A recent Financial Industry report highlighted that more than three in five small businesses are dealing with late payment issues. With economic uncertainty rising due to Brexit, the UK’s Business Debt Collection Industry is playing a more pivotal role in ensuring the economy remains stable. The modern day to day mechanics of business have changed for many Small and medium sized enterprises and cash flow is more important than ever.
The British Debt Collection Industry has grown significantly over the past decade, developing its own sub sectors and specialist niches. Specialised areas of expertise and professional development have helped support the flourishing of the economy as a whole. For those seeking the utilise the services of a Professional Debt Collection Agency, it is extremely important to apply some due diligence in the process.
Selecting the best Debt Collection Company to work with should be a carefully considered exercise. Cheap is certainly not cheerful. Unfortunately, the UK’s Debt Collection industry is still plagued by a small minority of rogue operators so it is important to partner with a Professional Company who has a long standing track record of supporting Businesses and a healthy reputation.
A Debt Collection Agency will effectively become an ambassador for the company as well as an extension of their credit control process. It is imperative therefore that a highly Professional and accredited Debt Collection solution is sourced.
The cost of recovering a unpaid debt will come at a small cost obviously however you can take certain steps to minimise this cost. Once again, it comes down to making the right selection of agency at outset.
A Debt Collection Agency that is basically a front for a law firm will have a fee earning policy and will charge per action. A conventional Business Debt Collection Agency will be more results focused however, again, the professionalism and the effectiveness of the debt collection agency needs to be assessed prior to instruction.
Sourcing a proficient Debt Collection Agency that has ethics and integrity will very much become a valued partner of a business. The UK’s Debt Collection Agency is very much broken down into 3 main categories. There is B2B Debt Collection for Business to Business transactions. There’s the Consumer sector which is generally for credit cards, utilities etc and then there is the Private Debt Collection sector for everything else.
The Multi Award winning Federal Management are reputedly the UK’s Top Business Debt Collection Agency providing a inclusive and low commission based Debt Collection service. There are a number of firms that provide Call centre type debt collection services for the consumer market whilst Frontline Collections are well revered for professionalism in the Private Debt Collection sector.
The Financial Conduct Authority are largely responsible for regulating the work of most Debt Collection firms in the UK whilst the major trade Association is the Credit Services Association. Any respectable and Professional Debt Collection Agency will have affiliation with one if not both of those establishments.
So if your Business has money owing to it, it really could pay to use a Debt Collection Agency to help support your operations.
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