But we want to clear a few things up. Because we’re not the pushy people many think we are. We don’t come breaking down doors and taking away your prized possessions just because you forgot to pay a bill. Instead, we work with businesses to reclaim the money they are owed, while still preserving relationships with their customers. And to show you that we aren’t all bad guys, we wanted to answer some of the most common questions you have about debt collection.
What Is A Commercial Debt Collection Agency?
A commercial debt collections agency is simply a debt collection agency for businesses. We don’t chase payments for personal credit cards, payday loans or anything like that. Instead, we work with businesses to help them claim the money they are owed by their customers for products and services. While this is usually a B2B area, there can be some grey areas when it comes to sole traders and so on. If an individual provides a personal guarantee to a corporate or a LLC liability company, then a commercial collection agency can also collect from the individual who provided that guarantee.
Is Accounts Receivable Collection The Same As Debt Collection?
Short answer? Yes. An accounts receivable from a business that resulted from providing a product or service is referred to as a debt once a collection agency has been assigned to assist in the recovery of that debt.
Is A Local Or A National Agency Better For My Business
When it comes to debt collections, being local is not critical. A commercial collection agency is determined instead by the background and training of the collectors, the approach to collections, persistence, timeliness of follow up and ability to tell myth from reality, rather than where they are based. Most debt collection work is done by phone and email, rather than in person, so location isn’t a major consideration. It’s more down to whether you want to meet the agency before you work with them, and how important working locally is to you as a business.
Do You Bully My Clients?
No. Effective debt collection is not about being rude, abusive or pushy. TV and film have given debt collection a bit of a bad reputation, coupled with the more suspect collectors employed by payday loans companies. A good debt collector will never jeopardise the relationship you have with your customers. Instead, they will work closely with you to decide the best approach, get all the information they need, and how you want us to work with your clients. If a debt collections agency tells you they will get your payments ‘by any means necessary’, they probably don’t have your business’s best interests at heart.
I Just Have One Overdue Invoice, Can I Still Use You?
Of course! We work with businesses of all shapes and sizes to reclaim one off invoices, multiple late payments or even on an ongoing basis to help with maintaining cash flow, performing financial investigations into your prospects and even acting as an outsourced credit services function. Our services are designed not only to help businesses reclaim money they are already owed, but reduce the risk of late payments and cash flow problems in the future.
At Debtcol, we provide a wide range of services designed to help your business perform well and succeed for years to come. We’ve published a selection of helpful guides for you to browse through, along with our regular blogs to give you the information you need, and of course our expert advisors are here to help you with any questions you might have. If you would like to find out more, just get in touch with the team today.