What is commercial debt recovery?
Unpaid debts hold up your business, affecting cash flow, creating uncertainty, and potentially preventing payment of your staff or creditors, harming your reputation. It is crucial for any business to ensure that those you trade with do so on your terms.
Commercial debt recovery, also known as business-to-business debt collection, or b2b debt collection, is a service that helps businesses reclaim unpaid invoices. It can be time-consuming chasing debt, particularly if your invoices have been left unpaid for a long time. A debt collection agency can help businesses recover individual or multiple outstanding invoice payments, which can help rebalance cash flow, saving time and money. Business to business debt recovery is used by companies of all sizes, so that monies they are owed can be successfully recovered by experts, leaving them free to focus on their businesses and save them time they would have otherwise spent manually trying to retrieve the debts themselves.
How does it work?
If a commercial debt is owed to your company, you can use a commercial debt recovery service to collect these outstanding payments on your behalf. Companies seek the help of a debt collection agency when their debtor has failed to act on invoice payment reminders and they are at a point where they are unable to recover the debt. Contact with the subject may have broken down if they have moved on, not providing a forwarding address. In these cases, enlisting the help of a debt collection agency means you have access to an expert team of commercial debt collectors, who can trace a business. Commercial debt recovery exists to help businesses avoid costly litigation and to collect outstanding payments while keeping your client relationships intact. If you are owed money, as the creditor, you would approach a commercial debt collection agency to help retrieve money owed. The debt collection agency would then contact the subject (or account holder) usually via telephone and letter. Business Debt Recovery services are viewed by many businesses in the UK as a financially viable solution to collect overdue commercial debt, with little risk. At Controlaccount, we provide fast, effective B2B debt recovery services to leading global brands, SMEs, public and not for profit organisations. We focus on improving your business cashflow, preserving customer relations and protecting your reputation. We provide a range of strategies to help recover your debt in a professional and ethical manner.
Commercial debt recovery is a wise move
We provide a comprehensive B2B Debt Recovery service, applying a diligent approach to each and every case. We offer a range of services that are designed to suit the requirements of every business. From individual debt recovery to the collection of multiple invoices, we work with our clients on a case by case basis. Our strategy for debt collection is a three letter cycle, augmented by telephone (and where suitable, SMS and email) campaigns. We work on a no collect, no fee approach and where applicable and with our clients' authorisation, we can apply the Late Payment of Commercial Debts (Interest) Act 1998 and the Late Payment of Commercial Regulations Act 2013 (LPA). This enables businesses to recover the cost of chasing overdue accounts by applying interest charges - resulting in you collecting up to 100% of monies owed, rather than a proportion.
We excel in commercial debt recovery, and can take the worry out of your hands, using a range of tools to help recover debts owed to your business. For more information, get in touch with one of our team today.
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