How to get paid faster through a professional debt recovery service
Few things are more vital to businesses than cash flow, and when deadlines are missed for work you have provided, the consequences can be serious. Sometimes, even when you chase debtors, they won’t deliver, often taking the chance that you are unwilling or unable to pursue legal action. Over time, bad debts can build up to the point where they squeeze the lifeblood out of your enterprise, stopping cash flow and stalling growth as you have to spend valuable time chasing after money which is rightfully yours. On the other hand, if the people who need to pay you are also your regular customers, it puts you in a precarious position where you don’t want to lose the hope of ongoing work or product sales versus what might only be a temporary glitch in their finances. The antidote to this is a robust approach to tracking and resolving missed payments, but not every business has either the resources, or the appetite, to undertake this effectively. Employing a professional debt recovery service can help you deal with all of these challenges quickly and cost-effectively, while recovering the money owed to you and preserving your reputation with your customers. As an exclusive benefit for Edinburgh Chamber of Commerce members, we offer a defined suite of services which provide a simple approach to effective debt recovery:
- 7 Day Claim – an entry-level demand letter only service
- 7 Day Plus – a more comprehensive service including a demand letter and follow up
- Court Claim – where court action is initiated, decree obtained and recovery sought
With 20 years’ experience across a variety of sectors, we know that in most cases one of the above options will be all that is required to motivate your debtors to settle their outstanding balances. Providing an objective ‘third voice’, we are able to remove the stress of chasing customers for money, freeing you up to concentrate on developing your business. Tailored services are also available in the rare instances that the above options do not provide the required cover. Charged on a combination fixed-fee and percentage-value basis, the above suite of services is designed to give you clarity on what you’ll pay, and assurance that our team is incentivised to recover as much money as possible for you. If you are unsure about the value of trying a professional debt recovery service, consider the practical impact to your business of allowing invoices to go unpaid: In addition to undermining your cash flow and financial position, it also ultimately undermines the value of your services and products to your customers. By taking steps to professionally and calmly address unsettled invoices, you will unlock greater cash flow for your business while simultaneously communicating to your customers that your service or product is worth paying for. For further information visit the membership section of our website.