How we can help
Commercial debt collection agencies such as Kearley Lewis have an important role to play when businesses are not being paid for work they have completed. We do what businesses often don’t have the time or resources to do – recover outstanding debts for clients.
If you are having trouble with late payers, here are some steps to consider.
Weigh up your options
We often hear from business owners, credit or finance teams when invoices are not being paid, despite work having been completed or goods having been delivered. Businesses in this position typically face a number of dilemmas:
- They often say they do not have time to follow up bad payers, although they know that the longer an invoice goes unpaid, the more likely it is that it could turn into a bad debt.
- Often the debt is not of a sufficient size to justify the cost of legal action.
- Allocating resources to this kind of work will involve a cost, but no guarantee of recovery.
- This work can be time consuming, unpleasant, and in many cases, unrewarding.
And who wants to make phone calls to chase payments? If this scenario sounds familiar, it is time to act.
This is where commercial debt collection agencies can be a pragmatic solution. There are a range of advantages:
- They are experts in their field, have structured processes and know from experience that the squeaky wheel gets paid first.
- They frequently work on a commission basis, and are therefore cost-effective as you won’t be charged a commission unless the debt is paid.
- They often have access to in house lawyers, so they can advise you of your legal options at a cost effective price.
Choosing the right debt recovery experts
Commercial debt recovery isn’t a simple process, so consider the following points before seeking help.
- Having a recommendation from another business or finding a firm that already works with your industry is a good way to source a partner.
- Make sure you engage with a partner who will take the time to understand your business. For example, will one person be working with you or will there be a range of people, such as a call centre environment?
- Engage a firm that understands managing your brand and public relations is just as important as collecting outstanding debts.
- anyone contacting your customers should not be damaging relationships, even if you won’t be doing business with them again. With online reviews influencing customer’s buying decisions, this is becoming more and more important in business today.
Contact us today on our Head Office number: 03 9629 8777 or email firstname.lastname@example.org to discuss how we can assist your business with commercial debt collection.
We’re trusted debt recovery experts, with offices in Melbourne and Brisbane who’ve been providing personalised collection services since 1993.