Debt Collection Agencies- the 5 W’s
With late payment causing considerable damage to cash flows across the country, many businesses are turning to debt collection agencies for help. Cobra Financial Solutions are on hand to help businesses recover what is rightfully theirs through persistent, persuasive and professional debt recovery services.
Whilst some will see the process of outsourcing overdue invoices to a debt collection agency as a daunting task, it doesn’t have to be.
Here our team at Cobra Financial Solutions share the 5 W’s of working with a debt collection agency to help you make the process as simple as possible.
Why: The value of working with a debt collection agency
Before you outsource any task it’s important to weigh up the pros and cons of doing so and analyse what value it will bring to your business. Some of the benefits of outsourcing overdue invoices to a debt collection agency such as Cobra Financial Solutions include:
- Access collections expertise that will rival and eclipse in-house resources to bring results
- Regain time and valuable resources to focus on newer invoices
- Peace of mind that aged balances are in safe hands. We make the situation as simple and hassle free as possible
- Avoid having to write off unpaid invoices
What: Deciding which debts you want to outsource
Some businesses will only outsource debts which are proving particularly tricky to collect, whilst others will outsource everything that reaches a certain age so that they can concentrate their efforts on newer debts. It really is down to you which debts you outsource but one call to us could be all you need to rest your mind at rest!
As we’ve just said, every business is different it’s up to you to decide which invoices will best benefit from the assistance of a professional debt collection agency. These could be invoices of particularly high value, invoices that belong to a customer you simply can’t track down or maybe one with a number of invoices outstanding.
Whichever reason you decide to outsource, a good debt collection agency such as Cobra Financial Solutions will understand that every debt is different. We will take the time to speak to you, and work with you to decide the strategy that will achieve the best results.
When: The right time to outsource
When it comes to debt collection, timing can significantly change the results. Statistically, the sooner you outsource a debt the easier it becomes to collect. This is largely because as invoices age it can be harder to find the debtor or prove that the product or service was provided. Give us a call and make the first step towards getting back what is rightfully yours- we are here to help.
Where: Looking for debt collection agencies
Once you’ve decided what you’re going to outsource and when, it’s time to start looking for debt collection agencies that can take on the task for you. Often the best place to start your search is through recommendations from friends and colleagues. These references can give you a good idea of what it’s like to work with the company. If you haven’t seen them already, head over to our testimonials page and see the fantastic feedback we’ve had from our B2B clients. Their feedback speaks volumes!
However, this shouldn’t mark the end of your search, with the fifth W the most important one to answer correctly.
Who: Choosing the right company to work with
Here are four important things to look for to find the perfect match:
- Expertise: Ultimately you want a relationship with a debt recovery agency that is going to bring results, so check that they have sufficient collections knowledge. When it comes to Cobra Financial Solutions, our extensive experience really pays off. We are delighted to have an impressive 83% success rate!
- Recommendations: Look for success stories and testimonials to ascertain if they have a successful background. As we’ve mentioned above, head over to our testimonials page and read our client’s experiences of Cobra Financial Solutions. We think their feedback speaks for itself but if you have any questions, do not hesitate to get in touch.
- Sector experience: Particularly with trickier debts, sometimes sector expertise can bring knowledge and results to rival a typical generalist. In this instance, our experience lies in B2B (business to business) debt recovery so if you are a business seeking to recover monies from another business, Cobra Financial Solutions could well be the best choice for you.
- Credibility: Check for affiliations with leading industrial bodies to ensure that the agency maintains the highest standards. Cobra Financial Solutions are delighted to be an FCA (Financial Conduct Authority) Approved company.
If you have any overdue debts that could benefit from the expertise of a professional, persuasive and persistent debt collection agency we could help. Get in touch today and see how we can help with your debt recovery issues.