A common issue in business are unpaid invoices and missed payments. Every company experiences them and typically the assignation of an employee on the phone to chase these payments does the trick, but what about when those payments start to spiral, people back out on “promises” of payment, debtors avoid calls and new clients have stopped paying and the outstanding debt has built up to be hundreds, if not thousands of pounds?
There are concerns that are raised at the thought of using an external debt recovery agency to help with outstanding payments, this is understandable. The use of third parties often comes with a risk of losing your clients, especially if you don’t choose wisely. Here at Commercial Domestic Investigations, whether your business is a small staff of 10 or international you are treated fairly and all debt is of the same importance.
When the overdue payments are mounting, it may be time to consider investing in building a team to deal with the overdue accounts and debt recovery, but have you considered the additional costs of training these staff to the necessary standards, ensuring that you are compliant with collection practices, phone practices and so on. A collection agency like Commercial Domestic Investigations, are fully trained and compliant with the necessary procedures. By using a reputable agency, you can save yourself a lot of money.
A lot of skills are needed to specifically deal with collections and debt recovery. The ability to negotiate, a knowledge of people’s psychology and their behaviour and the digital skills to be able to process payments and information seamlessly. All of these skills, and many more are essential when it comes to chasing payments. A lot of the skills are outside of your companies’ usual focus area, namely customer satisfaction and improvement of your product/service.
A lot of tools that collection agencies employ are tools that businesses do not generally have access too. Things like a strong, work flow manager whose role it is to follow up on payment promises or the ability to report a debt to the local authorities and bureaus. These things would take you a lot of time, paperwork and possibly money, however it is all part of the service when you use the services of a debt recovery agency.
Using an appropriate third party can in fact help with customer retention and improve brand perception. Commercial Domestic Investigations deal with your debtors professionally and find the best solution for both you and your clients. We are also able to support you by offering a credit reporting service which may help you to avoid payment issues in the future.
Collection agencies can be a fantastic resource, especially if you have more outstanding invoices than you can handle. Contact Commercial Domestic Investigations on 08444 159200 or email email@example.com to find out how we can help your business.