Whilst the UK struggles to recover from the pandemic, its never been a better time for Businesses to use a Debt Collection Agency. Debt Collection Agencies do not just act for Businesses, there are many Debt Collection Agencies for individuals also.
It is said that there was a 6% rise in Corporate debt due to the pandemic and thousands of Small Businesses in the UK have been left with a tide of unpaid invoices.
Failing to act if you or your Small Business is owed money is not a wise move. You have provided something or some service in good faith. You have given your time to assist somebody else with their objectives and yet they have not done the decent thing and ensured you are compensated accordingly.
Since the beginning of commerce, people have accrued debt. Therefore there has been the debt for debt collection which has come under my guises in that time.
The simple fact is that the standard of the top Professional Debt Collection Agencies today is a polar opposite of what it once was. The benefits and reasons to work with a Debt Collection Agency are endless but we have tried to highlight the main ones here.
Low Cost solution for unpaid debts
The well trodden path of litigation and using law firms is long gone. Debt Collection Agencies usually offer a fixed cost solution for the recover of debts compared with the ‘blank cheque’ operations of old.
Any Professional Debt Collection firms will have a clearly laid out pricing structure. The cost of using a Debt Collection Agency can vary. Typically commission rates can vary but expect to get what you pay for as the old saying goes.
The time, stress and effort that can go into chasing unpaid debts is endless. One of the hidden values in using a Debt Collection Agency (DCA) is that it will save you time and therefore money. This will allow you to focus on more important things in your life such as the customers that do pay as opposed to the customers that do not pay.
Sends out a strong message
Working with a proper, accredited DCA sends the message out to customers that you are serious about getting paid. It can deter any potential would be ‘non-payers’ if they know you collaborate with a Professional DCA solution.
Nobody wants to deal with somebody that is not going to pay them!
Experience of Debt Collection
Most Debt Collection Agents are well versed in the ways that debtors will try and attempt to evade payment. They will manage situations based upon their experience and ask for evidence to support any spurious facts. A Professional DCA that you can trust will always do their best for you. It is obvious that experienced Debt Collection professionals will recover far more than the average credit controller or small business owner simply due to their vast working experience.
Dynamic and specialist services
Modern proficient DCA’s these days have sophisticated systems that allows them to access information and data. This can help them navigate to a far quicker successful conclusion than the average person. They will know which buttons to press to get payment and what actions are most suitable to ensure you get paid.
The above is a quick overview of what is a specialist industry. Choosing a debt collection agency to work with does not need to be a difficult exercise if you apply some common sense.
A quality DCA will deliver quality results. Your focus should always be on the end results as that is what matters.
Do your research and ensure that any DCA that you choose to work with has a solid, lengthy reputation for delivering a professional service. Also look for transparent costing structures and try to avoid those DCA’s that promise the earth. No win no fee debt collection can come with its own perils.
Any DCA you work with will represent you or your business so be mindful of that. Overly aggressive debt collectors should never be an option. Whether it is a debt collection agency you need or a debt billing service that will send out notices, choosing the right service will bring untold benefits long term.