Debt Collection for Business
What is Debt Collection for Business?
Debt Collection for Business is also referred to as Business Debt Collection or Commercial Debt Collection. It is a type of service that helps large and small businesses collect overdue invoice payment. It is particularly time consuming for any size of business to spend time chasing down overdue invoice payments.
A professional debt collection agency can help businesses or tradesmen collect outstanding invoices owed to them. A reputable service that offers debt collection for business can help save the business time, money and stress! If your business is struggling to cope with chasing down unpaid invoices, you are not alone. There are thousands of businesses in the UK in the same position, unpaid overdue invoices are a thorn in the side of any SME.
How does debt collection for business work?
If a business debt is owed to your business, using a debt collection for business service can collect these payments on your behalf. This usually happens when outstanding invoices have reminders sent but they have been ignored. This is often around 30-90 days after the payment was originally due.
Debt Collection for Business helps businesses minimise the cost of collecting outstanding invoices. In the large majority of cases, it avoids the need for expensive litigation. The intervention of a debt collection agency to act as a third party mediator can often lead to a successful conclusion and help maintain existing business relationships.
Typical Debt Collection for Businesses process.
Debt Collection for Businesses can be a challenging exercise sometimes as it is often not very straightforward. Once a customer refuses to engage with a supplier, a Business can call upon a professional debt collection agency for assistance.
Business cashflow is the lifeline of any small or large business. According to UK Debt Collection News, recent late payment of invoices to SME’s is costing £684m
Step by step debt collection for business process with Frontline Collections
- Speak to an adviser – One of our team of friendly expert advisers will listen to your situation. They will ensure there is a realistic option for recovery and perform initial due diligence. This can include address verification, credit checks and insolvency checks. We will also measure the debtors ability to pay.
- Refer your case for action – They will request to see evidence of the debt and ensure it is legally valid. Once these steps have been done, it can be referred for action if you decide to instruct us.
- Action begins – Initial engagement with the debtor will begin via a letter. This is then followed up with phone calls, emails, SMS text, investigation and further letters. It may also involve a specialist Agent attending the premises/property of the debtor to engage them face to face.
- Regular case appraisal and review – All cases are managed by our team of accredited Collections Officers. Every action is manual as this ensures the best chance of recovery. We provide a bespoke approach to all cases we accept. Sometimes a different approach is required in order to achieve the desired result.
- Client receives payment upon successful recovery – Once a debt is recovered, monies are forwarded to our clients minus the agree commission.
How long does a Debt Collection for Business service take to collect a debt?
Frontline Collections aim is to collect a debt as quickly as possible. It is obviously in the interests of all parties to recover the debt as quickly as possible. This is often done within weeks and even days sometimes.
Quite often, the debtor may not have the funds to clear a debt in one full payment. So a repayment schedule is negotiated and administered on behalf of the creditor. This usually ensures the debt is paid off within a set period of months.
It is important to note that not every case is straightforward. As stated, the objective is to recover the full amount as quickly as possible.
Why choose Frontline Collections to help with Debt Collection for Business?
Frontline Collections is a leading specialist in Debt Collection for Business. Since 2005, we have recovered millions on behalf of our clients. Our process is simple and straight forward to use and we operate a ‘no collection – no costs’ solution. Our comprehensive service can recover debts from anywhere in the UK or overseas. Our sister company is Federal Management which is widely known as a pioneer in the field of Business Debt Collection.
If you have outstanding invoices then we can achieve outstanding results.