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The system used by a business and also by Central Banks to make sure that it gives credit only to customers who are able to pay, and the practice of making sure your customers don’t take too long to pay you.
Outsourcing Credit Control
When you’re running a business, you’re busy. There’s a huge number of tasks for you to complete on a daily basis. Thousands of entrepreneurs find themselves struggling with a to-do list that never seems to shorten. Worryingly, this is the picture when things are going well.
The last thing you, as a business owner, need is issues with payment. Customers and B2B clients not meeting their financial obligations to your business is a time-consuming issue that you can do without. Unfortunately, it is inevitable that at some point during your time in business, a customer or B2B contact will fail you.
The immediate issue with failed payments is the loss of funds. You were expecting an amount of money to be deposited into your business, and that has now not happened. As a result, you’re already being forced to deal with the repercussions of the issue. Unfortunately, the problems don’t end there. You now have to find a way to obtain the money you are entitled to.
For many business owners, this is an extremely unwelcome proposition that they simply do not have the time or inclination to handle. However, the larger a business becomes, the more you will need to implement credit control and debt chasing into your business model. While unfortunate, this is a reality of life as a modern business. Sometimes, you have to go the extra mile just to obtain overdue debts.
Many businesses choose to manage their credit control and debt chasing requirements in-house. They employ a specialist team of people to ensure they are always able to recover the money they are owed. However, an in-house team of credit control and debt chasing experts is extremely expensive. This becomes yet another fixed cost that you have to balance in your business’ budget.
So you find yourself in an unpleasant situation. You’re in need of debt chasing measures, but you don’t want to pay the costs of an in-house team. Your business can’t just forgive the debts either, so you clearly need to do something. That is where our specialist credit control team can help.
Outsourcing Credit Control
We have an incredible record of delivering results for the companies we perform credit control and debt chasing services for. We are proud of our record of being able to reduce debtor days for a client from 128 days to 68 days within three months. We would be delighted to offer the same service to your business.
We can ensure that the finances of your business are always in good shape. Your debts can be settled thanks to the continual income you are able to enjoy as a result of our services. Thanks to us, you won’t have to wait overly long for payments from customers and B2B contracts. Instead, you’ll benefit from a continual cash flow which will allow you to grow your business at the rate you have always hoped for. Not only will this benefit your business finances in and of themselves, It also helps to ensure you do not need to take on debts for capital expenditure on the business. You can use the overdue debt funds we have recovered for you.
We’d be delighted to add you to our legion of satisfied customers. Please do read more or get in touch to discuss our credit control and debt chasing services today!
If you’re not eligible for Statutory Sick Pay because you’re self-employed or earn below the Lower Earnings Limit of £118 a week, the government is