Cash flow and business debt collectors have always played an important part in the profitable running of a business, but never more so than now.
We are getting a number of calls from clients asking whether they should be using business debt collectors to pursue debtors on their behalf, in the current climate. Our short answer is ‘yes’, but it needs to be done carefully. Many businesses are facing very difficult times with some going into ‘mothballs’, and others looking at a seriously decreased income for the duration of the crisis.
In these unprecedented times of the COVID-19 pandemic, you need to use business debt collectors that don’t simply wade in with a standard procedure with little thought to the reality of the local situation. It may be sensible for example, to give debtors more time to respond to letters and other issues (perhaps allowing 14 days instead of 7 days).
Likewise, you may need to consider whether to send letter correspondence at all – if, for example, factory premises are closed, then email could be the best – and only – route to achieve a response (we always find this anyway!)
Other options on the table, and we believe one that should always be attempted, is that of telephone contact with debtors. Business Debt Collectors should be using this as the primary method of establishing contact and resolving late payment in the current situation. By establishing contact with your debtors, collection agents are able to undertake a realistic and professional assessment of their situation and their chances of actually making payment of the debt. We have a fantastic record of recovering money by telephone calls – our team of business debt collectors can build rapport, and yet maintain a firm approach on your behalf.
We often help our clients with one-off debts, or large portfolios. In fact for many of our clients, we work alongside internal credit control teams, being called on for advice and assistance when required.
There is still some great resources out there of how to do business during a pandemic, so we shouldn’t lose hope in these trying times.
At the end of the day, if you are owed money for work you have done or goods you have supplied, then you should rightfully be paid. Business debt collectors such as ourselves, can help you achieve this with less hassle, and in quicker time. For the foreseeable future debt collection won’t be as straightforward as it was pre-coronavirus, and you need to speak to a firm who understands business, and just as importantly acts quickly and concisely to achieve the best result possible for you.
If you would like to speak to one of our business debt collectors to collect late payments and to help your business through the pandemic in 2020, please don’t hesitate to call us 01332 565 350 or email firstname.lastname@example.org