Debt Collection And The Festive Season: What Businesses Should Know.

The commercial debt collection industry faces a number of challenges everyday due to rapidly changing technology, regulations, and demographics. It can be difficult to effectively sort through all the information available on an individual debtor, in spite of the fact there is a surplus of information.

However with the festive season well underway, consumers are busy buying gifts and shopping for their friends and families. Thus, consumers are spending more on other expenditures, and not their debts. It is a little challenging for commercial debt collections this time of year to recover bad debts. While the rights of businesses to get paid for long overdue invoices is clear, debt collectors must also be aware of a debtors’ financial issues.

For a company, managing the revenue cycle for receivables can be a challenge, which is why they often need to hire a commercial debt collection agency for their services. Nevertheless, during the festive season, this responsibility can be particularly challenging because it can be a tough time of year for many. December can be an overwhelming month for anyone who is trying to close the year on a positive note. For businesses, this means collecting as many debts as possible, while for the debtors it might mean trying to avoid paying their debts in order to be able to afford to celebrate the festive period.

Contrary to popular belief, debt collectors can still contact consumers over the holidays. Account managers who work for debt collection agencies should be in regular contact with their creditors in a consistent and defined manner. It is acceptable to contact consumers during the holiday season, however, there are certain limits on how consumers can be contacted, such as debt collectors are not allowed to repeatedly call during the same day and calls before 8am and after 9pm local time are not allowed.

You may find that your debtor is holidaying, paying staff entitlements, etc. on the money they owe you. The majority of debtors do not tend to pay debts during the holidays; however, if you hire a commercial debt collection agency to handle your collection, they can offer flexible payment options to the debtor. Several payment options and payment plans should be available to address the needs of the business as well as the needs of the debtor. Debt collection agencies can offer debtors a little stress relief so they can finally pay off their debts yet still be able to afford to celebrate the festive period.

Is your business struggling to collect payments during the festive season? If so, you should consider contacting a professional commercial debt collection agency. We can try to be understanding and forgiving (after all, it is the festive season), but there is only so far you can go before you need some help. Since cash flow is so crucial to a business’ health, it makes sense to get those unpaid invoices settled as soon as possible.

In this situation, eCollect is here to help. With over 10 years of experience in the debt collection industry, eCollect are experts in commercial debt collection and they know how to maintain good business relationships. You shouldn’t hold back for fear of losing your clients. If your business is struggling due to poor cash flow, your clients won’t be worth much to you. With the help of an experienced debt collection agency, you can preserve your business relationships and sort out your finances at the same time. Get in touch with eCollect today for debt collection assistance.