Collection Nuggets - Time

William Shakespeare said, "better three hours too soon than a minute too late" Well time is one factor that can either work for you or against you when it comes to getting paid. Maybe the only thing you need to do to get paid is to keep time. Below are examples of day to day situations in which collectors find themselves compromising on time. And the consequence is dire because what is worse than writing off a debt simply because you delivered or sent out an invoice 1 day later? You might even manage to have that invoice paid but after too much pleading, which actually wastes this precious resource and certainly, the payment will be made later than anticipated. The ripple effect of being paid late, a topic for another day.

1. Remember the clause in the service level agreement(SLAs) that said invoices for a particular month must be delivered within X days for them to be considered for payment? There is just no two way about it, those invoices must be delivered within the required timeline.
2. Remember the client who told you to call them back in 1hours time. if anything, call them in 58minutes time.
3. Remember the defaulter whom you agreed to meet at 8.45 am tomorrow morning to negotiate on a workable payment plan? be at the meeting venue at 8.30 am and wait for them to arrive.
4. Remember that meeting you scheduled with your supervisor to discuss the way forward on a seemingly difficult account? That meeting cannot be postponed unless its a matter of life and death.

Generally, Timeliness is of the essence in every sphere of our lives. You don't want to miss out on an opportunity that will probably come once in your life simply because you were late. If you cannot do it on time, then do it earlier.