A successful collections strategy for non-English speaking clients is designed to get the money due—and retain goodwill. A Boston German Translation worker offers the following guidelines for successfully collecting from international speakers holding delinquent accounts.
- Understanding and Flexibility. Treat delinquent accounts individually. Check their credit histories; if they’ve paid regularly, consider the good risks and modify your approach. For example, allow them more time to pay. Find out what the unusual circumstances are. Arrange new terms if necessary. If, on the other hand, you learn the debtor is a bad risk, allow less time between letters and make the tone for each more forceful.
- Promptness. When an account becomes past due, send a reminder immediately. The longer you wait, the harder it becomes to collect, besides, people who have tended to pay after the due date are more prone to pay on time once the know your company’s prompt collection policy. Also, customers who have forgotten or misplaced their bills appreciate prompt, tactful reminders.
- Regularity. Particularly for poor risks, regular billings and reminders are a must. According to Miami Russian Translation experts, these customers must be reminded regularly of their obligations and not be led to believe (through haphazard collection procedures) that they can ignore their responsibilities. With a computer and accounts receivable software, you can get daily reports of accounts due.
- Firmness. During the early stages of the collection series, show understanding and flexibility –without leading debtors to believe they can avoid payment. In the late stages, be less flexible and more demanding. With poor risks, be firm throughout.
Format for the Collection Process
Tampa Japanese Translation workers insist that the collection process should consist of a series of letters written at regular intervals. The series usually consists of four stages: (1) reminder, (2) inquiry, (3) urgency, (4) ultimatum. Collection strategies, terminologies and the number of letters included in the series differ slightly among companies. Typically, though, the follow the procedures outlines in the next blog post.