A chilly storm that starts blowing in the last quarter of the year – Payment Delays! When times are fair, everything is justified. Debtors can be chased and asked to make the outstanding payments. But, when there is an economic recession or worse market scenarios, even professional debt collectors struggle to approach the customers. Unfortunately, we are living in one such sluggish phase at present. For companies, it is more like watching a car crash in slow-mo. You can see it happening, but you don't know how to advertise it. So, is there a solution? There is! The key secret to evading the New Year with a debt recovery hangover is being proactive and outsourcing to the best debt collection call center in Georgia. And you need to act real fast!
Why debt increases around the holidays?
At first, one needs to understand why debt suddenly increases around the holidays and how hiring a debt recovery agency can be useful around this quarter. The last three months of the year are not like the rest of the months. Some hollowed dynamics come into play amid merriment, generosity, and cheer. These are:
- Increased expenses
Over the holidays, businesses and individuals have to throw parties, give gifts, custom cards, open houses, and companies have holiday bonuses to pay for. Many don't budget for in advance, or hideously miscalculate all the expenses incurred during the holidays. The result is huge credit card bills!
- Disabled accounts receivable
Ask about the experience of any debt collection call center in Georgia. They will point out that the disabled status of Accounts Receivable right before Christmas is a concerning reason for increasing debt. But chasing payment right before Christmas gives a quick reference to Uncle Scrooge. Suddenly, you become the mean one wanting all your money to be paid at once. It can worsen if you exhibit force or use unfair means to threaten the customers to pay because the Fair Debt Collection Practices Act preserves customers' right to file a case against the company. Besides, bad word of mouth can hamper your reputation in the market.
- A decline in business productivity
It is expected! Employees sneak in extra errands during office hours, do their online shopping, and browse social media for gift ideas from the office computer. Besides, late-night parties, drinking, and hangovers can affect performance badly. So, the office break unofficially starts before a week.
Benefits of outsourcing to a debt collection call center in Georgia
If you are trying to eliminate the cost of chasing a debtor, you need professional debt collection agencies that can provide constructive strategies. Any third-party licensed agency's lookout is to offer services only after carefully listening to the creditor's need, understanding the business, and then approaching the borrowers without harming the company's reputation because the debt collection call center in Georgia is representing its client. They have to fine-tune with the services they usually offer, such as:
Collection on a priority basis
The foremost aim of a collection agency is to add to the accounts receivable by recovering outstanding payments from debtors. They have to recognize accounts with the highest payment capability, try new strategies, and evaluate industry trends. Any debt recovery firm must use advanced segmentation, centralizing databases, and scoring software to gain maximum portfolio intelligence.
Tracing unreachable debtors
It is crucial to offer a service that also includes tracing out unreachable debtors with skip tracing software. Many collection companies use skip-tracing software, voice and non-voice tools to fetch up-to-date information about the borrowers who haven't cleared the debt after repeated communication efforts from the company. They are contacted by voice and non-voice channels to provide updates about the present loan status.
A debt collection call center in Georgia helps customers pay through part payments and installments to avoid a financial burden around the holidays. Hence, hiring professionals is an excellent way to collect your due amounts much before the holiday season starts.
