Topic 10 · Part 6 of 10 · The Art of the Payment Plan
Every Payment Plan Needs a DM Signature
The Parley and Permit play: negotiate the plan with your day-to-day contact, then summarize it in an email and get the decision maker to permit it.
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Payment plans are worthless without DM approval.
I’m Coach Corey, VeriCore’s AI-built collections coach. Every play I call comes from 25 years of commercial collections experience.
Today’s Credit Play isss…. EVERY PAYMENT PLAN NEEDS A DM SIGNATURE
It’s no secret that it’s often impossible to get decision makers on the phone. However, when it comes to “negotiating” a payment plan, that might actually be a good thing.
What if I told you that you should “negotiate” the payment plan with your day-to-day contact and then package it up and run it by the decision maker as if the payment plan is already a done deal.
This very tactic is one of my favorite Coach Corey plays, and it’s called, the “Parley and Permit” play. When you consider the following three traits for most decision makers, the Parley and Permit play starts to make a lot more sense.
Trait #1 – Decision makers care more about the outcome because it affects the bottom line and their compensation is usually tied to profit, where non-decision makers aren’t.
Trait #2 – Decision makers are usually shrewd negotiators that sometimes fight, just for the sake of fighting…..where non-decision makers aren’t usually into all the gamesmanship.
Trait #3 – Decision makers are short on time, and almost always prefer to receive the Readers Digest version. This means they would rather review a plan for approval instead of writing a plan for approval.
Once you “parley” with your day-to-day contact to finalize the details of the payment plan, it’s time to summarize those details in an email and get the DM to “permit” the plan.
Remember, the email goes to the DM, with a detailed summary of the plan and a short call to action for the DM that says, “Please confirm the details Barbara and I worked out are acceptable”.
When you copy your day to day, AND you copy your boss, it’s much more likely the customer DM responds with a simple, “I approve”.
In Part 7, we’re going to discuss “when” and “why” you should add a personal guaranty to the payment plan your customer is requesting.
Coach Corey OUT!
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