What can a debt collection agency do for my business?
Debt Collection Partner Debt collection agencies are a valuable resource for thousands of businesses across the UK. Good collection agencies offer much more than simply recovering a debt, they can become a trusted partner to the business. Here’s what a good debt collection agency can do for your business: Work with You: A good and […]
Debt Collection Partner
Debt collection agencies are a valuable resource for thousands of businesses across the UK. Good collection agencies offer much more than simply recovering a debt, they can become a trusted partner to the business.
Here’s what a good debt collection agency can do for your business:
Work with You: A good and reliable debt collection agency will want to work with you to recover the money that you are owed. This means getting to know and understand you, your business and your clients.
Provide Bespoke Solutions: Once the agency has learned about your business and client relationships, they can tailor a bespoke debt recovery solution that meets your exact requirements. This is important because as with most things in life, one size does not fit all and simply following fixed procedures without gaining an understanding of the client and case first is less likely to result in a successful outcome.
Protect your Client Relationships: One reason that business owners can be reluctant to chase money that their business is owed is that they do not want to damage the relationships they have with with their clients. Up to this point, the client may have been a good customer and the thought of damaging the prospect of future work can be very off putting. There may be a myriad of reasons that a client cannot pay, and they may find it difficult to disclose the reason to you. This is where having an independent third party can be a real benefit. A good collection agency will not simply demand that the money be paid and risk the relationship you may have spent years cultivating. Instead they try to find out the reasons and see what solutions can be offered. By providing an open channel of communication and dealing with your clients in a human and approachable manner, any queries can be dealt with straight away and any disputes resolved quickly and professionally.
Protect your Reputation: As well as protecting your client relationship, a good collection agency will seek to protect your relationship. They will understand that a reputation that has taken years to build can be ruined in a matter of days. Your reputation and ethos should be at the centre of everything that the collection agency does. The debt recovery pathway should be tailored to reflect this and all dealings with your clients should be treated with the utmost professionalism.
Offer Dispute Resolution: Sometimes disputes do occur, if they do, you need a collection agency that has invested in training their staff in mediation. This can be the difference between finding a resolution or facing lengthy and expensive debt litigation through the courts. Trained staff working on your behalf can be a huge benefit to your business and mean that disputes are resolved, money collected, and relationships preserved.
Collect your Debts: This is an obvious one, but what you should consider is how successful are the company in doing this, and how simple is the process? People turn to an agency because they do not have the time or skills necessary to this for themselves. If there is a long, drawn-out process that is complicated to follow, you are not saving time and you are not protecting your cash flow.
Agencies that are experts in the field will have refined their methods over the years to make this process as simple and straightforward as possible for their clients. There should be the ability to upload debts along with the supporting documentation, at any time of the day or night, directly into a dedicated client portal where the process can begin straight away.
You should not have to chase an agency for updates, you should be kept fully updated on progress every step of the way with comprehensive reports sent to you. A dedicated account manager means that you have one point of contact and are only ever dealing with someone who has extensive knowledge of your case.
This all helps to reduce your stress and allows you to plan more effectively moving forward.
Strengthen Not Just Your Cash Flow but Your Relationships: A good collection agency should strengthen not only your cash flow but your customer relationships. Having a friendly and ethical agency act as an intermediary between you and your debtors can strengthen your relationships. Your clients may have stopped communicating with you out of embarrassment but may find it much easier to find a solution with a firm who is skilled at mediation and resolution. Acting in this approachable and professional manner can be a huge relief for both you and the debtor.
If you think that partnering with a debt collection agency would benefit your business, then working with Daniels Silverman will give you all of the above and more. Our specialist commercial debt collection teams negotiate for our clients and have succeeded in recovering millions in commercial debt for businesses of all shapes and sizes every year.
Integrity, dedication, and fairness have been the building blocks of our success since 1995.
Daniels Silverman delivers straight-forward, transparent, ethical debt recovery and credit management services, working with businesses from SMEs to blue chip, and tailoring our approach to meet your exact needs.
If you would like to find out more about how we can help your business, please do get in touch. We have staff available to talk via the website https://www.danielssilverman.co.uk or you can call us direct for a chat about your requirements 0800 953 3631