3 benefits of working with a debt collection agency

Invoice payment time have decreased across Australia.

Invoice payment time have decreased across Australia.

For many businesses, debt collection is rarely considered - especially when cash flow is plentiful.

However, as soon as the situation changes and clients or customers begin to make payments late or not at all, working with a dedicated debt collection agency begins to be your only option.

Debt collection shouldn't be considered a negative approach to business development, in fact, there are many benefits for both your clients and your business by taking this route.

Here are three benefits of working alongside a debt collection agency:

1) Quicker payments

There have been many reports and statistics that suggest the longer a payment remains outstanding, the lower the chance of the business ever getting money back. This delay can be significant for the business out of pocket, preventing further growth and development and causing unnecessary strain on employees.

At Commercial Credit Services, we understand this problem and therefore work hard to ensure payment as quickly as possible. It is vital for us to move at a rapid pace given the chance that the debtor might be in a poor financial situation and that payment may never come.

2) Maintaining relationships

Business relationships are vital - given the time and effort spent on maintaining pleasant communication channels. However, if one party begins to experience financial trouble and falls behind in payments, the relationship can be strained by the other party pressuring for money. In some cases, communication can get completely shut down and the relationship is effectively over.

This is where a dedicated debt collection agency can smooth the waters. By acting as a liaison between the two parties, the debtor can understand that the payment is purely professional and be more willing to pay up. This will depend on a case by case basis, though.

3) Free time up for staff

Chasing up your own debts can be a time-consuming and frustrating experience - especially when the debtor won't reply to telephone calls and emails. If you are at this stage with your debtors, the best option is to contact Commercial Credit Services.

With an established name in the business debt recovery industry, we are in a great position to take the stress off your team and ensure that you are paid as quickly as possible. For more information on our services, contact our consultancy team today.

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