CREDIT AND COLLECTION SERIES
The rate of bad debts and problem accounts, as well as delays in collection, for Philippine companies has been constantly rising. Given the need for companies to recover their investments, the implementation of new and more effective collections strategies is no longer an option: it becomes a necessity.
The bad debt problem is shared by companies around the world, and is not unique to the Philippine setting. Debt collectors and collection professionals must understand and appreciate the importance of their role in improving their company’s performance. The company and its employees are not the only ones who get affected. Other prompt-paying customers also bear the impact of bad debts with increased rates and delayed services due to insufficiency of funds brought about by late collections or, in worse cases, non-collection.
Reducing and preventing bad debts, optimizing collection expenses, and improving receivables collection rest on the shoulders of effective collection professionals.
This is the core of this series, to help the participants realize the value of their contribution and at the same time, learn new techniques in improving their collection performance for the success of the company and its customers. After all, a sale is not a sale until it is collected.