Have you noticed how discussions of money can trigger anxieties in a heartbeat, as it literally ups one’s pulse rate?
Discussions over money often increase social anxiety, too. Everyone gets a little nervous when the subject of money comes up. What about when you extend credit to a customer and months later you still haven’t been paid? Just the thought of calling that seriously delinquent debtor can make your mouth feel as dry as dust. When you expect to have an unpleasant interchange, you can count on this one thing: You’ll put it off. That’s what people do when faced with a rising level of anxiety. And, to make matters worse, the person you need to get on the phone – the past-due payer — will have anxiety about talking to you, the person he hasn’t paid.
Oh, you may think about the past-due bill from time to time, and maybe you’ll even feel a little spark of anger over what you expect to eventually turn into a write-off. But every time that late-payer comes to mind, you think of another reason not to pick up the phone.
Confronting a client who seems to be working hard at evading your efforts to collect a bill can bring a whole different level of stress to a busy merchant. Admit it: That’s why you’ve put off making a call to those late payers. Every time it comes to mind, you shove it to that back burner again. Right?
Well, you say to yourself, it just so happens there’s a new email to read and that coffee pot needs a refill. Where did the time go? You just didn’t get to it today. Soon, the past-due amount slides into the 60-day column. When it hits 120 days, if you don’t get on the stick and attempt to collect that bill, you will likely have to write it off as a loss.
When payments are delayed month after month and you just can’t bring yourself to mentally fill the role of collector, consider hiring a professional to manage your past-due receivables. Don’t be anxious, be smart. Use a collection agency to take care of your past-due accounts and enjoy your business!