Online Debt Collection
It is a reality of the present economic climate that for many businesses it is becoming more difficult to get paid on time. Our own research into payment behaviour across the UK revealed that it took an average of 51 days for businesses to get paid during 2008. Media reports in 2008 put the amount owed to British small and medium sized businesses at £18.6 billion, a 16% rise on the figures for 2007.
On average, a company will spend 17 days every year trying to collect money owed to them for the goods or services they have provided in good faith. 1 in 5 businesses now employ someone specifically to carry out this task.
Debt Recovery Online
Debt recovery can be a fruitless and time consuming activity, especially for small and medium sized businesses where getting paid on time is not only crucial to their ongoing business, but the collection activity is an unnecessary distraction from other more important business activities.
Moreover, today’s typical Credit Management team, is increasingly under pressure due to new methods of customer acquisition, increasingly complex payment methods, and the growth in international trade.
It is vital that UK SME’s employ clear and effective credit management policies aimed at mitigating the risk of non-payment in the first instance, collecting payments when they do become overdue and importantly maintaining those valuable customer relationships throughout the process. Our guide “7 ways to reduce your business’s debts” provides a basic outline to the type of things which should be considered when putting together a credit management policy.
Online debt recovery – a convenient solution for SME’s
Intrum Justitia provides an online debt collection solution for SME’s which combines the convenience of an online management tool with the collections performance of a firm which is a European leader in Credit Management.
Our service is a hassle-free UK and International collection service designed specifically for the needs of small to medium sized businesses. It allows clients to have simple management of their account through our responsive 24/7 online credit management tool. The system allows clients to register new cases at the touch of a button; view information on their ongoing cases; view financial progress on their cases; and, extract a management suite of reports relating to their cases.
Outsourcing the collection of outstanding payments to a professional debt collector is one of most cost effective methods of improving cashflow. Intrum Justitia has clients ranging from large multi-national businesses to small privately owned companies, all with their own individual requirements and credit management and customer care procedures. We recognise that no single approach will work for every business and we are flexible enough to combine our clients insight and knowledge with our own to provide an approach which works.
Our campaigns integrate a variety of contact strategies including letters, telephone calls, SMS etc. and operationally, our contact centre staff are organised into sector and client specific teams giving them a greater understanding of the client, the industry in which they operate and regulatory requirements. Our operation is also segmented into specific Business-to-business and Business-to-consumer teams in recognition of the fact that a different approach and skill set is required in these two areas of collection.
For those customers who have moved or are proving difficult to locate, we can provide tracing facilities, both in the UK and overseas. Additionally, should it be necessary, we can take legal action if given the authority to do so by our clients.
Use the European leader for your debt collection
The Intrum Justitia brand is recognised throughout the world as being a leader in Credit management and debt collection. We employ more than 3,500 people and work for over 90,000 clients worldwide. In the UK alone, we collect more than £1 million every month for our clients.
For further information regarding our debt collection service, please go to On Demand Collections or call us on 0870 414 0044.
