As every business owner knows, slow-paying customers and overdue accounts are a real hassle. Chasing up outstanding invoices is an inefficient use of time and resources and can also be very stressful. Not only does it take away from your core business activities, non-paying customers can also have a big impact on business cash flow. If your efforts to recover debt are not working, it may be time to call in the professionals. Here are some reasons to hire a debt collection agency.
SEND A CLEAR MESSAGE. Engaging the services of a collection agency tells your debtor that you are serious about getting paid. Debt collectors make it clear that the debt is important, should be prioritised and, most importantly, that it cannot be ignored. In many cases, a phone call or letter from us is enough to prompt action and get payment.
GET AN OUTCOME. Debtors will say and do anything to delay or avoid paying. The “cheque is in the mail” and promises to pay “next week” can go on forever.Debt collection agencies have the resources to gather credit information and can tell very quickly if a customer is able to pay. We ask the right questions and negotiate with the debtor until there is a solution.
FIND MISSING DEBTORS. If a customer relocates, changes their phone number or gives the wrong email address, your efforts to get paid could be wasted. Debt collectors have access to powerful tools that allow us to fill in the gaps and track down people. Using the latest contact information to contact your debtor gives us a better chance of recovering the debt.
GET DEDICATED PROFESSIONALS WORKING FOR YOU. Not all businesses have adequate resources for a dedicated accounts manager. In many cases, the job of chasing outstanding accounts falls to a sales person, the business owner or whoever has the time. Debt collectors are focused on making sure you get paid. It is our primary goal and we have no distractions.
WE ARE EXPERTS. If a customer ignores repeated requests for payment it is a good indication that they have no intention of paying. At this point, communication is likely to stop and it is unlikely that the debt will be recovered by you. Debt collectors have the techniques and expertise to get results, even when it seems like your money is unrecoverable.
If you have hit a dead end with collection efforts or find that too much time in your business is spent chasing money, instead of making money, then it is time to consider hiring a debt collection agency.
Arrow Recoveries are a Perth based collection agency that specialise in the SME space. Our team of professionals have only one focus – collecting your debts as quickly as possible. For an obligation free assessment and to learn how we can help you to save time and money call 1300 475 147.