Chasing debts is time consuming and diverts resources away from your day to day business. FinCred IS work with debt collection experts to make your life easier by chasing domestic and overseas commercial debts on your behalf.
What Does Working With a Debt Recovery Agency Involve?
Like many companies, you may have invoices that remain unpaid. You may chase these invoices yourself, but without a full understanding of the legal recourses at your disposal (as well as a strong negotiation strategy and plenty of spare time), it can be hard to get any results with a debtor that is reluctant to pay.
When you hire a debt collection service (or credit collection service), a team of experts can take this work off your hands. A great debt collector will treat each debtor as an individual and understand that every unpaid invoice comes with its own set of circumstances and challenges. Ultimately, they will be able to contribute leverage to the situation that will allow your business to receive the money you are owed and receive it quickly.
What are the Benefits of Debt Recovery?
There are a multitude of benefits available to those who utilise commercial debt collection services, from the obvious saving time and money, to investing in an agency that has an understanding of the laws and regulations around debt collection.
- Payments for invoices that may have seemed uncollectable can now be recovered.
- Write-off fewer invoices and increase your earnings and cash flow.
- Save time: you don’t have to spend your own time chasing debts, leaving you free to focus on other business matters.
- Debt recovery specialist agencies have an in-depth understanding of the laws and regulations that can be put to work to put pressure on difficult debtors. They can collect on monies owed faster and more reliably than in-house efforts.
- Debt collection services offer a variety of programmes and can be flexible enough to meet your specific business circumstances. Some may charge a flat fee, others a commission and some offer no-win, no-fee terms.
Types of Debt Recovery
Don’t confuse commercial debt collection with consumer debt collections. The latter targets debts accumulated by individuals, such as home mortgage payments or consumer credit card debts. Commercial debt collection only looks at debts owed by other businesses.
Some services may refer to digital debt collection. This is a more efficient and cost-effective method that focuses on digital tools to automate parts of the debt collection process through email and SMS. Decisions on how to pursue debts can be made with better data accumulated through digital channels.
Here at FinCred IS, we offer commercial debt collection services that are bespoke to your businesses’ individual needs. Please see below for some of the debt collection services we offer through our accredited debt collection partners:
- Single debt recovery.
- Multiple debt recovery.
- Corporate debt recovery.
- Debtor tracing.
Contact Fincred IS, Your Broker for Quality Debt Collection Services
Our commercial debt collection agency partners are experts on local laws and practices and provide a cost-effective alternative to chasing the debt yourself or commencing legal proceedings.
Obligation-free quotes for commercial debt collections services can be provided quickly by contacting FinCred IS. Services provided by our partners include debt collection, debt tracing, credit control and domestic and overseas debt expertise.
Please contact us at info@fincred.co.uk and take advantage of our debt recovery agency partners today.
Alternatively, if debt recovery isn’t the right choice for you, there are many other ways to shore up your cash flow. As commercial finance experts, our sister company, Fincred CF, has a range of services that may be able to help you. Contact us and we can point you in the right direction.
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