In our last post, we talked about some ways to deal with problematic payers. In this one, we will be discussing how factors can keep their clients happy before it comes to that. The accounts receivable team at a factoring company is responsible for almost all the interaction with customers, including resolving issues and collecting payments from customers. They must strike a delicate balance between keeping customers happy and collecting on debts, or risk 1) getting walked over or 2) losing clients because of bad experiences. In an article on The Press Enterprise, author Sarah Cullins offers a few tips on how to achieve this balance.

Contact Person: From the onset of the business relationship, make sure the client knows exactly who to contact should problems arise. Have the account manager give them a quick introductory call to make sure everything is in order, too- a personal touch can go a long way.

Thank Yous: Simple thank you cards or emails for prompt payments can also be a nice touch. Don’t hesitate to call your clients and tell them how much you appreciate their business, or give them some free social media press. Great relationships are good business.

Phone Etiquette: It is crucial to be friendly on the phone, even when frustrated. Cooler heads always prevail so make sure your account managers keep this in mind. When it is necessary to collect past due payments or the like, the key is to be understanding and proactive rather than accusatory.

These tips can help a factoring company strike a balance between sales-y and firm, and keep great client relationships that could lead to coveted referrals.