A recent report showed that over 63% of small Businesses are battling late payment issues however this can be minimised with a pro active B2B Debt Collection service. The UK’s smallest Businesses are at risk of dealing with non payment of invoices according to a report from Hitachi Capital Business Finance.
Other Research also shows that Small Businesses are also quite often hesitant to take action when owed money for fear of alienating their ‘new’ customer or think it will be extremely expensive. This reluctance to act was echoed in the Hitachi report with only 30% of Small Businesses reporting that their invoices had been paid on time, that were due for payment by the start of June 2018.
The United Kingdom continues to suffer from a late payment culture were Businesses deliberately pay suppliers late (or not at all) and suppliers are hesitant before taking B2B Debt Collection action and this is causing the meltdown of many Small Businesses.
Late Payment Solution
The cost of using a B2B Debt Collection service is very minimal when compared to the old fashioned and well worn method of using Lawyers. A Professional and accredited Business Debt Collection Agency should act as an extension of your own credit control process and be easily called upon where there are instances of late or non payment.
Obviously not all B2B Debt Collection Agencies are the same. Unfortunately, there are still many unprofessional and rogue debt collection Agencies in the UK however a few simple acts of due diligence will confirm their professionalism. Here is a story in the Daily Mirror of a Small Business who used a rogue, unlicensed Debt Collection Agency in England and were ripped off over £20,000 click here
Choosing a Debt Collection Agency to work for your company is very much like employing a new member of staff. You should apply due diligence and do your research. The Debt Collection Agency you use will be an Ambassador for your Business so you want peace of mind to know they will act in a Professional manner at all times and do their utmost to recover your debt.
UK’s No1 for B2B Debt Collection
At Federal Management, we have helped thousands of Small Businesses across the UK recover money that is owed to them in a Professional and expedient manner. We provide a fully inclusive service that has no hidden costs and includes Collection Officers visits to premises and even Insolvency Action and Proceedings if necessary.
If your Business is owed money, speak to our friendly New Business Team today about your options. We provide a Free analysis of your debtors and will always seek to minimise the cost to yourself. We are not a dodgy No win – no fee company and are the most accredited and ward winning debt collection agency in the UK, fact!
Federal Management are the ONLY Debt Collection Agency to have been awarded accreditation from the National Skills Academy. As well as that, we are also accredited by the Investors in People, ISO:9001 and CAI Accreditation, awarded by the Credit Services Association.
In short, Federal Management are very much “The Professionals that are used by the Professionals”