As a small business owner having unpaid invoices can seriously hamper the business’s running costs and impact profitability. When the invoices begin to mount up and remain unpaid it can become a hassle to keep chasing after debtors to try and resolve any outstanding bad debts.
The solution is to choose a credit collection agency to take the stress out of unpaid invoices and focus instead on running your business. Let the credit control part of the business be managed by a professional collection agency. Some of the factors to consider when hiring a debt collection agency are:
Look for referrals: Perhaps a family member, business associate or friend might have had prior experience with a debt collection agency. Ask for referrals or else check online for collection agencies in your borough or neighbourhood. Always make it a point to check for reviews and testimonials of former clients.
Do your homework: Check out their website and online presence the types of services they offer etc.
Consider cost: Is the company you plan to hire transparent in their collection process and only will charge if they collect. Compare their prices with other agencies in the area to get an idea of what the going rate is.
Look for accreditations: Check if they are members of any credit services agency or association or if they have authorisation from the FCA (Financial Conduct Authority).
Speak directly: There is nothing better than to pick up the phone and give them a call about your specific problem. Let them explain the process of collection and how it will benefit you.