5 Ways to Collect Debts During Holiday Season
While the holiday season is approaching, you must be wondering how you will be able to manage the debt collection during the last week of the year. On one hand, you want to end the year on a positive note and on the other, you don’t want to disrupt your cash flow either. Now, when you are planning to get the money back, you need to take some constructive steps so that during the holiday season, you don’t have to face a lot of loss in business.
Hiring the Best Collection Agency for Collection During Holidays
When you are planning to get the money back in the last week of the year, getting in touch with the best collection agency will be an important decision. In the last week of the year, most of the employees will be on leave. And that is why collecting debts on your own will not be possible. Getting help from an agency like Nelson. Cooper & Ortiz LLC is the best decision you can make right now.
But at the same time, you can do a few things too to make sure that the collection happens without much problem. Take a look at the following points to know more.
For getting the money back, you need to be a bit proactive. You might have to start by reviewing the invoices that are yet to be paid. And then your next job is to connect with the account holders so that they can get officially notified that they owe you money. Keep in mind that the more you keep the debt, the less likely it will become to be paid. You might be proactive by sending a courier to the debtor company to get the payment. In the case of bad debts, don’t delay connecting a commercial collection firm.
Add Season’s Greetings
Owing to the current situation all over the world, the holiday season might not be easy for many. And that is why you need to be polite and understanding enough. After all, you value these business associations. So, while you are initiating the conversation of the debt as they have not paid you yet, start with greetings. At the same time, it is also necessary to be flexible. So, if the debtor asks for more time, then follow up again in the new year.
If you have been in touch with the business for a very long time, then you surely have made the connection where you can rely on them while they are stating their difficulties to you. Even though this is the festive season, given the current effects of the pandemic, your debtor might not be in a good position financially. And that is why you need to be understanding how difficult it is for your debtors to manage during this time. Be respectful and listen carefully so that you know how you can manage to recover the debts from them.
Studies show that when debt crosses 90 days timeline, it becomes difficult to recover the amount. It might happen that you will find out that your customer is in much worse shape than how you expected them to be. For that, you need to take action. Connecting with a collection agency can be a good option as they will be able to suggest you the right way that will be helpful for you and your debtor.
You need to be flexible so that even a settlement for the payment can happen. If your debtor is not in a position where they can pay you the whole amount right away, you can ask the collection agency to come to a settlement with them so that you can at least get installments for the payment.
The holiday season doesn’t mean that you have to let go of your debt. You need to follow these tips so that you can get your debts back even at this time.