Debt Collection: Time is of the Essence
Time is a powerful thing. In some circumstances in cannabis, time can be your friend. Giving your plants an extra week to flower so that they can reach optimum potency and flavor profiles, is a good idea. Adding an extra day to review a contract, is a great idea. Leaving your freshly blasted concentrate slab in vacuum ovens for an additional 12 hours, so it purges appropriately, is a great idea.
When you take the extra time, to hand manicure and trim your bud for a beautiful presentation, that is a great idea. Many number of things in cannabis benefit from additional time. However, when looking at cannabis debt collection that is most certainly an exception to that rule.
Time is of the essence
Collections fall under the time-is-of-the-essence category. When you wait to send a debt into the collections process, it is rarely rewarded. In fact, most of the time waiting to send a debt to collections is punished. The longer a debt takes to make it to collections, the less of a chance you have to collect.Again as we stated above, don’t wait to start making your collection effort. The longer the account remains unpaid, the less likely you’ll be successful in collecting the debt. Firm but courteous collection efforts are more likely to provide results than angry, emotionally charged or abusive ones. If you are fair and level-headed with your customer, they’ll be much more willing to work with you. While emails, faxes, letters, etc. are all good tools to use in debt collection, the majority of any collection effort should be done by phone. Don’t go into your collection effort expecting a settlement, and demand the amount from your customers. You should begin any collection effort with the intention to receive payment of the total amount due. Generic faxes and letters are likely to be discarded or ignored. At the very least, ensure any physical communications are addressed to a specific person (either the debtor himself or, in the case of commercial collections, the owner of the business or the person in charge of paying bills). Plan out what you want to say so you won’t forget anything important. Being prepared when making a collection call goes a long way. Think about possible excuses you might hear from the debtor and come up with your response before you pick up the phone. Find out the reason a customer hasn’t paid goes a lot farther than throwing around accusations. Once you understand the reasons for non-payment, you’ll be far better prepared to work with the debtor until payment is obtained. TAGS
- Watch: John Oliver Gets Into The Debt Collection Businesswww.civilized.life
- Time is of the Essence - Cannabis Business Executive - Cannabis and Marijuana industry newswww.cannabisbusinessexecutive.com
- $9 million lawsuit settlement limits debt-collection phone callswww.dailynews.com
- How to Deal with Debt, Part 2 | CannaSOScannasos.com