UK Businesses Best Debt Recovery Agency
UK Businesses First Choice for the Best Debt Recovery Agency
Every business owner in the UK has faced the challenge of a non-paying client.
This can be a daunting task for many, especially when times are hard and resources are precious.
Business owners need to spend both time and money on recovering money that clients should rightfully have paid to them.
This issue is greater for those companies that have many clients that are behind on their payments.
Business owners must take all issues relating to clients who will not pay very seriously.
Failure to do so can put the whole business at risk, as more and more clients will get away with not paying.
If payments are not collected, it affects your business’s core.
The best solution for resolving all issues of non-payment is to instruct a professional debt collection agency.
In this article, our experts break down the qualities that make a good debt collection agency.
Finding the Best Debt Recovery Agency – What to Look For
There are many debt collection agencies to choose from, and no two companies are alike.
Choosing the best agency for your business is a very important decision.
If you select a low-quality firm, it can cause more problems than someone owing you money.
For example, many agencies are unregulated and use inappropriate enforcement tactics.
This can reflect poorly on those who instructed them to collect a debt.
This can cause a lot of problems for a business.
This is because they will not want a heavy-handed debt collector to jeopardise any future business opportunities.
Choosing the right agency is very important, and here are some of the key qualities to look out for when searching:
Reputation and Effectiveness
One of the key points you should look for in any debt collection agency is how their clients rate them.
Like with any other service or product you are purchasing, it is important to read reviews.
If a company pitches itself as the best in the business but its reviews tell a different story…
…it may be better to look elsewhere.
You can find authentic reviews on websites such as Trustpilot or Google maps.
Looking through these testimonials will also give you a good idea of a debt collection agency’s effectiveness.
Anyone can say that they are the best, but when your company’s reputation is at risk you need the facts.
You can judge the effectiveness of a debt collection agency by reading their client reviews.
As well as this, their website and marketing collateral will show an ‘average debt collection rate’.
An average debt recovery rate of 90% or above is good and means the debt collection agency you are looking at is one of the best in the country.
Federal Management, for example, has an average debt recovery rate of 90% on all undisputed business debts.
Cost is one of the main factors that people look for when choosing a debt collection agency.
Whilst this is important, it should not be the point which the entire decision hangs upon.
Many agencies offer deal deals priced low to lock clients into lifetime contracts.
An example of this is the “no win, no fee” offers.
Whilst this sounds promising at first, it often comes at the cost of heavy fees should the agency collect the debt.
Also, many agencies take a debt on that they know to be unrecoverable.
This is to lock clients into a contract.
Other companies offer low prices to start with but then later introduce a high number of small charges as time goes on.
This is known as “drip pricing”.
Federal management operates on a fixed commission basis that depends on the value of the debt.
These commission rates begin from as little as 6%.
Before proceeding with debt enforcement, one of our collection agents will provide a free debt appraisal.
This assesses the viability of recovering the debt and gives the creditor a clear idea of their recovery prospects.
If we know cannot recover the debt, we will inform you.
This prevents any of your money or time from being wasted on a debt that cannot be recovered.
Like reputation, your business deserves the best service possible.
As such, you should look for evidence that you will get this with the debt collection agency you choose.
As well as information learned from reading client reviews, you should also look for any accreditations.
You should also look for awards from well-known industry regulators.
For example, Federal Management is the only UK debt collection agency that is regulated by the Financial Conduct Authority (FCA).
We also hold an ISO: 9001 approval for good business conduct.
This provides our clients with peace of mind that we are providing the highest levels of professionalism possible.
Instructing the Best Debt Collection Agency
The best debt collection agency will take time to understand the unique issues facing each business.
Federal Management is one such agency.
Everything we do is always in the best interests of our clients and your business is our priority.
We endeavour to provide fast solutions to your problems.
Many businesses hesitate in taking any action against their customers about debt collection.
They think that they will lose them as a client if they challenge them.
This only applies to businesses as subcontractors very often want to pay what they are due.
Yet, this in itself can prove problematic.
Our clients have confidence in knowing that we understand their business needs…
…and we respect the importance of good customer relations.
Federal Management will mediate between both parties.
We use our innovative methods to collect outstanding debts.
We will only recommend court action as a last resort.
This is after all other debt collection options have been exhausted.
As well as being committed to delivering the highest standard of customer service…
…we will always try to support your business with potential ideas.
These solutions will minimise future late payment or bad debt occurrences.
We are the only comprehensive debt collection service that is guaranteed to save you time and money.
That is why we are the UK number 1 choice for business debt collection.