Collecting During the Christmas Season

There is no doubt that in today’s economic state, companies are going to find it more and more difficult to collect in the weeks before Christmas. Businesses definitely don’t want to be labeled as Scrooge, but still need to recover those funds owing.

Instead of the constant negative connotation that is usually associated with the collection department, try utilizing these tips that may make Christmas come early for both parties.

Be Efficient – The first two weeks in December are critical for making contact and collecting over due accounts.  Most families like to take vacation and it will become increasingly difficult to collect as the days before Christmas dwindle. Asses your accounts and focus on collecting the ones that are going to be the most prosperous. Use your time wisely and stop putting effort into those uncollectible accounts.

Be a Secret Santa – Everyone loves a sign of good-faith during this stressful time. Try to negotiate smaller payments during the holiday season, in exchange for a larger payment in January. Most times debtors will return this kind gesture with an increase in payments in the New Year.

Strike a Deal – Request that the debtor promise to hand over their income tax return in the New Year. Since this is usually viewed as bonus income, it is not considered to be a loss, as it was usually never accounted for during their budgeting.

Rest Up – Since financial problems can be the main cause of stress for people during this season, you may find that debtors are not going to take kindly to constant contact. Instead try taking the last week in December and first week in January off.  Give yourself a much needed break in order to energize yourself. You will find that if you take time for yourself that you will be more rejuvenated and constructive starting in the New Year.

Enjoy the holidays. Remember no one on their death bed said that they wished they had spent more time at work.

Krista T.Walsh is the President of KC Collect!, the first women-owned and operated collection agency in the Canadian province of Prince Edward Island. In October of 2008, KC Collect was awarded "Business of the Year" by The Eastern PEI Chamber of Commerce.