Helpful Guide for Recovering Unpaid Fees in 2024

Helpful Guide for Recovering Unpaid Fees in 2024

Most business days will consist of providing services to clients, which are then expected to be paid for. This type of payment is commonly known as a fee and can be applied in a variety of ways to B2B transactions.

Various examples of these payments include admission fees, maintenance fees, admin fees, site fees etc. Whilst these are regularly paid at onset, fees such as charges, penalties and commissions can be added afterwards.

Our specialists have produced this helpful guide to outline what to do should these fees go unpaid.

The Different Types of Fees

There is a difference between the types of fees that individuals pay and the ones that businesses pay. For example, an individual may pay for a service, only to be struck with admin fees and extra costs on top of this.

Or, they may have an unpaid transaction fee as a result of exceeding the limits of an arranged overdraft facility. A business, however, may have to pay a company a fee to assist with its credit control procedures.

Regardless of the size of the business, or the size of the service being provided, there will be a fee that ultimately has to be paid.

When Outstanding Fees Turn To Overdue

Businesses rely on getting paid to keep a consistent cash flow, hence not affecting their longevity. Fees can add up quickly, and without warning, which can leave many businesses in a position with overdue accounts.

Those that do not have a dedicated credit control team may be forced to either abandon the debt or chase it independently. If you have a client that has several unpaid fees, you need to take immediate action to get the funds into your account.

The Best Way to Recover Unpaid Fees in 2024

If an outstanding business transaction fee turns overdue, you need to take measures to recover this quickly. The most beneficial way to recover unpaid fees is to use a professional debt collection agency, such as Federal Management.

We are the UK’s leading commercial debt collection agency and have a long history of recovering unpaid fees. Since 2004, we have helped thousands of businesses get back the money that is rightfully owed to them.

We maximise success and minimise costs, providing our clients with a collection rate of 90% and above. If you have unpaid fees from delinquent clients, do not hesitate to contact our experts today.

How to Recover Unpaid Fees – Frequently Asked Questions

Our business has unpaid fees, what should we do?

If a client has not paid your fees, you should try to recover this as soon as possible. You can start by contacting the debtor to chase payment.

Can we recover overdue accounts by ourselves?

It is possible to recover any unpaid fees by yourself, however, it is more beneficial to use a commercial debt collection agency.

How effective is using a debt collection agency?

Federal Management produces success rates of 90% and above, which is unrivalled across the industry.

Do you recover debts for all types of businesses?

Yes, regardless of the size or sector of the company, we can recover your overdue business debts.

What is the cost to use a debt collection service?

Each debt recovery case will have its unique costs, however, we ensure to keep costs to a minimum for our clients.

Do you cover all types of unpaid fees?

We can provide debt collection services for most type of fees. From fees owing for payment based services such as accounts software subscriptions through to unpaid legal fees for law firms.