Benefits of outsourcing debt collection

Running a business can sometimes feel like you have to be good at everything. From HR to book-keeping, sales to marketing, the list is endless. With generating sales, often comes debt and no-one likes being owed money! Yet it’s something that all businesses have – some more than others. By outsourcing your debt collection you will have peace of mind knowing that an experienced debt collection company has the means necessary to recover invoices outstanding to you.

Just over a year ago, digital bank Tide[i] revealed that the average UK SME was chasing 5 outstanding invoices at any one time (totalling an average of £8,500). The time spent on this was an astonishing 1.5 hours per day, but depending upon the location of your business, you may spend even longer chasing overdue invoices. In London the average number of invoices outstanding at a time are 7! Chasing payment of those invoices can take up to 2 hours per day of your time.

Just imagine what difference it would make if you had an additional 7.5-10 hours per week available…..?

At FJCM we have over 30 years’ experience in recovering debts. Here are some benefits that many of our clients get when working with us.

Maintain client relationships

By appointing FJCM as a third party debt collection company, we give you peace of mind knowing that you wont be having any uncomfortable conversations with your customers. With our vast experience our team takes away the emotional struggles for you, so to ensure the best possible success in recovering debts owed to you.

Increased productivity

We’re already trained in how to negotiate and recover debts and by using FJCM, there is no need to train existing or appoint new members of staff. You will no longer need to waste any more time trying to recover debts. You can now spend more time on increasing sales, generating leads or improving your customer’s experience.

Increased cash flow

We treat your clients with care, attention and professionalism, as if they were our own. We use our expertise to recover debts quicker than in-house solutions. When multiple aged debts are sent to us, we focus on recovering the highest amount of debt first, so that your cash-flow is quickly increased. The smaller amounts are important too and we do work hard to recover all debts outstanding on your ledger.

Improved wellbeing

There are lots of challenges in running a business. Then throw into the mix recovering debt, whilst trying to keep all of the other plates spinning, outsourcing debt collection to professionals will reduce your stress levels.

No win, no fee option

It is cost effective to you with no upfront fees to pay and If we’re unsuccessful, then you don’t pay us. Although, we do have 90%+ success rate, so not paying us is highly unlikely. Although, considering the time, money and stress saved, it is a very cost-effective solution.

Other benefits of outsourcing debt collection include:

  • Escalation and support through Legal recovery process via Small Claims Court
  • Expert advice available on tap where required with our affiliate solicitors
  • We are always open and honest with you
  • Customer credit report monitoring to keep you informed
  • Regular updates and progress reports
  • Online portal (24/7) for instant updates

[i] Small businesses spend hour and a half each day chasing late payments

To learn more about the benefits and cost of outsourcing debt collection click below. You can also call us on 01494 422742 or email [email protected]