Late payments are the curse of any business, no matter how big it is. Sometimes it doesn’t matter how much chasing you do or how many resolutions you offer some clients will refuse to make a payment. Instead of wasting time and resources on these clients it can be beneficial to employ the services of a collection agency.
Some may be sceptical about the efficacy of collection agencies however they bring a lot more to the debt collection process then you may think.
A debtor knows what they can get away with, they know your business and when you are making empty threats, a phone call from a collection agency shows that you are taking their account seriously. Clients will become uncomfortable knowing that an unpaid debt may go on to affect their credit score. A good collection agency will be up-to-date with the latest legislations and well-versed in industry best practice. In some cases this will be enough to persuade your debtors to pay.
Not only does a reputable collection agency have the correct approach and knowledge to deal with debtors but they also have more resources at their disposal, not just in terms of manpower. An agency, like Commercial Domestic Investigations, offers other services that can assist the debt recovery process like credit reporting and trace authority.
A reputable agency will have several years of experience in debt recovery, this is their sole purpose and they have an in-depth knowledge of every aspect. This experience is invaluable when it comes to your collections. As a creditor, it is difficult not to get caught up in a situation and lose your cool; an agency will take the time to understand your business and your clients so that they can handle the account in a professional but neutral manner. This knowledge and experience also means that they will be prepared to file legal action against the client if necessary.
There are many benefits of employing the services of a collections agency, if you are one of the many businesses that struggle with late payments and overdue accounts then Commercial Domestic Investigations can help. With over 25 years of experience our clients and their debt are our priority. If you want to find out more about how we can help you, contact us on 08444 159200 or email firstname.lastname@example.org.