Your customer previously said they would pay your invoice but now they are not responding, what can you do? The best option is hiring a debt collection agency who understands the laws and legalities to quickly recover your money. They know the best techniques to deliver the right results for you.
1. Specialist Skills & Knowledge
If the electrics need fixing in your home you use a skilled electrician hopefully. So the same applies here! Use qualified experts in the industry to provide you with the best chances of recovering your money.
2. Time Saving
Our team work on recovering the debt quickly for you, whilst you focus on other key tasks in your business. Keeping you updated and contacting you for decisions is a key part of what we do.
If a staff member usually takes up the role to collect a debt for you, using a debt collection agency will free their time to focus on their main role.
3. Tools
We use specialist software to trace, verify and locate your debtor and our software systems manage processes effectively. Monitoring platforms keep us informed with what’s happening with your customer, so that we know if any changes are made with Companies House, ie an application to strike off their company.
4. Rapport building
Some people say that using a debt collection agency may ruin a relationship with your customer. However, I can only refer to the true statistics of what happens with our customers and their debtors.
All of our clients recommend us to friends and business partners, so much so, that 80% of our new business comes from referrals. Plus, the companies who we chase for payments often ask us to do it for them too! With professional processes and techniques correctly in place, relationships are not always ruined.
5. Documentation
Bespoke documents, legal letters and processes play a key part in our high success rate. Most companies that don’t specialise in debt collection won’t have them readily available.
6. Legalities
There are many laws and legalities that regulate and govern the debt collection industry, so knowing what you can and can’t do is important.
Debt collection agencies know what the legalities are and by using one to recover your debts, it reduces your legal risk involved with the recovery of your money.
7. People Pay Faster
Bringing in a third party shows your debtor that you are serious and this alone usually makes them more inclined to pay your invoice.
8. Dispute & Query resolving
Often disputes between the customer and debtor will lead to awkward discussions and a breakdown in communications. However, using qualified third party mediators, who specialise in commercial disputes, means you are more likely to get your money and settle out of court.
9. Successful
Using a debt recovery agency increases your chances of getting paid. Our current success rate for business debt collection stands at 97.4%.
There are many benefits of hiring a debt collection agency and most importantly we are here to help you.