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Business Debt Recovery - Helping the SME Business

Updated on April 8, 2016

No win, No fee Debt Recovery

Supporting business with Professional Debt Collection & Credit Management
Supporting business with Professional Debt Collection & Credit Management | Source
Supporting business with Credit Management
Supporting business with Credit Management | Source

As a business owner myself and with over 20 years experience in Credit Management I understand the frustrations businesses have when other people/businesses do not pay the invoices that are owed.

It is a stressful situation to be in, especially at month end when you have bills to pay yourself. Late Payment is the nightmare for those that give credit and whereby those getting credit always pay late because they believe they can get away with it.

My recommendation when considering granted credit is to pass your customer a credit application form, giving all the information you require to evaluate the level of credit you are happy to give the customer. Remember, getting information out of the customer initially is the best time, trying to further information once you have granted the credit limit is extremely difficult.

You will need the following:

Type of Business (Limited / Partnership / Sole Trader)

Headed paper confirming full trading address

Registered company information

Up to date Financial Account / Management Accounts

Utility Bills confirming address and trading name

At least two references

The above list is not exhaustive and it does depend on the type of industry you operate in, but never be pushed into granting credit until you have all the facts, this is very important!!

Send out your Terms and Conditions and confirm that they understand them - potentially send them via email and get a 'Read Receipt' and keep it.

Find out when they do there payments, how many times in the month and when. Who authorises payments and who is you contact in accounts - contact them and introduce yourself. Send invoices again by email and get a 'Read Receipt' confirming they have the invoice, 5 days later chase to make sure they have it, 10 days after that check to see if the invoice has been approved and that there are no disputes. 5 days before release of payment confirm that this is happening and that there will not be any delays. You are not pestering the customer, you are making sure they pay you on time.

I hope this gives you a brief understanding, but if you follow this simple rule you will be paid on time the majority of times.

I wish you all the very best

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