Treating your Customers Fairly During The COVID-19 Pandemic

2020 has been an undeniably tough time for businesses and customers alike. Many people are finding themselves with less disposable income and, as a result, are spending less.

Businesses have had to adapt quickly to the ever changing landscape of life with COVID-19. It is more important than ever before to treat customers fairly and compassionately, especially when offering lines of credit.

Here are a few ways you can ensure that you treat your customers with the fairness and dignity they deserve.

Give The Right Advice

Make sure that any financial advice you give to customers is correct and has your customers’ circumstances and best interests in mind. Things can change quickly due to the pandemic so you should be cautious both for the good of your customers and the good of your business. The risk of allowing people to fall into debt they cannot get out of is even more significant during this difficult time.

Giving the right financial advice has long been a staple of any business providing a service or credit. Still, it is more vital than ever that you take a fair and empathetic approach to advising your customers.

Make Sure You Follow Guidelines

It is important to follow industry and regulation guidelines on how to deal with customers fairly during this difficult time. When offering credit, it is essential to consider the implications to the individuals involved carefully.

If your business has FCA Authorisation, then you will need to treat customers in accordance with the FCA’s advice and guidance. You can find out more from Scott Robert, who are experts in FCA Authorisation. It has never been more important to do your part in ensuring responsible credit use than now, and Scott Robert will put you and your business in the very best position for ensuring your compliance.

Be Flexible

The COVID-19 pandemic has caused unprecedented disruption to all areas of our lives. It is vital to have compassion and be flexible with customers when it comes to reclaiming debts. The FCA expects customers to be dealt with fairly during the pandemic. Doing so can not only help your customers who are vital to the success of your business but also give you a reputation as a business that cares.

It is better during these times to try to be as flexible as you can when collecting payments. Offer as many different types of repayments as you can and consider offering payment holidays for those who are struggling.

Be Understanding With Vulnerable Customers

The pandemic has had a disproportionate effect on those already struggling with finances. It would be best if you kept this in mind when dealing with vulnerable customers.

Vulnerable customers will require even more support during this challenging time so ensure that you are treating these customers with the respect and dignity we all deserve. Showing compassion may not be a legal requirement, but in the times of the COVID-19 pandemic, it certainly is a moral one.

For further information please visit the Scott Robert website