Working With a Debt Collector

If late payments were a big problem for you in 2020, then you might be considering doing something about it this year. The good news is that there are a lot of options open to you, including working with a  professional debt collection agency. This might seem like a big, scary step, but the reality is working with a debt collector can have a hugely positive impact on your business. So today, we wanted to show you want a debt collector can do for your business, and give you some tips to help you make the most of your relationship with a debt collector.

Be Honest

When you start working with us, we’ll ask you to tell us about how you work, who your clients are, behaviours you’re struggling with and the approach you normally take. Some of the answers to these questions might make you uncomfortable, especially if you know your processes aren’t the best, or that you’re struggling in some areas. But a debt collection agent isn’t there to judge you. We ask those questions so that we can understand your current situation, and put together a tailored plan that will deliver the results you want. So if you’re struggling with late payments mainly because you never chase invoices, please just tell us that. It means we can do our best work and you end up with money in your pocket.

Understand the Process

When it comes to collecting debts from your customers, there is a process to go through. The first stages of that you will have done yourself – issuing the invoices and then following up when they weren’t paid. Usually you bring in a debt collection agency when that has failed, and you need some backup. But before you do, you need to understand where that process could ultimately end up. Because while it’s true that most debts can be settled with a phone call from one of our agents, the reality is it could end up going a lot further. To highlight this, the debt collection process generally looks something like this:

• Invoice as normal.
• Chase if payment isn’t made (sometimes more than once).
• Put a credit hold on the customer account.
• Give final notice.
• Enlist a debt collection agency.
• Legal action (like small claims court) if collection is still unsuccessful.

Ask About the Extras

Believe it or not, debt collectors can do more for your business than just chase down money you’re owed. We can also help you design and put processes in place to make sure payments aren’t late in future, and support your business in preventative debt management and positive cash flow. Every agency will have its own methods for this, but at Debtcol, we offer:

• Multiple debt collection
• One-off debt collection
• Outsourced credit services
• Business investigation (including comprehensive company and director searches)
• Private investigations
• Forensic accounting and reporting
• Information & advice

At Debtcol, we believe we’re more than just debt collection robots. We’re a team of collectors with an advanced range of complementary skills, all of which give us the power to strengthen your business. We offer an enhanced debt recovery service, with the personal attention of an assertive but respectful and courteous team who are always acting in your best interests. If you would like to know more, please just get in touch with us today.