Searching for collection agency names is a stressful proposition because you want to ensure you are working with an honest, efficient, and experienced debt collection agency. However, if you are here reading this, your search is all but over. Read on to learn why we are your best option for improving your company’s cash flow.
Why You Might Need a Debt Collection Agency
There comes a time when sending nicely worded requests asking that outstanding invoices get settled is no longer economically viable.
Unpaid debts to your company are eating further into your profit margin because they use valuable resources best utilized elsewhere.
When debts reach this level of inconvenience, it’s time to search for the best collection agency names, so you know who to call for a professional service that can help you get your cash flow back under control. A debt collection agency is an optimal solution when:
- You are owed by a new customer you have no trading history with
- A client has repeatedly failed to make good on payment promises
- A customer has failed to follow through with a payment plan
Many business owners would like to avoid these types of awkward conversations, and many unscrupulous clients will take advantage of your good nature if given the opportunity. A 3rd party debt collection agency is the perfect solution for turning the tables on your tardy debtors and showing them you are a professional organization that means business.
Your search for collection agency names has brought you to this article, so let us tell you just a few of the ways we can help your business with debt collection.
Why You Should Outsource Your Debt Collection
Outsourcing your debt collection will increase your cash flow without requiring you to take any time away from your business.
Many business owners are uncomfortable with debt collection and are unsure about the legal requirements. These factors have probably played a big part in motivating your research for reputable European debt recovery agency names.
Debt collection staff are experienced and understand how to work within the system while significantly reducing the time the debt remains outstanding.
Business owners who have reached a point of desperation can often let their emotions rule the negotiations when requesting settlement for outstanding invoices. The conversation can get heated, customer relations can be forever damaged, and your client’s bad experience could motivate them to take their business elsewhere.
Collection agency staff are highly trained negotiators and, as such, are in a better position to handle the collection calmly and professionally.
We Will Save You Time
Every company is in the business of collecting money. When finances need to be chased up, it impacts the bottom line because staff or business owners lose resources, like time, that would be better used elsewhere.
Here are a few other ways a debt collection agency will save you time when chasing up your debts.
Unlike business owners with a lot on their plate, a debt collection agency remains focused on the goal and has no such distractions. Plus, they do not suffer from the discomfort many business owners face when asking clients for money.
Debtors contacted by debt collection agencies typically pay up with much less prompting because they discover a newfound respect for your organization and understand the usual range of excuses will no longer work.
Also, when you use a third-party debt collection agency to collect your debts, you are free to put 100% of your focus back into your business.
High Success Rate
We are very good at what we do, so when you engage with our debt collection agency, you can do so with the peace of mind that the chance of an improved cash flow has gone up significantly. We can access a wide range of resources not available to most business owners that help us get your clients to pay their outstanding invoices quickly.
There’s not much point in collecting on debt if your actions will only end up costing you a small fortune in legal fees. Unfortunately, business owners who decide to handle debt collection themselves can find themselves in legal trouble because they are not fully aware of their legal obligations or their debtor’s rights. Debt collection agencies understand your rights and the legal boundaries that will keep your business safe from legal action.
We Recover Costs and Interest
Many businesses often don’t realise all they can claim when recovering debt. When invoices become overdue for payment according to your credit terms, your business is entitled to claim interest, as well as late payment costs. In short, any costs you incur in recovering your debt can also be recovered.
Risk Free No Win No Fee Debt Collection
We further reduce the risk to your business finances by operating under a no win no fee debt collection policy. This means that you only pay for debts that are successfully recovered.
If your debt is irrecoverable for some reason, your organization is shielded against further financial hardship. Further to this, your agreement will list all of your debt collection costs so you know where your finances stand at every step of the process.
We are fully transparent with our debt collection agreements because we don’t believe in surprise hidden charges that could hurt your business.
How to Work With Us
We become your trusted partner in recovering debts when you work with us. However, there are things you can do to streamline the no win no fee debt collection process. In general, the more details you can provide us, the better we can serve you.
Your service will go a lot more efficiently when you provide as much relevant information as possible, including:
- Mobile phone numbers
- Names and addresses
- Email addresses
- Information about your previous debt collection strategies
- Transaction details such as date, contracts, and credit applications
In short, you should supply as much detail as you can about the debtors you are attempting to recover funds from because the more we know, the more informed our strategy will be.
How We Recover Debt
We perform preliminary research on the debtor to ensure they are still actively conducting business. We also attempt to identify how healthy their financial situation is because this helps us develop an optimal collection strategy.
Initial contact is made with the debtor to introduce us and our involvement with your company. We will also list details of the amount due, including the principal sum, debt collection costs, and late payment interest.
If a response is not forthcoming within 14 days, we start the next phase of our collection process. The debtor may not be able to pay the total amount owing. In which case, we can negotiate a payment plan suitable for both parties.
We operate transparently, so you have up to the minute information about the progress of the debt collection process.
If you are a business looking for reputable collection agency names to help you take care of your debt, call us and let us show you how we can help you recover your finances and improve your cash flow today.