Running your own business is not an easy task, especially when you have a small team working with you. The reality is that, in order to save costs wherever we can, we tend to do everything in-house instead of outsourcing tasks.
This is noble, and sometimes possible. However, trying to do everything yourself can truly get in the way of growing your business, which should be the only thing you and your team should be focusing on.
Easily one of the most time consuming and labour-intensive tasks is debt collection. Many times, debtors don’t take calls seriously unless they are coming from a debt collection agency or attorney. So, your team wastes countless hours trying to get debtors to settle their accounts, putting them behind any other tasks they have waiting for them.
In this article, we talk about 5 reasons why your small business needs to hire a debt collection agency.
There is an entire set of laws that regulate how and when debts can be pursued and collected, ultimately protecting the debtor to a great degree. The purpose of the law is to prevent collectors from harassing debtors as they follow the guidelines on ethical debt collection. Reputable debt collectors are well-versed in these regulations and will make sure that all the right steps and procedures are followed to collect the outstanding debt. This can save you and your business a lot of money in the long run.
Making calls is just part of what we do; we serve as your complete account receivable resource which you can tailor to suit your specific debt collection needs. We have a network of people and institutions available to us which can help us get the message across to your debtor in a serious but non-aggressive way, making sure that recovery is imminent.
After a few calls and emails, debtors tend to stop responding to you, preventing you from reaching them ever again. Our tools allow us to track people down, even when you think they have dropped off the face of the planet. This tool gives us access to credit reporting tools, allows us to tap into public record databases to obtain more information about debtors and more which help us find your “lost” customer. We get access to credit bureaus, property and asset reports and we also make use of external tracers.
While you are focussing your time and energy towards running and growing a successful business, we spend time making calls to recover your debt. Our debtors book runs on a timeline basis. Files get diarised electronically for follow up reporting work. This is the very nature of our business and as the accounts get later, the frequency of calls to the debtor should increase – which we have time for. The more frequently the debtor is contacted, the more likely they will settle their outstanding account.
Let’s be real, debtors will not take your staff seriously. However, if a registered debt collection agency calls them to notify them that you have handed their account over, it immediately creates a sense of urgency and shows them that you are serious about collecting the outstanding amount. More often than not, people settle their debts very soon after receiving their first telephone call or letter of demand from the debt collection agency.
There is no need to spend time or energy on trying to collect outstanding debt when you and your team should be focusing on growing your small business into a booming success.
Financially, it is a wise business move to seek assistance from our professional debt collection agency in South Africa, who has all the knowledge, skills, and resources to ensure effective and timeous collection of overdue accounts.
We service the following areas:
To find out more about how we can help you collect outstanding debt from your debtors, please don’t hesitate to contact us at any time.
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