NEGOTIATION is an essential skill in our everyday interactions. We daily use it in all areas of our life without even realising it. Some people are naturally better negotiators than most. But negotiation is a skill that all of us can learn to master if we put an effort into it.
Becoming a master negotiator will help everyone generally in life, but especially in business.
The role of effective negotiation cannot be underestimated in the debt collection. Debt collecting requires you to become a master negotiator and master the skill of finding a win-win situation that would make your client happy to pay you, and to pay you as soon as possible.Mastering negotiating is a complex skill that requires training, coaching and lots of practical experience.
Negotiating debt payment can work for both, the creditor and the debtor for different reasons. In many instances negotiation will identify the most commercially viable option for a creditor, prompting a debt reduction, a policy of interest rate reduction, concessionary repayment plans or full and final settlements. Entering into negotiation with a customer/client can also provide an excellent opportunity for a collector to build up a true picture of a customer’s profile and circumstances with regards to their intent and ability to repay the debt in full.
For more on THE ART OF NEGOTIATION, please read our next blog post.