extending credit again to a client you had
to chase for payment).
Collection agencies are also up to date with
compliance and legal issues associated with
debt collection, meaning you avoid any
potential conflicts.
Improve your cash flow and reduce your
DSO and bad debt write-offs
With debts outstanding you may struggle
to pay your own creditors or purchase
needed supplies and therefore cripple your
own operations.
Meeting supply deadlines
In line with cash flow sometimes when you
lack the cash flow for products the supply
to your customers gets delayed. Improving
collections through Third parties will
definitely make easier the job of supplying.
Debt collection professionals are the
experts and they have resources that get
you paid that you don’t. They can view
credit reports in real time to assess how
collectible an account is.
They will conduct skip tracing and
utilize private investigators to find your
debtors and hidden assets. In addition
to possessing collection techniques and
technologies — all to assist them recover
your money.
If you chose a debt collection professional
that is also a law center or has links with
law firms, they have the ability to take legal
action, if necessary, as well.
Of course choosing a reputable firm is
important. However, there is much more
than reputation to think about.
You need a firm that fits your corporate
culture and provides the kind of
relationship you consider important while
you find out whether they understand
your expectations and will partner with
you to help you meet your goals.
You won’t be afraid wont you!
Wasilwa Miriongi is a certified Credit
Professional currently working as the
Managing Director, Del Creder Credit
Management Limited. You can engage
him on this or related matters via email at:
[email protected].