Taking the Pain out of Late Payment Chasing – Why Outsourcing Credit Control Will Boost Your Business’ Financial Health
It’s a job all business people hate – and chasing late payments can be a time-consuming, costly and stressful affair.
Feature opportunity
12 May 2014
That’s why an increasing number of SMEs are enlisting professional help to recover late payments and boost their own financial health. With the average small British business now spending two weeks a year chasing overdue bills, outsourcing is an attractive, cost-effective option.
As well as collecting money, they can settle disputes – before costly court action – and identify slow payers or problem creditors.
Professional debt collection experience
Here Commercial & Domestic Investigations’* Natalie Barron explains more about their approach – and why it’s gaining in popularity.
“Most SMEs in the UK don’t have professional experience of debt collection. They often ask account managers, and sometimes sales staff to chase up on unpaid invoices. With no knowledge of debt law or debt enforcement and lacking the experience to tell the difference between a ‘won’t pay’ and a ‘can’t pay’ these staff tend to be ineffective when it comes to recovering outstanding debt.”
“Here at Commercial & Domestic Investigations we’re specialists in the collection of outstanding invoices and other debts. We have the knowledge and experience to recover debt in a firm but professional way. Using our services effectively means we become your credit control department or at least an extension of it.”
Tracing absconding debtors
“These are problems all businesses face – and with £55 billion of outstanding invoices** currently owed to British SMEs we find that our commercial debt collection services are increasingly in demand.”
Natalie Barron continues “All sizes of business are affected by late payers and debt that seems difficult to collect. Since the downturn in 2008 the problem of bed debt has accelerated and it has become a real threat to the profitability of some companies. As the economy improves we’re still finding that UK businesses are sitting on some older debts that they feel they cannot collect.”
“At Commercial & Domestic Investigations we have a dedicated tracing and recovery service where it’s believed the debtors has ‘gone away’ and cannot be found. We operate a ‘no trace – no fee’ service. Using modern database searching techniques the majority of ‘gone away or absconding debtors can be traced within 24 hours. Once we locate them, we can start to recover the debts. This is a specialist service that the majority of UK companies cannot perform in-house.”
Commercial & Domestic Investigations was established in 1988 and now has a client base of over 20,000 Companies, these include Sole Traders, SMEs, Limited Companies and PLCs.
Notes to editors
* http://commercialdomesticinvestigations.co.uk/
Nina Hands
nina@contentsoup.co.uk
0113 397 9892
Commercial & Domestic Investigations is one of the leading credit management companies in the UK. Set up in 1988, it now has a national client base of over 20,000 companies, including sole traders, SMEs, Ltds and PLCs.
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