In business, cash is king. Chasing late payers and taking care of debt recovery can be a difficult task for businesses. Naturally, unresolved business debts cannot be left unpaid as in the long term this will create lasting financial problems.
Your in-house credit policy is vital to ensure that you follow a set process to ensure that monies owed are collected in a timely manner. It is surprising, however, to see that businesses who have gone through the process of setting up and following a credit policy which sets out their in-house collection cycle, don’t escalate to recover the debt when payment has not been forthcoming through internal measures.
Escalation to a third party at this stage is key and typically results in prompt payment as your invoice(s) are put to the top of the payment queue. The saying he who shouts loudest is very true in the world of invoice payments, which is why our Nottingham debt recovery team are on hand to help you ensure your invoices are always on the top of the pile.