A recent study conducted by the Federation of Small Businesses (FSB) has found that around 400,000 small businesses are threatened by late payments. Now is the time to find a dedicated credit controller.
However, it’s important you do research into credit control agencies. Do they align with your business values? What are their business practices like? Do they know their stuff? These are just some of the questions you should be asking when looking into various credit controllers.
Credit Control or Debt Recovery? Many credit control services come alongside debt recovery services from an overarching agency. However, there are some agencies that dedicate just towards credit control. It really depends on whether you want to have both services easily available to you. However, if good credit control practices are being conducted, the chances of the need for a debt collector should reduce.
Cost The reason for going to a credit control agency is due to money management so making sure that the organisation you go to fits your budget makes sense. Comparing the pricing of different agencies in your budget alongside the services they provide will help you find the right agency for you.
Qualities in Service The reputation for credit control hasn’t gone down too well in history books. Does the credit control agency you are looking at follow the traditional route of chasing? Do you want them to approach your clients in a friendly manner to maintain those important customer relationships?
Experience How long has the company been working in credit management? With long-standing position in the industry, credit control agencies will be able to provide you with the best service. Another thing to take into consideration is if they have worked in your industry. Different fields have various ways of payments. A business in the building trade requires a different service to a company in marketing for example.
Testimonials What are other clients who have used this service saying about them? You can find out a lot from a customer’s testimonials… or a lack of testimonials too.
Although certificates and awards aren’t the ultimate marker of a good credit control agency, accreditation often shows the dedication an agency has to the services they provide. Are they accredited with the Chartered Institute of Credit Management (CICM) or other reputable bodies?
Once you have found the right agency that works with your business, it’s time to get control back into your credit management.
If you need any help with your cash flow, invoicing, or chasing for late payments, give us a call at 01209 823118 or emails us at firstname.lastname@example.org.