If you tell a successful salesperson that a long term customer’s account is being sent to a debt collection agency, just wait and watch for their reaction. While the salesperson will have visions of rogue debt collectors pestering their customer with threats of bad credit references, judgements and legal suits and the end to their ongoing working relationship, they’ll have got the wrong idea to a certain extent.
In reality you’ll find that the salesperson hasn’t spoken to that particular client since their account fell overdue. And if the pair have been at a trade show for example, the customer will no doubt be embarrassed that his/her account wasn’t active and didn’t want to face the salesperson they let down. This is becoming more and more common but why let the nightmare continue when there’s something you can do about it?
The longer the account remains delinquent, the lower your chances of recovering the monies outstanding to you. What’s more, the incentive to pay older invoices whittles away and potentially you have to face the fact that the client may well move on and try to forge new working relationships if you don’t nip this kind of behaviour in the bud as soon as possible.
In order to save your customers, retain loyalty and gain respect and appreciation it is important to try and save your customers. Here are a few avenues to explore in order to try and retain the customers you have, without any unnecessary headaches along the way!
- Suspend credit availability automatically when accounts have invoices over a set time period past due;
- Follow a collection procedure from start to finish with predetermined communication with exact timings which are rigorously implemented and followed;
- Accounts are automatically passed across to professional debt collection agencies such as Cobra Financial Solutions as soon as the account reaches an overdue status. With businesses you need to show them that you mean business and so by engaging with a professional debt collection agency like us, you make it crystal clear that you want and need what is rightfully yours, no questions asked.
- Collection agencies are instructed that while collecting is the highest priority, preserving relationships is also of paramount importance. Only highly trained collectors are permitted to handle these accounts. For complete peace of mind, each and every debt collection agent at Cobra Financial Solutions boast a wealth of experience in the industry and are 100% on your side.
By following such guidelines, many UK based businesses have realised that by paying for a professional debt collection company is fat cheaper and more cost effective than what it costs to get a brand new customer. So now when a salesperson hears that “this customer needs special attention”, they know they are likely to have a “saved customer” and new orders in the upcoming weeks or months! What’s more, in such instances, the Credit Manager is perceived as profit contributor and strategic thinker, with the respect and compensation that comes with that accomplishment. All round, everyone is a winner and saving old clients is definitely worth the effort as it maintains loyalty, generates trust and makes for far better working relationships in general.
If you are experiencing bad debts and need help with professional debt collection services, get in touch today with Cobra Financial Solutions to find out more about the range of services we offer across the whole of the United Kingdom. We’re here to help so get in touch today and see how we can help you recover your B2B debts.