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Show your customers some love: use a Debt Collection professional
This is traditionally the time of year when relationships come under the microscope, and it’s a good time to consider your business connections and how strong they are. We aren’t suggesting you send red roses to your clients, but there is one area in which many businesses can do better when it comes to relationships, and that is debt recovery.
You might think that debt recovery is purely a negative process that has nothing to do with business relationships. But increasingly, modern companies are coming to understand that bad debt and the recovery of late payments can be an opportunity to strengthen customer relationships.
Debt Recovery – The Personal Touch
One of the most important ways that a debt recovery agency can help maintain business relationships is by offering a tailored debt solution. This type of arrangement can include anything from flexible payment methods to freezing debt as part of a personalised payment schedule. Experienced debt collection companies are able to offer a variety of tailored options, which can be more effective in recovering debt than traditional methods, and which will also reflect well on your business.
Treat Each Customer as Unique
A smart debt collection organisation will also be adaptable in its debt collecting strategies. Always check with an agency working on your account to be certain their approach is professional. In an increasingly competitive economy, you should expect your debt collection agency to understand the importance of maintaining long-term business relationships while ensuring debt is recovered.
How to Keep Bad Debt from Harming your Relationships
Once a debt has become established it is often best to employ the services of a professional debt collection agent, but there are steps you can take to keep your business relationships strong and debt-free and limit the risk of late payment:
• Always carry out a credit check before payment terms are agreed
• If a client has a poor credit rating, consider a proforma arrangement or prepayment
• Make sure your contract details the steps you will take in the event of late payment
• Ensure your customer reads the documents before signing
• When payment date is coming up, follow up with your customer
• Keep a detailed record of any late payment activities
Speak to us about our Valentines Special Offer
Succeeding in business is about a balance between customer satisfaction and profits. By engaging a modern, reputable debt recovery agency, you can ensure that your debt is recovered using the latest techniques to maximise efficient debt collection without damaging your business relationships.
And because we love our clients, we are putting our years of domestic and international debt collection and customer relationship experience at your disposal. You can claim a free debt collection consultation throughout the month of February and if you use the #ILOVEMYCLIENTS hashtag you can win a free bottle of our famous CLI wine, if your consultation leads to you placing your first debt with us.
So why wait? Show your business and your customers some love and get in touch today.
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30 Years experience delivering successful debt collection solutions to businesses
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If you are looking for a free quotation, fast and effective collection on an overdue account, or a durable solution to manage UK or international claims, please fill out our debt collection form.