As the UK economy continues to grow slowly but surely, collection of debt for companies has never been more important to ensure survival in an ever-competitive market-place. Our clients know that timely collection of debt is crucial to their cashflow and so they have implemented strict procedures into their company to ensure they are not seen as the “soft touch’ when it comes to getting paid.
So we thought we would share some quick secret-strategies to use in your business to place collection of debt at the top of your company priorities:
This is where it all starts. Make them clear, concise and crucially make sure they include details of how to pay you! Sort code, acc number, tel. number to pay by credit card, paypal ID, address to send cheque to. Remember an invoice is a “notice to pay” so make it clear it needs to be paid.
Schedule calls to your customers every 7 days. Send a minimum of 2 letters and call 2 times before ever considering escalating to legal or 3rd party debt collectors. Your customers will appreciate being reminded to pay as often Accounts Dept can get bogged down and they only pay when they are chased.
Never delay past 50 days. If you have had no response to this point as in-house collection of debt, you should quickly pass to legal dept or 3rd party for collection. Timing is everything and the customer may have serious financial issues or be closing down, so it is important to move fast.
So there you have it, some handy hints on how to prioritise collection of debt, which will put your company in a good footing of financial stability.
If you would like to speak to one of our agents about collection of debt in your company, and learn how we help similar businesses across a range of sectors in collecting debts, please don’t hesitate to call us 0800 160 1681 or email firstname.lastname@example.org