All businesses are fighting to maximise profits, but keeping up-to-date with accounts receivable is often difficult, especially when it comes to debt collection. The process can be time-consuming and even embarrassing; and can often result in losing your customer for good because it becomes personal. There is also a perceived expense to outsourcing debt collection that leads many businesses to just simply accept the loss.

If you have been considering outsourcing the collection of late payments, let’s look at some of the benefits:

1. Reduce unpaid debt - most finance departments do not have the luxury of employing a dedicated debt recovery expert but an outsource partner should be an expert in their field and have a proven track record of success
2. Improve cash flow - by using experienced professionals, debt will be collected quickly and have an immediately positive impact on your cash flow
3. Reduce losses - debts that may have been previously written-off will now be collected and this will be reflected in bottom line profits
4. Control internal operating costs - allow internal staff to focus on invoice collection before it goes into arrears, which is more cost effective for the business, and will yield better results
5. Correct payment terms - all businesses are trying to protect their cash flow and this is, in part, why late payments are increasing. By setting out your credit terms clearly, you can add Government approved penalty charges to your late payments. This will not only act as a deterrent but also cover your outsourced costs when the payment is collected

Strong businesses always have solid structures across all of their operating departments to ensure best practice. Evolving processes are in place, but the skills retained within a business will always be top-heavy to the knowledge and requirements of the core product or service they sell. Using outsourced providers for specific areas of a business, whose core strength is within these areas, will improve, maximise or simply just take the pressure off a business.

The biggest risk for outsourcing a project, department or process means that you do not have as much oversight or control of what is happening and how it affects your valued customers and brand.

CollectaDebtpro offers a hybrid solution that utilises outsourced expertise and strategies, whilst retaining the businesses internal control and protecting the customer experience. They can provide:

• Overall Cost Savings
• Reduced Compliance Risks
• Improved Customer Journey
• Retained Control and Oversight

The most successful businesses constantly innovate and challenge their processes; and won’t just be satisfied with dated solutions just because that is what they have always done.

Find out more about CollectaDebtpro’s hybrid credit management and debt recovery solutions by emailing This email address is being protected from spambots. You need JavaScript enabled to view it.