Debt Recovery for the Advertising industry
Debt Recovery for the Advertising Industry
The UK has one of the most active and thriving advertising sectors, ranking as the fourth largest in the world.
Research estimates the country’s advertising expenditure is at well over 23 billion pounds.
With such a high value, the potential for payment issues is a constant concern.
As such, debt recovery for the advertising industry plays a very supportive role.
Debt collection agencies help to recover millions of pounds worth of unpaid advertising fees every year.
In this article, our debt collection experts look at each advertising branch…
…and explain how a professional can help with debt recovery for the advertising industry.
Debt Recovery for the Advertising Industry – Sectors
There are many different methods of advertising in the 21st century.
For example, the most contemporary method is for advertisers to use digital channels.
Digital marketing in the UK is one of the largest growing branches, overtaking television advertising as the largest nice.
Marketers can now connect to their target audiences through every digital channel.
This can range from mobile phones, computers, and even gaming consoles.
Social media advertising is a huge part of this, with the potential of reaching billions of people in a targeted way.
As a result, older methods such as newspaper and editorial advertising have declined in recent years.
Sports Advertising is an area that has seen large growth over the years, as has:
- Television advertising
- Newspaper Advertising
- Magazine advertising
- Radio advertising
- Direct Mail
With such a leap in the ability to reach as many customers as possible, there has been great growth in the advertising sector.
With this growth and the sophistication of the current advertising abilities…
…new platforms have required new fees.
Modern lead generation can include:
- Digital advertising
- Programmatic advertising
- Digital Market Outlook Advertising
Then there are the support mechanisms and companies that offer services for the above.
Advertising agencies, media agencies, and PR agents all help the industry to grow.
One thing which every branch of advertising has in common is that they all suffer from clients who delay or do not pay fees.
Debt Collection for the Advertising Industry – Causes of Debt
There are many reasons why clients do not pay their advertising fees.
For example, you could have formed a contract with your client for the provision of advertising services.
If this is not paid then they have broken the agreement and their fees are due.
Likewise, if a company enters into a year-long agreement to advertise at a sports ground, then they must keep their agreement.
There are many cases we handle where a client has disputed an invoice for advertising services.
In cases like this, the client delays payment and this causes issues for the marketing agency.
If one of your clients has not paid for advertising services you have provided you should take action.
Not paying fees for an advertisement that a client has agreed on under contract should have repercussions.
There are several methods on how you can handle an issue with non-payment.
For instance, you might use your credit-control process.
Proper credit control can resolve the main bulk of cases can like this, but there will always be those who seek to avoid paying no matter what.
If a client ignores your credit-control requests for payment of advertising fees, you will need to take the appropriate action.
Digital marketing is now one of the main forms of advertising. As a result, the potential for debt from unpaid digital ads has risen.
Debt Recovery for the Advertising Industry – Instructing a Debt Collection Agency
Using a debt collection agency to recover unpaid advertising fees is the best method possible.
A professional debt recovery company will provide a low-cost and effective solution.
The cost will always be a key part of any business’s decision-making process.
In the case of a debt collection agency, you must look at other factors before committing to one option.
The debt collection agency you choose will act on behalf of your advertising business…
…and opting to use the wrong agency will only cause you more problems.
Many disreputable and low-quality debt collectors will use aggressive and threatening enforcement tactics.
This can backfire on the creditor who instructed them, and many cases have led to police and legal action.
The best type of debt recovery service for your advertising business will be regulated and accredited.
Federal Management is regulated by both the Financial Conduct Authority (FCA)…
…and the Credit Services Association (CSA).
With this in mind, our clients have peace of mind that we provide the most professional service possible.
A good debt collection agency should also have a proven track record of dealing with different types of advertising debt.
For example, Federal Management has collected millions of pounds worth of advertising debt since opening in 2004.
Over this time, our debt collection agents have an expert understanding of an advertising agency’s needs and requirements.
Non-payment of advertising fees is a daily occurrence across the UK’s business world.
We have helped thousands of advertising and media outlets collect money people owe them.
Cases we have worked on include recovering money from unpaid magazine adverts.
Federal Management has also worked enforced debts for unpaid pitch-side advertising boards.
Regardless of the type of advertising or the circumstances surrounding a debt’s creation, we can help.
Debt recovery for unpaid fees for the advertising industry is a regular occurrence for our commercial teams.
Over our long history, we have built up vast experience dealing with all types of debt recovery.
Much of this has been in recovering fees for the advertising industry.
As such, our professional team collect unpaid media debts weekly.
Contact Federal Management Today
For all new cases, we offer a free appraisal of debts within the advertising and media industry.
One of our specialist debt collection agents performs this, and measures the debtor’s ability to pay.
It also examines their financial standing and gives you a clear idea of your options.
Whether you are an advertising agency or a media company that someone has not paid, there is a solution.
For a confidential, no-obligation chat about any issues you may experience, call us today.
Our friendly advertising debt collection specialists are waiting to help you.