What is debt collection?
Like it or not, late payments are an unavoidable fact of business life. In an ideal world, you’d never have to deal with debt collection but just as every year we have to pay for our TV license, you almost certainly will. SMD Credit Solutions Ltd can at least take the pain out of chasing late payments.
If you have sold goods or services and invoiced your customer but have been left waiting for the payment, you are not alone. Unfortunately, over the last 20 years, attitudes to settling invoices on time have changed to the detriment of you, the supplier. Debtors are feeling increasingly empowered with an ever increasing number of advice lines and forums popping up daily ‘advising’ on how best to avoid payment.
Unpaid invoices can seriously affect your business if not handled expediently and efficiently. It can have a bad effect on your cash flow, credit rating, turnover and even your reputation. Debt collection can be incredibly difficult, especially in tough economic times, that is why it is always best to deal with it as soon as possible.
The best way to deal with bad debt is to stay ahead of it. If you’ve never used a third party to collect your debt, you may be wary, but SMD Credit Solutions Ltd undertake to handle your debts professionally and respect your money and your customer as if they were our own. We do not underestimate the importance of maintaining the goodwill between you and your customers as afterall they they likely to be one of your most important business assets.
How does debt collection work?
Our primary aim is to secure full payment as quickly as possible whilst maintaining your relationship with your customer. Our proven approach to collecting overdue invoices for businesses of every type and size, is based on many years of combined in house debt recovery experience.
Upon receipt of your instructions to recover the debt, the details will be uploaded onto our case management and assigned to your dedicated account manager. Uploading a new debt will automatically trigger an extensive (and tailored), chain of events. You will automatically be updated throughout the process.
We do not pick and choose which accounts we will attempt recovery of, all are treated with the same level of effort irrespective of amount. The collector’s first task is to call, email, text and write to your debtor requesting full and immediate payment of the overdue account.
We will make every effort to collect the overdue account pre-legally, but should the debt remain unpaid after amicable efforts are exhausted, it may be necessary to proceed with legal action, if possible and with your agreement. If legal action does become necessary, we can offer competitive legal fees and export litigation, from a pre-legal review through to enforcement.
We are able to conclude 97% of all cases without recourse to litigation. For the 3% we cannot, we have it covered. Whether you have historic balances you have written off, have a current ongoing overdue account you are struggling to recover or are looking to implement a ‘just in case’ facility, either call 0151 433 2292 or submit an Online Query below without delay and one of our credit professionals will respond within two working hours.