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01/07/2003 Archived Entry: "A short phone call could save you..."

Especially during the holiday season, it's easy to let a bill slip between the cracks--perhaps even literally so! If you find yourself looking at a bill with a "PAYMENT DUE" date that passed last week, one simple step could save you money.

Call the company whose bill you haven't paid! Explain the situation to them, and let them know that payment is on the way.

With many companies, including credit card companies, a simple call acknowledging that you goofed up will be enough to reassure them. They may even offer to waive the late fee if you're a good customer. (In other words, don't expect them to do this if you're late every third month.) If there were unusual circumstances, mention them. You don't have to give the service rep your life history. However, if something major happened (such as a death in the family, a birth, an accident, etc.) mention it as the reason why you didn't pay on time. Remember, you're not making an excuse, you're simply giving a reason... and accepting responsibility. Don't get huffy if they don't waive late fees; after all, you were late paying the bill.

As for you executives and business owners: It's a good idea to have a flexible policy regarding late payments. Sometimes there are legitimate and understandable reasons why a good customer might make a late payment. Would you rather get one payment fifteen days late and have a grateful customer, or would you rather have a payment fifteen days late, a late fee, and lose a customer? Don't trade a customer's future business with you for the sake of a fee. Use the late fee as a way to prevent chronic, troublesome lateness. Make sure your customer service reps have the flexibility to make the judgement call.

Here's an idea: Perhaps your business should have some way to make note of a customer who is calling in to inform you of a late payment due to an extraordinary life event. You could then send an appropriate card:

We were sorry to hear of your loss. We understand that this is a difficult time for you. Please don't worry about your recent late payment; we won't impose a late fee, nor will it affect your account with us. We know this was an unusual occurrance, and that your next payment will be on time as usual. Please don't hesitate to call us at nnnn if we can be of any assistance.

Or, in other circumstances,

Congratuations on the birth of your child! We here at Bank know that this is a confusing time. We appreciate that you contacted us about your account, and we want you to know that we're waiving the customary late payment fees and your account remains in good standing.

Please let us know if there's anything we can do to help you. We can help arrange financing for those unexpected expenses that come with a new child. We've also got a lot of ways to help secure your child's financial future. Give me a call or drop by our office anytime, and I'd be happy to discuss ways we could help you.

/s/Local Branch Manager

For the cost of listening to what people say, and a stamp, you might generate a lot of goodwill, and perhaps even new business.

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