Business-to-business and business-to-customer transactions in London do not always result in money being paid upfront. Very often, Businesses which sell products or services may send an invoice to the receiving company or individual after they’ve fulfilled their end of the deal.
However, there are times when recipients won’t pay their invoices right away. In fact, they will leave these invoices unpaid for an indefinite length of time. The reason could be due to procrastination, no money, or complete avoidance of their financial responsibilities. In any case, businesses have a right to collect debts that are owed to them.
There are a few ways in which a company can try to collect their debts from customers. First, they can simply have their employees continue to call these customers and remind them they have existing unpaid invoices.
More than likely, the customers will already know this and will just make up excuses for why they haven’t paid the invoices yet. They may even promise that they will be paid at a certain future date, but they never do. This becomes a hassle for the company which is owed money because it hurts their finances too.
Therefore, the widely chosen solution for thousands of London businesses is to use a business debt collection agency. This type of agency specialises in collecting outstanding debts from commercial clients.
This a complete opposite to say 30 years ago were the only legitimate recourse was to issue legal proceedings via a law firm. Then, Debt Collectors were viewed very differently than they are now and more often than not, the legal action route is deemed as way too expensive for most Small Businesses and SME’s.
Whilst there has been huge growth in this sector, it is important to note that not all Debt Collection Agencies are the same. As with any sector there are some rogues so it is best to use a highly experienced Agency that has a wealth of experience and history in dealing with Business Debt Collection.
A wide plethora of Business owners in London have spoken highly of the revered and Award-winning Federal Management. As well as collecting millions for London’s commercial hubs, this company has also been entrusted by some of the capitals Football clubs to reclaim lost revenue as well as most of the high roller casinos.
Two decades ago such collaborations were probably unthinkable but these days, a reputable and accomplished Business Debt Collection specialist is viewed as a must for many such has been the rise and gains in the professional standards within the industry.
A pragmatic knowledge of the current laws and regulations surrounding the pursuit of debts ensure that a Proficient Agency’s practices are handled appropriately and professionally.
A Professional Agency will work to keep a positive working relationship with each customer, especially if they’re still current customers of the company. If customers continue not to pay their debts, the agency may send a formal letter which requests the debts be paid or else legal action may be taken.
Usually, this type of letter is enough to convince customers to pay their invoices and clear their debts. But it is not meant to sound threatening or intimidating in any way. Most customers understand they’re responsible for these debts, so the agencies simply remind them of that in the friendliest way possible.
The best part about hiring a business debt collection Agency is that you don’t need to waste any more of your own time trying to get customers to pay. Instead, you can let the debt collection firm take care of this while you focus on running your company.
No Business has ever lost a customer because they were required to pay what they owed and it really will pay to use a Professional Business Collection specialist.
