How do debt collection agencies work?

How do debt collection agencies work?

Businesses who are owed money and have tried, unsuccessfully, to recover the money themselves, may consider using the services of a debt collection agency. If you have never used a collection agency before, you may be apprehensive about engaging their services because you do not know the process or understand how debt collection agencies work.

Managing Commercial Debts

As a business, it is important that you are paid what you are owed by customers and clients. Routine late payment or customers avoiding payment altogether can be both costly and damaging to your business and have lasting repercussions.

Businesses who are owed money and have tried, unsuccessfully, to recover the money themselves, may consider using the services of a debt collection agency. If you have never used a collection agency before, you may be apprehensive about engaging their services because you do not know the process or understand how debt collection agencies work.

In this article, we aim to put your mind at rest and explain our processes so that you are as informed about the whole process as possible.

Step 1: You notify us of non-payment.

You can do this any time of the day or night through our dedicated client portal. Simply upload the debt along with any supporting documentation and our team will start their investigations. We will verify that the information that has been sent is correct and that the debtor does owe you money.

Step 2: You will be allocated a dedicated account manager.

We do this so that you have a familiar point of contact throughout the process. Your account manager will develop an in-depth understanding of your case and create a tailored course of action to get your money back.

Step 3: We tailor a solution to your requirements.

We understand that one size does not fit all, and we tailor our solutions to your requirements to ensure the best possible outcome for you.

Step 4: We ensure an open and friendly line of communication.

We work closely with you and your debtor to find a solution, always working with your best interests at the centre of our efforts. Our approach is ethical, and we have a firm but fair attitude to all of our dealings with your debtor. Our personal and human approach enables us to answer any queries straight away, resolving any disputes quickly to ensure maximum returns. All of Daniels Silverman debt recovery professionals are fully trained in mediation to quickly resolve disputes, without the need for lengthy and expensive debt collection litigation through the courts.

Step 5: We provide you with comprehensive reports.

As our client, you are kept informed about the debt recovery process – as soon as we get an update on your account, we’ll update you. We pride ourselves on being open and honest, so as the job progresses, we’ll send you tailored debt collection reports, so you’ll know exactly where we are, and where your money is too.

Step 6: We offer extensive payment methods to your debtor.

Your debtor will not be able to offer payment methods as a reason for delaying any payment. All payment methods are accepted including cheque, bankers draft, BACS, CHAPS, credit and debit cards, and direct debits. Cleared funds are passed to clients from ring-fenced audited client accounts.

Step 7: We only ever expect payment on results.

We don’t expect any of our clients to pay for our services if we can’t fulfil them. Our dedicated debt collection specialists work tirelessly to make sure we do recover your debt, ethically, honestly, and hassle free.

Managing commercial debts is about much more than simply collecting money from people who haven’t paid. Good commercial debt collection agencies will promote amicable debt collection and work hard to ensure good relations between the are protected. The price of collecting the debt should never be the loss of a good client relationship.

A good debt collection agency understands the need for balance. You need the agency to be determined and persistent, and your customer needs them to be human and ethical. Daniels Silverman are trained to combine the two, treating each case with tenacity, integrity and care.

When done well, business debt collection provides an opportunity for building better relationships and understanding with your debtors, collecting the debts while avoiding costly litigation.

If you would like to find out more how Daniels Silverman can support your business with debt collection services, please do get in touch.

You can contact us via the website https://www.danielssilverman.co.uk/contact where we have trained staff waiting to answer your questions or you can call us directly for a chat to discuss your debts on 0800 953 3631.  No time for a phone call?  Use the chat function on the website.

Or simply fill in the form below and tell us a bit more about your requirements!

 

Get in touch with us today!

0800 953 3631