demand, understand your position and consider the settlement plan. Make sure to show that you also understand their position and listen their arguments of non-payment or delays in payment. Sometimes, you can rephrase the claims of your customer, in your own words. This would show your skills of empathy which is another crucial ability.
‘Experience’ is the Real Guide
Whenever you experience a delay or non-payment of your Turkish clients, consider this as a lesson. Firstly, the only condition is that, you should be open for healing the problems. Also you have noticed these problems. These problems neglected by you previosuly. Second, the answers you gave to the above-mentioned 5W+1H questions. So will help you to become aware of the process which you can improve.
The knowledge you gain through practice will be long-lasting. That is why we call the experience as the real guide for your future business relations with your Turkish customers.
Yes, being eager to chase Turkish debtors is important. But there is a thin line to be perceived as ‘annoying’. So the balance of being demanding and also cooperative requires a careful approach. The more experienced you are, the better you to get grab this balance.
Get Help From Debt Collection Experts in Turkey
Debt recovery is a very sensitive field. You can either apply these tips. Then you can collect money from your Turkish customers. Also you can simply get assistance from a local debt collection agency in Turkey.
Our debt collection team have high personal skills. They are ‘patience’, ‘staying calm’ and ‘being positive’. Plus, there is an intense debt collection training programs. We teach them negotiation and persuasion techniques. So our debt collection team communicate with Turkish debtors.
Our business is based on the experience we have gained since 2011. For this reason, we quickly and carefully determine the necessary steps. So we can take a desicion in critical moments. And we work with a global network. This network is over 4000 people in 155 countries. This situation is a big advantage for us. So we get experienced in international debt collection process. Shortly we have reached the best solution on debt cases in Turkey.
ARS Consultancy is fist an effective debt collection agency. And we love to avail our clients by collecting their debts. Also we to contribute their cash flow management. It is always a pleasure to see both creditors and debtors continue working again. Also we work with ‘No Recovery No Fee’ policy. This rule is for all international debt collection inquiries in Turkey. You pay the agreed commission only after the debt collection. You can contact us by phone +90 212 296 91 47 or email email@example.com in order to get a commission quote.
Trust our experience and watch your cash flow rise !
International Debt Collection and Risk Management Exp. Asst. | ARS Consultancy