The role and powers of a debt collection agency There are a lot of misconceptions surrounding debt collectors and the use of third-party collection agencies. What these agencies can and can’t do is a big part of this. Understanding how a debt collection agency can help and support your business’s cash flow and credit control […]
Late payments and overdue invoices are a constant battle for some small businesses, with business owners reporting spending over half of their working week chasing unpaid debts. To help, introducing and implementing payment terms to your credit control strategy can support you and your teams to ensure best practice and prompt payment. Working with a […]
Chasing overdue payments is a part of every business’s credit control process, in one form or another. It’s often the one aspect of the credit-control process that most people feel uncomfortable with, especially when dealing with difficult customers or when you feel placed in the middle of some quite awkward situations. In these situations (as […]
Understanding the debt collection process can help your business be more successful in recovering the money you are owed, whether from outstanding invoices or late payments. Late payment is a huge problem for businesses in the UK. Not only does it have a negative impact on your overall cash flow affecting your day-to-day operations, but […]
Debt collection is a highly skilled profession and sector. There are numerous hard and soft skills required to be a debt collector – and a successful collector at that. Due to the high level of skill required, commercial debt collection agencies are in high demand, as they continue to help businesses collect on unpaid or […]
It’s become something of an accepted `norm` that most businesses pay late. Invoices are received, popped to one side, reminders are sent, and it is not until days, if not weeks after the agreed payment term deadline, or a third-party agent becomes involved that payment is received. However, what we don’t know throughout all of […]
At the start of 2021, the government announced positive changes to the Prompt Payment Code, explicitly surrounding the rules and guidance around late payments. One of the most significant changes implemented is halving the payment period from 60 days to 30 (for small businesses). This change is set to help protect jobs and support future […]
Business only works if you continually collect on monies owed for the goods and services you provide. However, we understand that collecting unpaid invoices is probably not the best part of your job and certainly not an element that everyone feels confident with. We also know just how much time can be taken up chasing […]
The team at Direct Route has worked in debt collection for many, many years, which means when it comes to excuses and reasons for late payment, we’ve probably heard them all! Late payment and unpaid invoices are some of the most significant issues facing small businesses today. It can be crippling. Affecting cash flow, a […]
The need to collect on unpaid debts existed long before any type of currency and money was invented. Instead, the concept of “being in debt” started with bartering goods and services, when one of the parties could not deliver their product or service as agreed. In actual fact, how we have dealt with debt over […]
