One of the main problems that small businesses face is obtaining late payments from their customers. As a small business owner, you can’t always afford to hire employees who have specific credit control skills. If you can hire someone to do your credit control, then you will increase your chances of getting paid on time. However, hiring members of staff to complete this role means you need more desk space, covering holiday and sick pay, PAYE etc. This is costly, especially when there are other options available.
But there is a solution that’s cost-effective and is guaranteed to get your clients to pay faster.
The best solution is to outsource your credit control to a professional team who specialise in credit control services and debt recovery.
What is Credit Control Outsourcing?
It’s like having your own member of staff who works specifically on the task of credit control, but without them being based in your office and without the costs involved.
Why Should I Hire a Credit Control Company?
Expertise:
Credit control service providers are usually run by financial experts. Their teams include customer credit handlers, mediators and credit controllers who contact your customers professionally for their pending and upcoming payments. They keep you updated with progress on a weekly basis too, and they are always friendly. They are usually trained to handle customer calls, service and complaints effectively.
It’s cost-effective:
Hiring in-house members of staff to cover your credit control tasks is not as cost-effective as outsourcing it. Outsourcing credit control reduces your overheads at far less cost than employing a person with similar qualifications and experience.
Additional Tasks:
Many credit control companies also offer other services, which include: monitoring your customers to ensure they remain credit worthy, updating accounts on a regular basis, and allocating payments. They will also resolve customer invoice queries or disputes too.
How a credit control company get’s your clients to pay faster:
The credit controller will securely access your customer ledger, which includes invoice amounts payable, along with the dates of each invoice.
Before the payment date arrives, the credit controller will proactively contact your clients check they have received your invoice. During this time, they will check what date is being made and resolve any queries before the invoice is due for payment.
What to look for when hiring a credit control company?
Before hiring a company to look after your credit control you need to:
1. Make sure the company you hire has a positive reputation in the market.
2. Ensure their fees are competitive and affordable for your business.
3. Check if they offer a trial period so that you can make sure they are right for your company.
4. Check their company ethos to ensure they can represent your company in the best way.
If you think out-sourcing your credit control will help your business, click here to find out more.