Knowledge, training and certification.
Stand out from the crowd when you earn your designation as a Certified Financial Collection Professional (CFCP).
I feel honoured to receive the highly prestigious CFCP designation. The journey has been enlightening and full of new discoveries. Indeed, the program has deepened my knowledge and understanding of consumer financial collections and the importance of ensuring that we collect the money and keep the customer.
The rules have become popular among my team and that has changed and shaped the way we handle our collections. My colleagues admit that our performance in the month of August is proof of the newly acquired skills and knowledge we have gained from the professionals in the industry.
Thank you to the entire ICPC team, thank you for the good work.
Ama Osae-Addae CFCP
Graduated September 12, 2016
All course material is now available on-line. You can register today and start your program tomorrow!
Produce exceptional results with the PACE Program©
- Ten modules
- Nine exams
- Six books on Effective Accounts Receivable:
– Paid in Full
– The Check is NOT in the Mail
– Collect Those Debts
– Tipping the Scales (in your favor)
– Become the Squeaky Wheel
– Collect Using Social Media
All in an easy to read PDF format, downloadable on day one after registration
- Three assignments
- Two disciplines to chose from (Commercial B2B or Consumer B2C)
- One live collection call presentation with ICPC Instructor
- One license for SAGE Software: ‘Solving Answers, Generalizations & Excuses’, the Electronic Excuse Terminator to help overcome all reasons for delay or non-payment
- Monthly virtual classroom in two time zones
- 209 certified graduates to date
Unique in the field of credit & collections, students may take up to three months to study and complete all tests and assignments to receive C.F.C.P. (Certified Financial Collection Professional) status.
The program should not be taken lightly. While not grueling or arduous, we recommend 1 to 1.5 hours of study minimum each week. On-line testing and assignments may be retaken, but the pass mark is set at 90%
Choose the discipline that suits your business: Consumer or Commercial collections. Students may take as long as three months to earn their designation as a C.F.C.P. (Certified Financial Collection Professional)
Here are some details of the two disciplines:
The focus is on business to business in the Commercial PACE Program with a strong emphasis on customer retention while collecting the full balance quickly. The modules include:
Module 1 – Rules
There are not as many restrictions concerning collection activity for commercial collections compared to the consumer collection field. However, there are important standards to follow and knowing the attributes of professionals will help to increase your performance as well as your comfort level in this often challenging profession.
Important too are the policies and procedures of your own company. If you do not operate by your policies, then the odds favor your operating by the policies of someone else.
Module 2 – Writing Effective Letters, faxes and e-mail
Collection letters, faxes and emails are useful tools in commercial collections. This module provides students with a rich opportunity to develop their writing skills, increase the odds that their communications will be read and motivate the client to respond appropriately.
Module 3 – How to be assertive – without being aggressive
While it is important to collect the money, it is also important not to offend the customer. Being too aggressive may produce results that include unwanted complications. Not being assertive enough may not produce results at all. This module teaches students how to be assertive without being aggressive – how to efficiently collect on accounts with techniques that even work with an ‘F.O.B.’ (Friend of the Boss).
Module 4 – The Telephone Collection Call
Most of our collection efforts will take place on the telephone. Some of the skills we may have been taught elsewhere, even those that may have been effective in different roles, may hamper our performance when we try to collect by telephone.
Module 5 – Excuses
They may go by a different name. It could be R.O.D. (reasons of delinquency), special conditions, excuses, sea-stories and much more. What they are called doesn’t matter that much, but if you are involved in collections – you know you are going to hear them – some reason as to why the customer can’t or won’t pay the amount due.
The professional collector will always be ready to effectively handle any excuse or reason for delayed payment that a customer may offer. We’re going to cover the unusual excuses too – those you have never heard before!
Module 6 – The Special Collection Voice
In this module, students will learn how to develop their ‘special collection voice,’ which is more compelling to the listener and ensures better understanding.
Module 7 – Tailor Made Collections
Your customers are different. In this module, students will learn how to successfully profile the customers they deal with and select and use the most appropriate techniques.
Module 8 – Working with the Sales Team
The objective of professional collections is to increase sales – profitable sales – within the firm. This module teaches students how to better work with the sales and customer service departments within their organization – for the benefit of all.
Module 9 – Negotiating Techniques for Collections
Professional collectors often negotiate the terms of a collection for their company. In this section, students learn and practice the specific negotiating strategies for collections.
Module 10 – Bankruptcy, legal and end of line
There are certain actions to take when bankruptcy has been filed or is being threatened. This module expands on a section lifted from negotiations, by focusing on B.A.T.N.A. (best alternative to a negotiated agreement) – if you can’t collect, what then? This may include legal action, assignment to third party or other actions.
How to collect effectively when TOS (the other side) owes you the money personally. A few of the topics are similar to commercial collections, but others are unique.
Module 1 – Rules
Most students are not governed by F.D.C.P.A. (Fair Debt Collection Practices Act), but they should be fully aware of it as a useful guideline. This module covers this Act and provides a philosophical foundation for effective collections. It covers ethical and performance standards that focus on collecting the money as well as managing the status of the customer; the attitude of the customer and the reputation of your company after the collection has been made.
Module 2 – How to be assertive – without being aggressive
This module teaches students how to be assertive without being aggressive – how to efficiently collect on accounts with techniques that even work for the F.O.B. (Friend of the Boss). The students will learn and practice the “Goldilocks” approach to collections “not too tough, not too soft – but just right”.
Module 3 – The Telephone Collection Call
This module and the one that follows are the heart of the Consumer PACE program because most of our collection efforts take place on the telephone. To be effective on the phone, the collector needs to master the phases of:
Module 4 – Excuses
The professional collector will always be ready to effectively handle any excuse or reason for delayed payment that a customer may offer. This module teaches students how to quickly and simply handle both the usual and the unusual excuses provided by customers.
Module 5 – Upset or Irate Customer
In the consumer field, we often deal with Customers who are not at their ‘best’. They may be upset or even irate. Students will learn a minimum of ten effective techniques that will be helpful in this type of situation and when to use each one of them.
Module 6 – The Special Collection Voice
Too often people in the collections business will speak to a customer on the telephone using the same voice that they would use if they were face to face. This can be a mistake. Students will learn how to develop their ‘special collection voice,’ which is more compelling to the listener and ensures better understanding.
Module 7 – Skip Tracing Techniques
A customer may have moved and forgotten to send a change of address. Another may have intentionally ‘skipped’ with the objective of never having to pay your bill. Students will learn the most effective skip tracing techniques used in the consumer collection field including extensive use of the Internet.
Module 8 – Negotiating Techniques for Collections
Professional collectors often have to negotiate the terms and of a collection for their company. In this module, students are taught the basics of negotiation and specific negotiating strategies for collections. They will practice and be tested on fifteen “special” negotiating techniques.
Module 9 – Tailor the collection approach
The most effective method of collecting from a lawyer may not work as well with a police officer or an accountant. The best approach for someone younger who has just finished formal education will often be different from that of the recently retired blue-collar worker. In this module, students learn how to successfully profile the different types of customers they deal with and to use the most appropriate techniques.
Module 10 – Productivity, Time & Stress
Collections can be a difficult business at times and there is often pressure for productivity – quantity as well as quality. Students will learn techniques to be more productive by taking the right actions at the right time – with less stress.
Studies indicate there is no significant difference in on-line vs classroom delivery. There are differences of course, such as socialization and some students engage well in a classroom environment, others not so much. With additional time and a variety of tools to learn, many students have the chance to excel with the additional attention they receive from instructors in an on-line program.
“I am very pleased with Renee’s completion of The PACE program…she has begun to incorporate many of the concepts from the course in our daily activity and she and her team have been achieving great results!”
Corporate Controller, Revenue & Collections
The City of Red Deer
“I thoroughly enjoyed all aspects of the course. I am now convinced after nearly 30 years in collections both in the UK and in the USA, that it is possible to teach an old dog new tricks. Well done to you guys!
US Asset Protection Solutions
“I was one of those people who was a apprehensive, even a bit hesitant, to use the telephone for collections. The PACE program has given me the
confidence I need to successfully use contact and negotiate with my customers.”