The pandemic has caused endless issues for companies around the country, who are struggling now with debt recovery from the pandemic. No matter what industry you work in, you’ll find that there are still many companies struggling to pay their bills and get back on track. Commercial debt has become even more of an issue in the past year, but we’re here today to share some of our top tips for debt recovery during the pandemic. No matter what you are going through currently, we’ll be here to support you with that task and help you to have a better year ahead.
Gather Data About Your Clients
When talking to customers or clients about debt, you need to approach them with all the data to protect you. The more you can learn about a client ahead of time, the more likely you’ll be able to back yourself up when talking to them about missed payments. When outsourcing this job to our team, the more information you can provide us with, the more likely we’ll be able to help you. Information about previous issues and current concerns within their company can help us to understand the full picture of what’s going on within a business.
More Late Payments
One of the biggest issues we’ve noticed within businesses in the past few years is the increasing number of late payments they are experiencing. While late payments are a common issue in general for companies, debt recovery during COVID has been even higher. When it comes to protecting yourself from late payments, we recommend making sure you make your payment terms incredibly clear from day one. Ensure they are clearly listed on any invoices you send, so you have them to back yourself up in the future. When you don’t put this information on an invoice, you are only leaving it open to interpretation. This leads to late payments, which you don’t have the back to chase, and it can make it much harder for our company to assist you.
Customer-Centric Service
Although you might be frustrated about late payments from a company, we encourage you to take a customer-centric approach to debt repayment. The past two years have been incredibly tough on companies across the country. By showing some compassion and care for your clients, you’ll be far more likely to retain them in the future. As the year progresses, we hope that we will see fewer issues within the industry and that businesses will once again start playing again on time. Try to put yourself in the shoes of your clients, and hopefully, this will result in better working relationships moving forward.
Come to a Compromise
If a business is struggling to repay you, we encourage you to work with our debt collection services, which can help to find a solution with companies that are struggling to pay their bills. We sometimes recommend setting up payment plans for companies, which can help them to continue paying off their debt over a series of weeks or months. While we hope we don’t have to offer this solution, it’s sometimes a good way to reduce friction during this trying time.
Work With Commercial Debt Collectors
Commercial debt is something that many businesses aren’t familiar with, and prior to the pandemic, you may never have dealt with these issues before. If small business debt collection is something you don’t feel comfortable with, we highly recommend outsourcing this work to our team. We offer cost-effective solutions for businesses and help companies up and down the UK to keep on top of their payments. No matter who owes you money, we can work with you to find a solution to your issues.
We’ve worked in this industry for many years and have seen the changes that have occurred during the COVID-19 pandemic. For that reason, we’ll be happy to work with you to find the right solution to your business needs and strive to support you during this time. We work with a wide range of commercial companies and are competent at dealing with B2B debt collection. We’ll take this stress off your plate, so you can focus once again on the tasks that are truly important to your business. You’ll no longer have to deal with the stress of debt collection and can just enjoy doing the tasks that are most beneficial to the future of your business.
The pandemic has brought about challenges for companies across the country, but we are here to support you with commercial debt collection in 2022. We’ll be happy to answer any questions you have about the best practices for debt collection and support you in getting back on track this year. Contact us today via call on 0330 229 1991 or email your enquiry to memberbenefits@directroute.co.uk for more information or to work with our team to resolve any debt collection issues you are facing.