According to reports, over 57% of Businesses in London are faced with unpaid invoices since covid-19 began. As a result, many are turning to Professional Debt Collection Agencies to boost their recovery efforts.
Most Business owners will have encountered an unpaid invoice at some point but the pandemic has massively exacerbated the problem with billions in unpaid invoices outstanding.
Ongoing Late Payment issue
The problem of unpaid invoices is nothing new. Research has shown that since 2016, the number of unpaid invoices in London was creeping up. So, for the past 12 months the pandemic has simply exacerbated the problem with thousands of London based companies owed money.
The ramifications of late payment for small businesses are huge. Hundreds of thousands of Businesses go to the wall every year as a result of non-payment. Late payment affects a Businesses cash flow, credit worthiness and the knock-on effects can be catastrophic.
But what can you do if your Company is owed money? The courts are clogged up and legal fees more expensive than ever.
London SME’s fast-growing solution
The financial problems many companies are facing is they simply do not have a professional solution for the problem. Law firms and litigation is an expensive well-trodden that comes with no guarantee, other than a large bill at the end of it.
This is why many Small Businesses and Medium Enterprises are turning to Expert Debt Collection firms for help. The Premier solutions come with a small price tag and minimal risk.
Debt Collection Agencies in London have a significant role to play. Using only the best Professional Debt Collection Agencies should ever be considered.
Working with a Debt Collection Agency in London
The Debt Collection Industry in the UK has undergone major progress over the past decade. Gone are the stigmatic anecdotes and stereotypes of a company working with a Debt Collection firm.
Under the careful and watchful eye of the Financial Conduct Authority, top rated Debt Collection Companies have emerged.
Hiring the best fit debt collection agency for your business is essential. Not all Debt Collection Agencies have the same standards or protocols.
You also need to be mindful of their reputation. The need for a super professional solution is essential. Results, cost and the protection of your brand are key components to any debt recovery service in London.
Types of Debt Collection in London
There are primarily two types of Debt Collection available, B2B and Private.
Business Debt Collection
Commercial, Business or B2B as its known caters for the more commercial markets. These tend to be transactions and deals between two companies.
The most notable Company for Business Debt Collection in London is the well-established Federal Management. For almost 20 years, they have been helping London’s commercial sector recoup unpaid invoices and overdue accounts.
They offer their clients a free pre action assessment prior to instruction. This alone gives peace of mind to many. Their services are low fixed fee with no costs to pay if they do not recover.
They have a proven track record in delivering high success for Businesses in London. They are the most accredited and decorated B2B Debt Collection firm that is also FCA regulated.
Their services have been utilized by some of London’s prestigious elite and even Mayfair’s crème de la crème Casinos have used their services.
Private Debt Collection
The niche of Private Debt Collection is commonly used by public serving Businesses such as Private Schools, Veterinary practices and Dental Surgeries.
The stand out name is this sector is the widely touted Frontline Collections. They are the Gold Approved Supplier for Debt Collection services by the Independent Schools Association.
They have been featured in many tabloid editorials such as The Times newspaper and boast a whole host of high-end clients including leading Private Schools and Harley Street practices.
Like Federal Management, Frontline Collections provides a free pre-action assessment along with a no hidden costs service. A high success rate of up to 90% is probably the main reason why they have such a great reputation.
Are all Debt Collection Agencies in London the same?
The answer is absolutely no. Not all are licensed and certainly not all are professional.
Working with highly professional solutions like the two aforementioned companies can and will bring great benefits.
You need to think what your expectations are. You need to consider the professionalism, transparency and integrity of the company you are using.
Why? Well, you want a successful outcome and you want the cost to be measured. You certainly do not want an unprofessional approach that can and will damage your brand or reputation.
If your London based Business is suffering from unpaid invoices, you might just find that the solution is on your doorstep.