Exceptional Training – Recognized Certification
Certification and Recognition by ICPC
The CFCP* designation is not given – it is earned.
*Certified Financial Collection Professional
Not interested in certification?
If you are interested in tailored training in accounts receivable, but not the designation and recognition as a CFCP (Certified Financial Collection Profession), please visit this site.
January 13 & 14, 2021
1:00 p.m. – 3:30 p.m. EST
Each module has been selected, improved on and is delivered by credible risk management experts.
Module 1 – Rules:
Some students may be governed by federal or other laws concerning their collection activity. However, first party collectors are not under guidelines such as the 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 – 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 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 – Effective E-mail and letters:
The written word will be used extensively in some organizations, others not so much. Yet, when we take pen to paper or finger keyboard our objective is to command convince and to motivate our reader to respond appropriately.
Module 4 – The Telephone Collection Call:
Modules 3 and 4 are the heart of the 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:
This section even teaches students the right things to say when the customer agrees to pay the balance today.
Module 5 – 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 6 – The Upset or Irate Customer:
Experience tells us that we are more likely to encounter a ‘difficult’ customer in the consumer field of collections, we need to always be prepared for that one client or customer who appears to have gotten up that morning on the wrong side of the bed. We still want to 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 7 – The Special Collection Voice:
In accounts receivable as in most other areas of business, most people will speak on the telephone, using the same voice they would use if they were speaking to a customer across a desk. In almost all cases, this is a mistake. To say that most people do not give it a second thought is misleading. Most people don’t even give it a first thought.
One does not send messages with body language, dressing for success or so many other areas that are important in face to face collection efforts. The voice becomes more significant and needs to be more compelling to the person on the other end of the telephone. The suggested changes and practice in this module are not designed to have you be someone ‘other that you are’, but to be the ‘very best you can be’.
Module 8 – Negotiating Techniques for the Professional Collector:
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 – Working with the Sales Team
Some people in sales may refer to the credit department as the ‘sales prevention department’. In credit, sometimes we ask, ‘whose team are they on?’
On the same team? Sure we are, but one may not know it sometimes. 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 10 – Tailor Your Approach to Your Debtor:
The most effective method of collecting from a a blue collar worker may not work as well with a teacher or police officer. The best approach for someone younger who has just finished formal education will often be different from that of one who has recently retired.
In this module, students learn how to successfully profile the different types of customers they deal with and to use the most appropriate techniques.
Certified Financial Collection Professionals are able to:
- Understand and use the most effective techniques to collect past due funds while maintaining the best possible relations with Customers
- Recognize the differences between policy and procedure
- Understand, explain and effectively use the philosophy behind professional collections
- Adhere to the professional standards as defined by the International Centre for Professional Collections
- Write effective letters, faxes and email
- Master telephone collection techniques
- Be more productive in terms of both quality and quantity
- Quickly and effectively handle ALL of the excuses heard in their type of business
- Improve their telephone voice – developing one that is more compelling to the listeners and easier to understand