Cash is King
REVENUE IS VANITY, PROFIT IS SANITY, CASH IS KING
This is one of those sayings that has been expressed for many years but has probably never resonated so clearly with business owners as much as it has in recent months.
During difficult economic times a lot of business are forced to cease trading. The sad thing is that many of these will be good, profitable businesses that find themselves in trouble because of poor cashflow. More often than not this is because the business owner/leader is focused on sales, customer service and the day to day operational running of the business, with insufficient time and resource focused on getting paid on time.
Don’t let your business become a victim of poor cashflow.
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Next Steps with a Delinquent Debtor
Once you have exhausted all of your own internal credit control procedures there are three main options available to you if you want to escalate the pressure on the debtor in order to be paid.
This is definitely the easiest and most cost-effective route, and does have a considerably high success rate.
This will take up a lot of your time to pursue and in our experience, without knowledge and experience of the process you are likely to have limited success.
You could employ a solicitor. This can be a very expensive decision, with no guarantees that you will win. We would only recommend this route once other less expensive options have been explored.
Risk and Reward
Your decision on what the next step in collecting your Overdue Invoices should be, really comes down to Risk and Reward.
The truth is that nobody can give you a 100% guarantee that they will be able to get a payment for you, no matter how strong your case is.
Therefore, you need to weigh up the potential costs that you are likely to incur whilst pursuing your debtor, against the value of the payment that you are likely to get.
This is where Overdue Invoices can really help you as we remove all of the risk for you with our No Win No Fee policy.
No Win, No Fee = No Risk
The ‘OVERDUE INVOICES’ way of collecting commercial debts.
How it works
CAN’T PAY OR WON’T PAY?
If your client genuinely can’t pay then it is going to be difficult to collect this debt, even if you use the full power of the legal system to pursue it.
A good example of this when a company has numerous unpaid County Court Judgements against them. There is little point in taking the debtor to court, getting a judgement in your favour and trying to enforce the court order. The most likely outcome from this situation is that you will just become another unpaid supplier with additional costs for legal and enforcement fees.
Having said that, don’t be fooled by the sob story, when your customer starts to explain that they can’t pay you at the moment as they have fallen on hard times. Our experience tells us that more often than not that this isn’t the truth. The debtor may just be buying time to pay other preferential suppliers who are more persistent, or more important to their operation, than you.
Every business has a hierarchy of who gets paid first. If you are near the bottom of that list you are unlikely to get paid on time, or worse still, not at all!
Remember, their accountant has told them that “Cash is King” so the longer that they can hold on to your money the better their cashflow is.
How can ‘OVERDUE INVOICES’ help you?
If you choose to instruct us, our goal will be to push you higher up the pecking order of creditors, so that your payment is given a greater priority.
We do this in a very professional manner that doesn’t impact on your future relationship with your client, using the very latest technology to ensure that we collect our clients overdue invoices as quickly and efficiently as possible.
If you decide to continue supplying your goods or services to this customer then you might be pleasantly surprised to see your future invoices being paid more promptly, because you have elevated your position on the list of preferential creditors, as a direct consequence of employing us.
LOOK SERIOUS – GET PAID
The Fact that you have instructed a third-party like ‘OVERDUE INVOICES’ to chase up your overdue invoices sends out a very clear message to your customer that you are really serious, which usually results in a prompt payment.
At ‘OVERDUE INVOICES‘ we have a simple philosophy.
We believe that every supplier has a right to be paid in a timely manner for any product or service that they have supplied to their customers as per the agreed terms between the two parties.
When this doesn’t happen we believe that the supplier should be recompensed for the inconvenience that the late payment causes them, and that the debtor should also be liable for all of the costs incurred in recovering the Overdue Invoice, as per UK Government Late Payment legislation.
Our highly experienced team will initially carry out a credit check of your debtor to ascertain the financial position of the business.
They will then proceed with our highly effective contact process which will include communication by letter, email and phone.
Keeping you updated
All of our clients have a dedicated account manager that will periodically update you on the progress of your case.
If you are one of our Credit Manager clients then you will also have access to our online password protected portal which allows you to view your cases in real time 24/7/365. Prices start from £25 per month and have other major benefits, Please click here for more details.
We are a highly professional organisation that will treat your customer and the outstanding invoices as if they were our own.
We work on a No Win No Fee basis, and our costs can be recovered from your debtor under UK government legislation for Late Payments.
NO WIN, NO FEE
Getting Started with
Is as simple as ABC
Provide us with the details for the invoices that you would like us to chase
Relax and await progress updates as we go through the process of collecting your money