Often people assume that using a debt recovery agency is a last resort for businesses.
This is not always the case! There are many benefits of debt recovery that your business can take advantage of.
Many businesses use debt recovery expertise early in their collections cycle in order to ascertain if there is a dispute with their invoice. Other businesses use debt recovery agencies for support services such as tracing, credit control, credit search, and the like.
It can be smart to implement professional support through a debt recovery agency at an earlier stage.
A third-party agency helping you with your unpaid debts can aid in keeping your cash coming into your business. In this modern age a good debt recovery agency does far more than collect debt, so don’t write us off right away if you are having some cash flow troubles for the first time!
In recent years the debt recovery industry has become heavily regulated by the Financial Conduct Authority. For businesses looking to recover any type of debt, the first enquiry is to find out if an agency is regulated.
By passing your debts to a professional third-party, it allows you to take advantage of the advanced knowledge and vast experience they have in achieving the best possible results when it comes to collecting your money. After all this is what you are looking for …… isn’t it?
You can rest assured that your brand reputation is safe with a reputable and registered debt recovery agent. This is because the agency itself is under positive obligations to deal with those who owe money in a compliant way. Should they fail to do so, the reputation of the agency is at risk alongside your own. This ‘self-preservation thought process’ has led to an increase in more compliant and respectful collection strategies. So those stronger-toned letters that were previously the norm, can now be slightly dialed down because everyone is feeling the financial strain currently!
Most agencies will have agents who undergo significant training before they ‘go live’ and also have in place a continued training programme. This process is policed utilising call-monitoring and regular one-to-one meetings with agents to ensure full compliance.
Often it is the case that those working for the agency are more experienced than those working within the client’s own finance department; although one should never assume another’s abilities ????.
Cash flow is at the heart of every business. It is evident that a business-owner would want to support and uphold this as much as possible. A third-party can help with that!
Taking up too much time chasing unpaid invoices? A third-party can help with that.
Stuck at a dead-end, not knowing what more you can do to get your invoices paid? A third-party can help with that.
In essence, a third-party can allow businesses to breath a huge sigh of relief. Passing your outstanding balances to trained experts will minimise the stress and worry of cash flow troubles. This allows the business to focus its time on other important aspects throughout the company.
If you have any further questions or queries, contact Scott & Mears today.
Published: 15th February 2023