What is the best day to collect your business debts

POS SOFTWARE

Most of us have bills and bills and bills.


 

Recently a company that collects debts from many companies released its findings.  It causes some comments.

The best day from looking at many companies for businesses getting paid was Thursday they claimed. They believe that this is because most people today receive their wages/salary on a Thursday. As they have money on Thursday, they spend it. Although they did not say it, people tend as well to get pensions on Thursday too. But it was interesting is that Sunday had the lowest clearance rate. It made sense if you think about it as about then most people would be budgeting for the coming week. 

So I decided to check using many of my clients' data, and what did I find? 

Well, some clients where all over the place. For example here is the result of four years by one of my clients.

Mon 13.3% Tues 16.4% Wed 8.6% Thu 14.2% Fri 10.3% Sat 37.2%

For this business, Saturday was best. I suspect it because they are in a small centre and people are coming to buy on that day the big weekly family shopping. As they are in the area, they come and pay. Why Tuesday was higher than Wednesday, makes sense as there is not much left on Wednesday. 

What it does show is what I have always said that all businesses are different. This is true even those that do the same things, and each needs to treated differently.

But overall the conclusion does seem correct as a rule, the day for people paying is Thursday. Here is my result from benchmarking 10 different clients over a number of years.

Mon 17.4% Tue 13.4% Wed 13.5% Thu 20.9% Fri 12.8% Sat 15.3% Sun 6.8%

 If you want to know what is your best day to get paid, you can work it out by using Ad Hoc reports.

You will find it here.

Register reports>Customers>Transactions (Excel)

 

So based on this if you are sending people bills, you need to make sure that they get your bills before Thursday. 

 

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