Listen to our new podcast 'Yvette Gray: Debunking the myths surrounding debt collection' in partnership with Atom Ventures!
Our very own Yvette Gray, Regional Director for the UK and Ireland, shared crucial advice on how to collect your outstanding debts in the current economic environment.
Going after payments doesn't mean losing customers
- Debt collection is a negotiation and we know that the on-going trading relationship with debtors is often key to our clients.
- There are various different ways that we can negotiate with a debtor. Atradius Collections has an advantage as being part of the second largest credit insurance company worldwide can help us prompt payment.
- There are some companies out there that will always be late payers, they know that they can delay payments, but there needs to be consequences of this.
You need to identify who can't pay and who won't pay. Based on your customers' situations and your in-house collections process, define a point where you need to escalate.
The longer a debt is outstanding, the harder it is to collect.
- If a company has a lot of accounts payable, following up regularly with them is key to keep top of mind, to ensure you are paid before other creditors.
- Once we have exhausted our amicable efforts, we need to assess the financial status of the debtor, the juridsction, documentation available, as well as the costs of further action.
We offer various value propositions to suit each of our customer types.
- For our SME customers, cash and speed is especially important . This is why we have developed an online platform where clients can quickly retrieve a quote, place a case and track its progress. Access the online platform here.
We’ve got lots of different customers, from SMEs with small amounts outstanding, through to international companies who use us to collect globally