February 02, 2013

Should you try to collect around the holidays?

You don’t want to be considered a Scrooge by your customers. But waiting to collect until after the holidays can cost you — and your business — a lot of money. There are several reasons why waiting out the holidays isn’t such a good idea:

The biggest reason: Once the holidays are over, many of your customers are likely to have a pile of invoices to pay and they’ll be much busier than they are now. Some businesses actually slow down from Thanksgiving through Dec. 31, which makes it an excellent time to reach out to folks about unpaid bills. Plus, the longer you wait, the harder it will be to get paid.

But the key to collecting around the holidays is being respectful. For example, you may be able to catch some customers in their offices on Christmas Eve, but you have to ask yourself if you really want to make a collection call on that day. When you do call,  depending on the circumstances, you may want to offer customers some type of discount if they settle their unpaid debt before the first of the year.

When it comes to effective debt collection strategies over the holidays, the best approach is to lean on an experienced collections firm can help you figure out the best strategy for collecting outstanding debt and preserving relationships with customers. That way, you can put a plan in place that will start off the new year right. Happy holidays!

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