Payment plans: 3 ways to keep A/R from bidding against itself
When it comes to negotiating payment plans with struggling customers, many Collections staffers are a bit too lenient.
Here is a three-step strategy to help Collections pros set up the best possible payment plan terms for your company:
1. Seek out a reasonable payment amount. When collectors start of by asking something like, “Exactly how short are you of the full amount owed?” it puts them in control of the situation right from the start.
2. Have a counter-offer prepared. After customers tell your collectors how much they can pay, your staff should be ready to ask for more. Example: While we’ll consider your payment offer, we’d prefer if you signed a promissory note.
3. Don’t be afraid to stand firm. If customers aren’t willing to meet you halfway, let your people remind them that your company isn’t a bank and some things aren’t negotiable.
- Share on
Free Training & Resources
White Papers
Provided by Anaplan
Further Reading
Your finance staffers watch for duplicates and other payment slip-ups all year long. But why should they be especially cautious this&n...
Corporate bankruptcy rates are at Great Recession levels last seen in 2009-10. The worse news? The year’s only a little more than hal...
Almost every company faces this scenario at some point: A small to midsize business customer is late making payment for a product or servic...
Fully integrated, automated payments! A dream goal for many CFOs and controllers. Imagine how much more mission-critical work finance staff...
B2B credit departments are steadily embracing new technology and automation. But one area where companies are steadfastly sticking to the p...
The start of the new year looks a lot like what we saw over 2022: Businesses are struggling to pay their bills. Late payments are highe...
