If you’ve invested in other businesses or have funded your vendor’s enterprise, it’s good to know about credit control. You, as a credit controller, should maintain excellent rapport with your customers. It helps you when it comes to recovering money. It just makes the payment settlement process easy.
However, you should make efforts to check your customer’s company credit report and business credit score. It provides you a fair idea about their business and if it’s feasible to lend them funds. The idea is to keep your business away from financial risks and debacles. Similarly, you should also keep a check on your company credit score and make sure it’s impactful.
Let us discuss a few must-have skills that credit controllers should possess.
Impressive communication skills
Even if you’re making courtesy calls to your debtors, you should do it in such a manner that the other party gets convinced. The crux is to use your ability to communicate clearly and effectively. The best credit controllers don’t run after their business credit defaulters. They specialize in persuading them with their excellent communication skills.
For example, if you dictate your payment terms to your vendors politely and clearly, he or she may take it into account that you’re emphasizing it. So, it’s time to develop your communication skills and change the game.
Good with numbers
Every businessman should be good with numbers. If your numeracy skills are to the point, you can easily find our errors and discrepancies during a payment dispute. Take an example of your vendor who is disputing for the last quarter’s payment. If you’ve got all the invoices, bills, and payment records, you can put forth a reasonable argument. Besides, you can read numbers on your tips and how much the other business owes you.
Confidence
If you work with your suppliers and vendors on a credit basis and have a friendly working relationship, it’s difficult to negotiate the repayment dates and terms. However, if you’re confident enough to understand that business comes first, you’ll be persistent in putting your points forward. Confidence is the best trait of a leader. So, if you’re confident about your ability to persuade others, you’ll have it easy to control credit.
Relevant IT skills
If you possess sufficient IT skills to check credit records, organize invoices, and enter payment details, you’re a step ahead of your debtors. Credit controllers who rely on digital offerings rather than keeping records using manual methods are always at the advantage of getting things done quickly. For example, if you visit your vendor and show the database comprising every transaction detail, you can convince him or her about the repayment terms.
Calm is a superpower
Credit controllers should act calm and composed even during stressful situations. Recovering money from business credit defaulters is not an easy task. You’ll come across people giving all kinds of excuses not to return your money. Here, the situation can go out of hand, but you can still control it. The answer lies in keeping your cool and understand the situation from a broader perspective.
Show empathy if you think your debtor’s reasons are convincing. However, if you think the conversation is leading nowhere, you can seek the help of credit information bureaus like CreditQ. It helps you settle payments with your payment defaulters through a streamlined payment settlement process.
