We know that when a business owner is concentrating on growing their business, credit control duties are not a particularly enjoyable or rewarding task.

Outsourcing your credit control is beneficial in many ways:

  1. Helps to maintain good working relationships:  No one likes being chased for payment, it is awkward and embarrassing for both parties. Using a third party (a reputable debt collection agency) means that you will be able to maintain a good working relationship with you client whilst allowing them to chase the money you are owed.
  2. Gives you more time:  You can use the time that you spend on chasing up clients on growing your business whilst having peace of mind that your invoices are being chased and handled by a professional and highly experienced team of debt collectors.
  3. Maximise your revenue: By having an organised credit control system in place you are reducing the chance of having to write off “bad debt”. By referring overdue cases early to a debt collection agency means you maximise the chances of getting your money.  A poor credit control/debt collection system sends the message out to your customers that your bill is not a priority!
  4. Gives you flexibility: Some of your debtors may be genuinely struggling to pay your bill. A reputable debt collection agency will have a highly experienced team to deal with these cases. They will be able to arrange a monthly instalment payment plan which is then agreed by you. They will sort out the details and methods of payment and forward you the money at the end of every month, you will not have to get involved at all!
  5. Benefit from professional resources:  Most reputable debt collection agencies will offer additional services as well as debt collection. Tracing and judgement searches are sometimes necessary when dealing with debtors who have “gone away” or you need to assess whether it’s worth taking a debtor to court. Using a debt recovery agency will mean that you have these resources right at your fingertips!

Always try to find a debt collection agency that work on a “No Recovery, No fee” guarantee and ensure there are no joining fees, hidden charges or minimum debt rules. If your debts fall under the Consumer Credit Act 1974 (amended 2006) then ensure the agency are registered with the FCA (Financial Conduct Authority) otherwise a registration with the CSA (the industry professional body) is always a good sign of professionalism. This means they will work to the highest possible ethical standards and most importantly protect your reputation.