An Insight into Commercial Debt Recovery – it’s not what you might think!
When it comes to collecting debts on behalf of your business, we know firsthand that you have many questions about the process. In this article, I share insight into the commercial debt recovery process and why it might not be what you think!
The Debt Collection Process
When people hear the term ‘commercial debt collection’ they are often instantly bombarded with a number of negative connotations. Commercial debt collection is not as scary as it sounds, in fact, it’s often a completely normal and sometimes regular business operation.
At Darcey Quigley & Co we receive several enquiries about debts of all shapes and sizes. Once we receive an enquiry about a debt our expert consultation team will have an initial phone call with the client to see how we can help. The consultation is completely free, and our experts will give you honest advice on whether we can help or if the debt is lost.
If we can help recover your debt, we will send the case over to our recovery team who will action it within 1 hour of receipt. After 48 hours you will receive a telephone update of your debt’s progress – in many cases the debt gets paid fully in this timeframe. Our team stay in touch with you at every step of the way, so you’ll be informed of any changes with your case. Most cases are paid within 16 days of us actioning the debt.
Will I still be able to work with my debtor in the future?
We believe in a confidential and professional approach. In many cases a debtor and client have fallen out of a healthy payment pattern. Darcey Quigley are able to assist in settling an overdue invoice and getting both debtor and client into a regular payment rhythm.
When should I outsource a debt?
One major question that comes up again and again in our line of business is when to outsource a debt. Usually, there are a number of telltale signs that you should outsource a debt to a collection agency. These can include:
- Breaking promises to pay
- Avoiding contact
- Ignoring invoices
- The customer breaks terms of the original agreement
Many of our clients have good relationships with their customers and want to continue working with them in the future. However, this can mean that many businesses are reluctant to approach their customers about outstanding debts. The longer a debt is left unpaid the harder it is to recover. Sometimes businesses will wait years before taking action with a commercial debt collector.
Outsourcing to a commercial debt collection company doesn’t need to change your relationship with your customer. Darcey Quigley work with an extremely professional approach meaning that both you and your customers maintain a good business relationship.
Will other businesses know that I have used a debt collection service?
Many businesses are afraid that their brand reputation will be damaged if people discover they have outsourced to a commercial debt collection agency. Our services guarantee complete confidentiality meaning that only you, the debtor, and anyone that you choose to disclose to will know.
What will a debt collection agency do that I haven’t already tried?
In many cases that come to us a late payer is waiting to be pushed over the line. This means that the late payer already has the money there but essentially needs an extra nudge from an impartial third party to pay. A commercial debt collection agency will be completely detached from the situation allowing us to swiftly get to the source of non-payment and resolve it. This helps to save your company admin time as well as preserve your relationship with your late paying customer.
Outsourcing to a commercial debt recovery company can feel like a big step for many businesses. If you have a debt that you are struggling to get paid, find out more about what we can do to help.
Original article written for the Darcey Quigley website.