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Why do I need a debt recovery agency?
As a business owner or member of the finance team, you’ll know that commercial debt recovery is a time-consuming process, chasing overdue payments and managing debtors. If you don't have a specific team or individual to handle debt recovery, you may find late payments are common and your cash flow is impacted.
The majority of people think that involving a debt collection agency is a last resort, but this does not have to be the case. Seeking professional support at an early stage can have more benefits than you had perhaps considered. At Jacksons CRS we offer a credit control service as well as our debt recovery function. We chase your customers on a regular basis and monitor the late payments on your accounts. This will help to prevent missed payments and debts becoming a bigger problem, saving you time and money at a later stage.
Preventing a problem is always preferable to fixing one, and Jacksons CRS can work independently but still as an extension of your credit control team. We can help with as much or as little of the credit control process as you need, from sending statement to escalating collections efforts until the money is recovered. This support can also be ‘white labelled’ and therefore appearing to be a part of your team to your debtors, or as an external service.
Allowing Jacksons CRS to take control of your credit control opens your business up to an extensive amount of expertise and knowledge that can only help to achieve results. The basis of effective credit control is keeping on top of things and understanding when to escalate issues and the next steps to take. If you do not have this expertise within your team already, you could find that it takes far longer to receive unpaid monies, if at all.
If a debtor is unable or reluctant to pay, continuing to send statements and reminders will not achieve any progress. Having someone who can follow up with debtors via phone or with letters referring to legal proceedings, will greatly increase your chances of collecting what is owed to your business.
Escalation of debt issues
If you’ve been unable to recover a debt via the standard credit control processes, the next step is to progress onto legal action. It’s at this stage that having professional expertise and advice can have great benefit. Jacksons CRS will know all your options and provide details of all actions available for each situation.
In some cases, merely referring to or instigating legal proceedings can be enough to persuade a debtor to settle their outstanding bills. CCJs (County Court Jugements) can have a negative effect on credit ratings and the impact to do business, therefore many businesses are keen to avoid them.
How do I choose a debt recovery specialist?
When choosing a debt recovery specialist, the most important thing to consider is how well they will represent your business and protect your reputation. At Jacksons CRS we treat your customers with the same courtesy and respect as we would our own and never take any unauthorised action. All of our clients are different and we take time to understand your business and the approach you would like us to take with your customers. We can adapt to your needs.
If you decide to work with us you will receive regular updates and be assigned an account manager who would be your regular contact. Jacksons CRS is a highly experienced debt recovery agency, and we pride ourselves on providing an effective, bespoke service to our clients. Whether as a one-off project or on an ongoing basis, we will work to take away the hassle of chasing and obtaining payments, resulting in improved cash flow and profit for your company.
If you would like to know more about our credit control and debt recovery services, get in touch with us today.