It doesn’t matter how successful your business is, if you are not getting paid then your business will only survive for so long. A reputable collection agency can help you and keep you afloat.
If invoices don’t get paid then it can cause chaos with your cashflow, leaving you trying to solve the situation. A good collection agency will take the time to get to know you and understand your business. They will spend time with you to formulate a good debt recovery strategy. It can be a big decision to outsource your debt recovery to a third party but the benefits could be huge for your business.
Some businesses have whole departments dedicated to credit control, however if you are not big enough to warrant this, then it means one of your employees must spend a significant amount of their time chasing debts, time which could be utilised more effectively elsewhere. This employee, more than likely, has little to no knowledge of debt recovery law or best practice. A good agency will have a strong, up-to-date knowledge of debt recovery law, giving you the peace of mind that your collections will be handled with professionalism.
By referring your overdue accounts to a debt recovery agency, you no longer need to spend your time dealing with it. Your accounts team can easily implement a referral procedure of aged invoices, for example if an overdue invoice reaches 60 days unpaid, the account can be referred to the agency, allowing your accounts team to focus on building relationships and chasing newer debt.
A good agency will offer more than just debt recovery. At Commercial Domestic Investigations, we offer a credit reporting service that allows you to look into your client’s previous payment history, protecting your business from risk. Other services that we offer include tracing and investigations.
A reputable collections agency will be able to offer your business support where you need it most. They will stay on-top of late payers so that you don’t have to. At Commercial Domestic Investigations, we take the time to understand your collection requirements so that we can be effective as possible. If you are considering using the services of a debt recovery agency, contact us on 08444 159200 or email firstname.lastname@example.org.