Deciding to hire a debt collector isn’t always easy. If you’ve already tried your own business debt collection, moving onto a professional agency is the next obvious step.
But, many businesses will hesitate because of potential fees and assumed risk. We at Taurus Collections provide no win, no fee debt collection for businesses and have come up with a list of the main benefits of using a collection agency.
Benefits of Hiring a Debt Collector
1. No win, no fee removes the risk
It’s a phrase we hear in many industries and is self-explanatory. No win, no fee debt collection is just that: if the agency can’t recover your debt, you don’t get charged.
This isn’t a standard approach in debt collection, as we’ve discussed elsewhere. But, it’s important for you as a client because you shouldn’t have to lose money.
2. Professional debt collection saves time
This is another obvious point. Deciding to hire a debt collector saves time compared to doing it yourself because it’s the company’s job. Just as you’d hire any other professional service, the same should be true for debt collection.
While there are steps you can do through your company, outsourcing to a debt collection agency reduces the amount of time you have to wait.
3. Makes you appear more credible
If you’re waiting on outstanding debt from a customer or client, the chances of them repaying it are low. After all, if they wanted to, they would have done it by now.
When you start to hire a debt collector, many people get scared into action. They see a letter come through from a professional agency and realise you mean business. This is particularly relevant for self-employed workers, as it can be easy for customers to take advantage.
4. Saves costs of going to court
Similarly, a business trying to recover debt has little choice but to threaten court action. It’s the eventual outcome of business debt collection when handled personally.
However, a debt collection agency can save these costs by resolving the issue before it gets that far. For example, we work with the debtor to devise a strategy that means you get your money in the easiest way possible. No one wants to go to court, so this at least saves time and money.
5. You benefit from industry connections
Much like point 3, a debt collection agency can leverage its connections for you. This could be instructing solicitors, running credit checks, or anything else that might help you avoid future unrecovered debt.
Our aim is to make everything simple for you, including escalating issues if it gets that far.
If you need business debt collection handled in a timely and professional manner, Taurus Collections is here for you. We’re a team of experienced debt collectors who work ethically and efficiently.
Better yet, we provide no win, no fee debt collection, so you don’t have to be inconvenienced any more than you already have. Contact us for further details on how we can help.