- January 20, 2017
- Posted by: Taurus Collections
- Category: Blog
Credit control support is a method used by small-medium sized businesses to assist in collection of overdue accounts. As a result, the action improves a business’s cash flow. Credit control is a very important factor in a business’s overall success and is often regarded as the lifeblood of any company.
Offering credit to a customer involves a number of risks, but there is one risk that is the most common: non-payment. This main risk occurs when the other customer involved refuses to pay its dues and the company is exposed to that amount having already supplied goods.
The success of credit control support lies in the efficiency of a procedure to chase the outstanding debts, and subsequently systemize a process so that the customers are clearly aware that late-payment will not be tolerated, effectively grooming the business’s customers over a period of time to pay regularly.
If a customer has failed to make a monthly payment on the due date, usually within 30 days, then a credit control support team member will send a letter to remind the customer the payment is due. Should the debt go beyond 45 days, a further reminder letter or telephone call is made. If a company continues to resist payment beyond 60 days the credit control support team would recommend the instruction of legal proceedings, providing no dispute or valid reason for non-payment has been raised up to this point.
Taurus Collections is a commercial debt collection business in the UK that specializes in credit control support. Taurus promises to collect your cash fast, effectively and save you the time, money and reduce dispute-time. Our company takes pride in helping businesses collect their money.
For a no-obligation chat about how credit control support could help your business improve cashflow, please don’t hesitate to contact us on 01332 565350 or email firstname.lastname@example.org