Every day, non-paying customers are a problem that businesses in the UK have to deal with.
This is almost a common topic for credit-control staff and business owners alike. Every company will have a bank with ‘bad payers’.
This can be due to many factors.
Your business may have provided services to a customer, but they later decide not to pay.
A client may dispute an invoice.
One might be in another country and they may be trying to make it work.
The subjects of credit control and debt are crucial to the success of any business in the 21st Century.
Most businesses have some form of credit-control system.
The accounts and sales teams will take prudent measures to make sure you get paid as promised.
Although such a procedure exists, many clients will still attempt to avoid paying.
What is the next step after you have exhausted all other methods of credit control?
If you’ve taken all the usual steps to recover your business’s debt, how do you go about recovering it?
It is best to hire a professional debt collection agency.
Why is this happening?
Our team of experts have compiled a list of the best points to instruct an agency.
How to Instruct a Commercial Debt Collection Agency
You must act when you are confronted with an unpaid invoice.
It will not only cause damage to the company but it will also create precedent for other similar events in the future.
It is crucial to know the best way to get your debt forgiven and what options you have.
Most businesses have credit control processes in place, as mentioned.
This is a great measure, but there are always bad payers that you can’t reason with.
It is no longer cost-effective to continue the process of recovery in-house.
Are you already a part of the credit control process, but not yet successful?
If that is the case it is best to escalate the matter with a commercial debt collection agency.
If you have credit control, it is important to establish a cut off point.
You should not waste your time or money on a debtor who ignores your instructions.
Although this option is possible, it is very costly and time-consuming.
Although court action is possible, it can prove costly and not be as effective as the debt.
This is because there is no guarantee that the action will recover your money. Many cases end with a CCJ.
This is a positive outcome, but it means you will still need to spend more time and money to enforce CCJ.
A commercial debt collection agency is more beneficial than other options.
It is important to do your research and find the right debt collection agency for you.
It is the best way to help one.
What are the benefits of instructing a commercial debt collection agency?
The best way to recover your money is to hire a commercial debt collection agency.
The highest debt recovery rates
The effectiveness of debt collection actions is one of the most important aspects.
It is important to compare the debt collection agency with other collection methods.
You will instantly notice a superior recovery rate by doing this.
This is a good example of the benefits of using a commercial debt collection agency.
All Industries Specialists
It is better to have a professional agency that understands your industry and has the expertise to help you.
Your commercial debt collection agency should be able immediately to pick up your debt.
Instead of spending time learning about the details of each sector, this is a great alternative.
We have expertise in all areas of the UK.
Our debt collection specialists know the best way to go.
Collect Debt From Anywhere
Do you collect the debt yourself, or do you hire a debt collector?
You may face problems when trying to collect a foreign debt.
Recovering a debt can be complicated by factors such as language barriers, business hours in the local area, and lack of knowledge of foreign debt collection laws.
Each member of our global network of international collection agents has intimate knowledge of the laws and practices of each country’s debt recovery laws.
We can therefore recover commercial debt anywhere in the world.
Low Commission Rates
The cost is a key advantage of using a commercial debt collection agency.
Agency fees are much less than the costs of hiring solicitors and the cost of collecting the debt.
This low cost does not affect our professionalism or service level.
Our clients get the best service at a minimal cost.
The best chance to recover a debt is a free pre-action assessment
A commercial debt collection agency can help you get the best chance of recovering your money.
A debt collection agent will evaluate the likelihood of a successful recovery during this service.
It is possible to recover the debt if we are able to do so.
We will inform you if there is low chance that recovery can succeed.
This information is vital for anyone trying to recover money.
You will save time and money if you know we can recover your debt.
Accredited and Regulated
A key advantage of instructing commercial debt collectors is their accreditations as well as regulators.
It is important that you only instruct agencies that have a regulating service.
Those who do not use these tactics may resort to creating more problems later.
Talk to our friendly debt collection specialists today for more information about how we can help your company.
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