Is it the Cost or Reputation that you’re concerned about? that is the question.
As the MD of my own company, those that also run their own companies will certainly understand that reputation is everything. However, it is extremely important that rules are put in place at the initial stage of the relationship and never be pressurised into taking shortcuts, if the new customer is pushing hard to get an order out of you and not all paper has been completed, be suspicious, especially if they make excuses not to pass you detailed information.
Be polite, be professional, but rules are rules.
Yes, I want your business but delay or don’t pay me and there will be an issue that will need to be dealt with immediately.
Before any business transactions commences – rules must be applied and the customer must be fully aware of your rules regarding payment and disputes.
I have worked in or around the FTSE 100 here in the UK and I understand very well cash flow, I also understand how worrying it can be when a business finds itself in a difficult position financially.
Debts must be honoured for services or goods supplied, no if’s no but’s.
So let’s go back to Cost or Reputation, I ask this because neither Cost or Reputation should be an issue with a business looking for Debt Recovery help if they find the right company to support them.
Let’s look at Cost first. For instance most Debt Collection Agencies will work on a No win, No fee basis such as my company does, some request an initial set up fee, some don’t, we don’t.
We are experts in the field of Debt Recovery, both on a National basis here in the United Kingdom and as a Global Debt Recovery Agency and to be an expert you need to be a Physiologist, Strong Negotiator and be Pragmatic – It is not the debt, it is the person/s behind the debt that is the issue.
When you’re asking for expert advice you need to pay for it, the client is already getting that expert help on a No win, No fee basis – the risk is all on the Debt Collection Firm. Yet I come across businesses that feel they don’t want to pay for this service and it should be paid by the debtor, I totally get that, but in reality, debt collectors want guaranteed payment.
It then boils down to “Do you want a high percentage of your money or nothing at all”? because your efforts have not actually worked or you would not be looking for assistance. Get the job done, by a professional that knows what they are doing whilst you concentrate on your business.
Now let us look at Reputation. I pride myself in the fact the my company has a good reputation for the work we carry out for our clients. Testimonials speak louder than words.
Looking for the right Debt Recovery Firm is not always easy, but looking at testimonials, what regulation they have to abide by, how they have explained what they do, how they do it and what additional charges might be incurred will go a long way in giving you, the customer the confidence in dealing with the matter at hand.
Always look for a company that will look at the initial conversations as a continuation of the business relationship, as it maybe the case the debtor company is embarrassed or they may have just moved. Never jump to conclusions until you know all the facts.
A reputable Debt Collection Firm will support you, guide and advice you.
I hope you make the right choice.