No business wants to experience payment issues, but unfortunately it is an inevitable part of any business. Businesses are built to grow and can withstand a certain period of poor cash-flow but if these issues persist and leave you thinking “I need a debt collection agency”, then something is wrong.
Don’t bury your head in the sand, this will only make things worse and no resolution will be made. Instead, keep on top of payments and look out for the warning signs with your cash-flow that may make you think “I need a debt collection agency”.
Your customers are avoiding you – If your clients stop responding to emails, letters and phone calls then the debt will remain unpaid. The older a debt is, the harder it will be to recover. If you are not getting a response and the debt is more than 45 days old then it may be time to consider getting help from an agency.
You haven’t heard from your regulars – If your regular customers have stopped placing orders with you despite owing a large sum of money then it can be a sign of trouble. If a business is going insolvent then it is quite common that they will use another supplier to spread the debt out.
Customers are disputing invoices – If customers are questioning your invoices on a regular basis then this could indicate that a company is struggling and they are making excuses to pay late. Most of the time, disputes are just excuses and there is no substance behind them and a debtor will most likely pay with the help of a collection agency.
This is not a definitive list, but these signs are certainly very common and are a useful tool when looking for issues with which you may need help from a collection agency. The sooner you act the more chance of a successful outcome.
At Commercial Domestic Investigations, our highly motivated team are fully-trained to the highest standards and to industry best practice. This means that we can be involved at any stage of the debt recovery process and deal with your customers in a professional manner, leaving your business relationships intact. If you want to speak to our team about your debt recovery requirements, contact us on 08444 159200 or email firstname.lastname@example.org.