Business Debt Collection in Kent

Business Debt Collection in Kent

The county of Kent offers huge economic potential. Ideally located between Europe and London, Kent provides a talented workforce, excellent facilities and infrastructure, space to grow and manageable costs, compared to the capital. That’s why as many as 70,000 companies have already chosen to locate their operations in the county.

Cash Flow and Debt Recovery

One thing that affects almost all small business owners in Kent and elsewhere is the issue of bad debt. Cash flow is an essential part of any business and when customers don’t pay, your cash flow is damaged. There is only so much that any credit control team can do about debt and eventually many small businesses end up contemplating taking legal action.

Taking the matter to court, however, may not be the most effective approach. There are a number of steps that you can take before you reach that point.

Understanding the problem

Customers may not pay their invoice for a variety of reasons, and it is important to establish which reasons apply in your case. These can include:

• Financial hardship making it hard for them to pay
• A genuine dispute with their purchase
• An oversight in their payments department if your customer is a business

In the case of financial hardship, their inability to pay may only be temporary and with a little negotiation, payment or a repayment plan can be arranged.

Handling debt collection in Kent

The most important rule to remember is to always handle debt issues in a calm and professional manner, so that when the issue has been resolved, there is a good chance that your business relationships (and your reputation in the industry) remain intact.

It is also important to maintain clear and documented communication. Stay in touch with your customer regularly and make a full record of all communication and correspondence throughout the debt collection process.

In some cases, where a client is unable to pay in the short term, a payment plan is an option that can solve the impasse. By negotiating an affordable payment plan, you can tailor the debt payments realistically to the financial situation of your customer, making full repayment more likely.

Call on the experts

If a customer or client is making no attempt to pay their debt and negotiations have come to nothing, it may be time to call in a debt collection agency specialising in small businesses in Kent. Credit Limits International is a member of the TCM Group.

A reputable modern debt recovery agency will work with you and your client to ensure that your debts are paid as quickly and efficiently as possible, while maintaining business relationships, enabling you to focus on your business. If you are a Kent small business and you are facing debt collection problems, get in touch with us today and find out how our expert team can help recover your money and boost your cash flow.

For more information on UK Debt Collection or International Debt Collection, please check our website.