- May 2, 2019
- Posted by: Taurus Collections
- Category: Blog
When you are looking for the best collection agencies to help you collect debt in your business, it can often be a frantic task. Trawling through a business directory or online to find the best collection agencies. But before all that, you should make sure you have done everything possible in-house first. You need to be in the best possible position before you move your debt to a collection agency.
The Best Collection Agencies pre: to-do list
So we have come up with a list of important actions to carry out before you start looking for the best collection agencies. A kind of pre: to-do list if you will:
- Contact – have you actually spoken to the debtor? If you haven’t you should make every effort to do so. It may be that they just never received the invoice in the post, or their email has gone to the Junk mailbox. A quick call to check they have received the invoice and there’s no disputes with the invoice is key to reducing delays in payments. The no.1 reason we find for non-payment of invoices is due to disputes. Once you eradicate that, you can move more quickly to escalation.
- Repayment offer – has there been a negotiation of how to pay? Often if a debtor cannot afford to pay their debts, they will become unresponsive. Again you need to make contact with the debtor and look to negotiate a repayment plan. Then you can work together for the best solution. If the matter went to court, you would only be doing this anyway (that is if they genuinely can’t afford to pay). So its best to try and have this discussion so it saves time and money further down the line.
- Settlement proposal – if there is a dispute on the invoice, have you tried to offer a settlement? Some of the best collection agencies will act on your behalf if there is a dispute, and negotiate for you. But you should do this before that stage. This will give your customer every chance to make a reasonable payment before the matter is escalated.
These are just a few things to consider when looking for the best collection agencies to collect your debts. Many debtors would pay up if you just try and work with them. Address their disputes with the goods supplied, or work together to resolve their cashflow issues.
If you are struggling to collect debts from other businesses and are looking for the best collection agencies in the UK, please don’t hesitate to email us email@example.com. Or give us a call on 01332 565 350 for to see how we can help you improve your cashflow and debt collection rates.