A professional debt collection agency assists businesses in collecting accounts lying delinquent with them. Using their knowledge of collection techniques and compliance issues, they assist clients by saving time and yielding better results than clients would otherwise achieve.
Here are 6 reasons why it makes sense for a business to hire an agency:
Cash flow: The expenses won’t wait for a business to get paid. The only option open to them is to try and ensure sustained cash flow. If some clients are stalling payments, getting professionals involved in the early stages would prove beneficial. As the payment gets delayed, the chances of getting repaid are significantly reduced.
Cost: Engaging a collection agency won’t cost a business anything extra. Until they collect, the client won’t owe them a penny. The arrangement is quite reasonable. While the experts do the debt collection, the business managers can focus on their core job.
Agency effect: Some customers may think the business doesn’t have the resources to pursue them and they may escape with the debt. However, when a collection agency intervenes, it indicates to them that the business will rigorously pursue the debt.
Taking stress off employees: Pressing your employees to pursue the debtors will only create stress for them as they are not used to the job. With no formal training regarding debt collection, they are least likely to succeed. Professional debt collectors are always better placed to get money.
Protecting the name: When the collection agency is dealing with the debtors, it shields the business from certain issues. If a customer feels that the agency executive has violated law while demanding repayment and decides to sue, there is no direct involvement of the client. The agency would take care of legal issues.
Team of legal experts: A debt recovery agency in the UK would maintain a network of legal experts, unlike a business. Cases do move on to a position where there is no option but to take the legal route.
First Collect International, the leader in Global Debt Collection now offers a Terms & Conditions Review Service.
Your Terms & Conditions are one of the most important aspects of any transaction, so getting them right from the beginning is crucial and applying these to every customer might seem work intensive and daunting. First Collect International will review your Terms & Conditions, amend where necessary and even rewrite them in their entirety should we have to…….. We will even take care of a complete reprint to all of your stationery….
Terms & Conditions define the payment terms and many other important factors between you and your customers. As a result, Terms & Conditions form a crucial part of your business and could be the difference between a successful sale and payment or non-payment and being unable to retain title over your goods, damages for breach of contract or liability claims in relation to services or goods supplied. First Collect International offers a Terms & Conditions review service, through which our solicitors will be able to establish whether or not your Terms & Conditions cover your needs. Your Terms & Conditions that covered you in the past may not necessarily cover you now and with an ever changing climate of new laws and regulations being introduced into all sectors of business, it really is time to review your Terms & Conditions.
Benefits of Our Terms & Conditions Review Service
Protect your business from liability or consequential loss claims. Under the laws of contract your liability for breach of contract is for unlimited damages unless you limit your liability by a properly drafted set of Terms & Conditions.
Increase the interest you can recover when debtors fail to pay.
Legislative & judicial interest rates are relatively low. You could claim upto 2-3 times more in interest.
Reclaim collection costs.
To do so, your Terms & Conditions must contain a clause that gives you the legal right to reclaim these fees. We will draft this clause into your Terms & Conditions.
Ensure your Retention of Title clause is in place and current. This is very important at the present time. With thousands of companies having administrators/liquidators appointed every week you could find yourself unable to get YOUR goods back that were supplied to the company literally 24 hours beforehand. Without the correct clause it could be deemed as ILLEGAL for you to take your OWN goods back and YOU could be prosecuted…..!!
For the full article or for more information please contact;
First Collect International Ltd
34-36 High Road
London E18 2TX
44 208 532 9637