Ask yourself this: If some of your customers owe you money and haven’t paid you in months, and have ignored you for months, what makes think they will pay you now? It’s holiday time! Your bill is the last thing they are thinking about. This is the time of year when people start saving money, working overtime and will be looking forward to their end of the year bonuses. They are building a bundle of extra spending money for the holidays.
I know that the economy is sluggish and people are struggling, but remember: No matter how bad the economy is, or how bad someone`s personal financial situation is, people ALWAYS spend money during the holidays. And most probably spend more than they should.
It`s really imperative that you get after them right away otherwise your money is going to end up underneath someone else`s Christmas tree. Seriously, December is consistently one of the most successful months in the collection industry for that very reason; people have the extra money. That said, also keep in mind that January and February consistently bring the lowest recovery rates of the year because that money is long since spent.
In fact, many people spend much more than they intended to on their holiday shopping and January is when they`re just starting to get those huge credit card bills. The decision your debtors will be making over the next few weeks will be “Should I pay this bill or should I go to Best Buy and get something for Uncle Jack and go to Macy`s for Cousin Jane?”
Unless you do something to make your bill a priority NOW you will lose that battle every time.
- If you don`t take action soon the money that is owed to you will be spent on bonuses and office parties for someone else`s employees, not yours!
- Your money will be spent on food for other families` holiday dinners, not yours!
- Your money will be spent on other people`s travel expenses, not yours!
- Your money will be spent on Christmas gifts for someone else`s friends and families, not yours!
The WDDA and NGA have partnered with Transworld Systems to help you get paid more often and on time. For more information, contact Brian A. White, Senior Cash Flow Consultant, at firstname.lastname@example.org or 703-556-3424 ext 23.