Collecting Post-Pandemic and Beyond

The stark reality is that some companies are still hesitant when asking for their money due to the pandemic.

No one likes collecting debts when so much uncertainty still lingers throughout our businesses and everyday lives. The fact of the matter is, if these outstanding accounts remain unpaid, it’s the business owner that is going to suffer the most.

As the driving force of the Atlantic Canadian economy, small businesses need to gently recover these debts as we continue to recover from the pandemic and move towards the road to economic recovery.

Occasionally, a collector must be stern when explaining the current situation, but the most effective collectors never bully, threaten, or raise their voices. Instead, they clearly explain the account situation, potential actions, and consequences if payment is not received.

Keep in mind the following traits to keep your customer onside while still getting your overdue accounts paid:

·        Patience: Not everyone has the means to pay their past-due account in its entirety. Most debtors are going to need your expert guidance to budget their existing debt properly. You have to be patient with them as you conceive an appropriate payment plan that will lessen their debt load and result in payment.

·        Persistence: The “out-of-sight, out of mind” mentality is quite common when attempting to collecting the debt. If you keep persisting, you have a better chance of being paid when the money becomes available. Keeping the account fresh in their memory is an essential tool to recovering debt

·        Empathetic: Being sensitive to the debtor’s current situation will most likely aid in your attempts in getting paid. Most people have full intentions to repay debt, but they have fallen behind on their bills due to unforeseen circumstances. Working together to resolve the debt will instil proper money management and better the individual for future financial transactions.

Combining these three traits of patience, persistence, and empathy will usually result in fewer receivables for your company, reduce stress on you as a person, and increase cash flow so you can continue doing what you do best – running your business.

Now, with all of this in mind, go collect your hard-earned money!

Krista Walsh was a failure. At twenty years old she had been fired three times in six months from her career as a dental assistant. As she had to re-evaluate her career path (and face unemployment), Krista moved back home with her parents to work in her family’s home heating business.

Driven by the fear of failure, she studied and researched account receivable strategies and policies. Walsh became the first Canadian graduate of the International Center for Collection Professionals which aided her when she opened the doors of her own credit and resource company "KC Collect!", the first and only woman owned collection agency in Atlantic Canada.

Today Krista is a multifaceted entrepreneur, author and speaker with businesses spanning from debt collection to fitness. She has been named has been awarded many accolades throughout her career. These include being recognized on two separate occasions as an ‘Atlantic Canada Emerging Leader’, the Eastern PEI Chamber of Commerce ‘Entrepreneur of the Year’, and a CAPS ‘Rising Star’. Currently she is the President of Canadian Association of Professional Speakers- Atlantic Division, she previously held the role of President with Volleyball PEI for over a decade, has been a director with the PEI Business Women’s Association, a director with 21 Inc., and continues to be a mentor for aspiring entrepreneurs in her community.