Debt Recovery for Corporate Security Businesses

Debt Recovery for Corporate Security Businesses

Corporate security businesses play a vital part…

…in making sure that companies maintain normal business operations.

Like any other business, security companies need to have a steady income of funds.

If a client does not pay, this can put the company at risk.

It may be surprising to know that despite the protection a security company provides…

…some people still try to get out of paying for their services.

People who do not want to pay can be very determined.

There are a variety of reasons why a client may choose to withhold payment.

If this happens, you must take action right away – failure to do so will put your business at risk.

It is your responsibility as a security business to protect your clients.

If you are facing the issue of a client refusing to pay…

…you must protect yourself by not letting them affect your finances.

There are many ways in which you can resolve an issue like this, but choosing the right one is a critical decision.

In this article, we asked our agents “what is the best way to approach debt recovery for corporate security businesses?”

Debt Recovery for Corporate Security Businesses – What You Can Do

Since 2004, Federal Management has helped corporate security companies recover unpaid debt.

As such, our debt collection experts have the UK’s leading knowledge…

…on how to collect debt for businesses in this sector.

If a client does not pay, you must take action as soon as possible.

We have listed a few ways in which you can resolve debt collection issues right away.

Look Through Payment Terms and Agreements

The best way to resolve debt recovery for corporate security businesses is to prevent it from occurring in the first place.

Most corporate security companies prepare comprehensive documents before starting a new contract.

These documents have details of payment terms and conditions.

If a client has chosen not to pay, you should look through these documents to confirm what they have agreed to.

You should focus on sections that detail payment due dates and values.

Contact Your Client

Speaking to the client about an unpaid fee is a good idea.

You may be able to resolve the matter with a short and polite conversation.

You should remind your client of their agreement to pay you.

You can also quote any documentation that they have signed.

You should communicate with the client by telephone, email or recorded postal delivery.

If the client ignores you or is trying to avoid you, it could be a sign that they do not intend to pay.

Seek Professional Help

It may be that your attempts at communicating with the client are falling on deaf ears.

If this is the case then it is time to escalate the matter to a professional debt collector.

You should take time to consider enforcement options.

Debt Recovery for Corporate Security Businesses is best handled by a debt collection agency.

Debt Recovery for Corporate Security Businesses – Debt Collection Options

If a client has not paid, you must take action as soon as possible.

Are you the owner of a corporate security business?

If you are, and you’re also in the challenging position of having a client who owes you money…

…you will be considering what your options are.

Many people choose one of the three most common debt collection methods.

Recovering the Debt Alone

Many people view recovering the debt themselves as the most cost-effective option.

Whilst the cost of instructing a professional debt collector is not required in this case…

…your own security business must spend both time and money chasing the debtor.

This also takes valuable time away from activities that grow the business

This method can sometimes be effective, but this is only true for certain special cases.

As well as this, business relationships can turn sour if you attempt this method of recovery.

This leaves no room for future opportunities. that may have been possible in other circumstances.

This method is too expensive to be a permanent alternative.

Hiring a Debt Collection Solicitor

If you a client owes you money, your first thought might be to hire a debt collection solicitor.

A solicitor is a viable option for Debt Recovery for Corporate Security Businesses…

…but one that comes at an expensive cost in both time and money.

For instance, many solicitors charge a lot for their time, with most charging as much as £200 per hour.

As well as this, the legal processes they utilise often taken months worth of work to produce any kind of result.

The total cost of this may be worth more than the value of the debt itself.

A solicitor can be an effective option in some cases.

But, it can lead to you spending more of your time at its conclusion.

Many cases end with a County Court Judgement (CCJ) made against the debtor.

This is a positive result, but you still need to enforce the collection of your debt.

If this happens, you will need to pay even more money and spend more time enforcing and collecting the debt.

Instructing a Professional Debt Collection Agency

Using the services of a professional agency…

…is the best debt recovery for corporate security businesses solution available.

A debt collection agency provides the quickest and most cost-effective way for you to recover your unpaid fees.

The best debt collection agencies provide a regulated service.

They enforce the collection of debt whilst leaving the relationship with your client intact.

It also does not need hours of your time working alongside a solicitor or chasing the debt yourself.

Instead, you can concentrate on tasks that grow your business.

Debt Recovery for Corporate Security Businesses – Debt Collection Agency Solution

Instructing a debt collection agency is the best solution for a corporate security company…

…that is having issues with non-paying clients.

Federal Management is the UK’s leading commercial debt collection agency.

Since 2004, we have helped businesses recover money resulting from unpaid debts.

We are regulated by the Financial Conduct Authority (FCA).

Our clients have peace of mind that they are receiving the best service available.

As well as this, we achieve an average debt recovery rate of 90% on all undisputed business debts.

Speak to one of our debt collection experts today for a free pre-action assessment of your debt.

Posted on June 21, 2021