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How to collect invoices successfully

How to collect invoices SUCCESSFULLY at the end of EVERY month

Be prepared

Gather your ammo, always have in front of you as much information about your customer and the debt as you can, including having the invoices and their personal file at hand.

Take notes

Document everything that is said, either on the phone or in meetings, have a secretary take notes or voice recordings which is very useful so you can reflect back on what has been said in case there are any disputes.

Keep a personal connection

Always keep the customer informed after sending products or providing services and ideally just before the invoice payment date arrives, ask open questions like, “is everything satisfactory with the invoice?”  and “is the payment due date ok?” or “if there are any other questions?”.

Don’t jump to conclusions

The initial collection call should aim to confirm the debt has not been paid,

  • The unpaid invoice should not be seen as a collection issue just yet and may be down to miscommunication, so you want to be careful.
  • Consider things from your side of the business.
  • Has the product or service been shipped or sent correctly in the agreed time frame or if the invoice wasn’t sent or received?

Late invoices 

If the invoice is late, start with Hello it’s______ from company ______ I noticed your behind in this invoice. Was there a problem with it? Once the client gives you the reasons be sure to document it and be nice but in control, the tone of your voice can affect the way the conversation may go stay upbeat and cheery and your more than likely to have a more positive response from your client always ask if there is anything you can do to help with the invoice and if they need any more information about the business etc showing that you are doing all that you can to help, if the caller senses your under pressure they may try to negotiate a better deal with you so stay upbeat and positive and this should result in full invoice amounts getting paid.

Stay calm

If the person you call gets a little irate. Don’t automatically go on the defence, just take a deep breath, remain calm and collected and maybe suggest calling them back at another time.  You can usually tell when things are turning but keep dialogue constructive, and let the person feel he’s making headway.

Avoid confrontation 

Try to asses if the excuses that your being told for non-payment are legitimate.

If the customer says “someone in payroll forgot to make the payment”, Call the payroll dept to confirm that. You can usually tell when someone is being sincere or over the phone – they may stutter slightly or sound as though they’re caught off guard, usually your first gut reaction is right.

Open communication is key  

Someone who may not be able to pay up front may be able to pay in smaller instalments or at a little later than usual date, so ask open questions like how much can you afford to pay?” That way you can help the debtor figure out how to get the money to you without paying exorbitant interest, this also reduces the risk of confrontation and makes the debtor feel more at ease.

Give options 

Offer different payment methods to your clients and always get signatures. Either email, fax or meet in person to get the authorisation form signed and of course make sure yourself or HR get copies of these.

Finalisation

Provide the debtor with a Verbal summary of what was discussed on the phone, including how and when a payment will be made, once a payment method has been agreed ask the debtor to call back to confirm a payment has been sent.

 

Debt Collection Agency Nottingham

Need help collecting a debt?

We help businesses inside & outside Nottingham collect debts in Nottingham & nationally.

Jack Russell is one of the East Midland’s most prominent debt recovery services. With an office in Northampton and a national team of process servers, we can help you recover your money faster.

We cover the whole of Nottingham and the East Midlands along with Leicester, Derby and Northamptonshire. We are well known and respected in Nottingham and enjoy a long track record of helping many of the East Midland’s businesses recover their debts faster.

Our network of UK offices ensure the most difficult of debts are rapidly recovered. If you require an affordable, professional debt collection agency to deliver unrivalled results, call 0800 068 5151 now and inject your cash flow today.

Why Jack Russell debt recovery services?

  • No collection – No fee. Guaranteed!
  • Nottingham & national coverage,
  • Proven track record of debt recovery,
  • Peace of mind,
  • Serve all your legal documents,
  • Speed & collection from your premises,
  • Strong quality controlled assurance,
  • Competitive rates.

Alternatively, please complete your details via the contact form and a member of our team will contact you to discuss your requirements.

Debt Collection Agency Newcastle

Newcastle debt collection agency

We help businesses inside & outside Newcastle collect debts in Newcastle & nationally.

Jack Russell is one of Newcastle’s most prominent debt recovery services. With a national team of process servers, we can help you recover your money faster.

We cover the whole of Newcastle and the North East of England. We are well known and respected in Newcastle and the North East and we enjoy a long track record helping many of Newcastle’s businesses recover their debts faster.

Our network of UK offices ensure the most difficult of debts are rapidly recovered. If you require an affordable, professional debt collection agency to deliver unrivalled results, call 0800 068 5151 now and inject your cash flow today.

Why Jack Russell debt recovery services?

  • No collection – No fee. Guaranteed!
  • Newcastle & national coverage,
  • Proven track record of debt recovery,
  • Peace of mind,
  • Serve all your legal documents,
  • Speed & collection from your premises,
  • Strong quality controlled assurance,
  • Competitive rates.

Alternatively, please complete your details via the contact form and a member of our team will contact you to discuss your requirements.

Debt Collection Agency Manchester

Need help collecting a debt?

We help businesses inside & outside Manchester collect debts in Manchester & nationally.

Jack Russell are Manchester’s most prominent debt recovery service. With offices in Central Manchester and a team of process servers, we can help you recover your money faster.

We cover the whole of Manchester and the North West of England including surrounding areas. We are well known and respected in Manchester and are members of the prestigious Manchester Chamber of Commerce. We have a long track record helping many of Manchester’s businesses to recover their debts faster.

Our network of UK offices ensure the most difficult of debts are rapidly recovered. If you require an affordable, professional debt collection agency to deliver unrivalled results call0800 068 5151 now and inject your cash flow today.

Why Jack Russell debt recovery services?

  • No collection – No fee. Guaranteed!
  • Manchester & national coverage,
  • Proven track record of debt recovery,
  • Peace of mind,
  • Serve all your legal documents,
  • Speed & collection from your premises,
  • Strong quality controlled assurance,
  • Competitive rates.

Alternatively, please complete your details via the contact form and a member of our team will contact you to discuss your requirements.

Debt Collection Agency London

London City Centre Debt Agency

We help businesses inside & outside London collect debts in London & nationally.

Jack Russell is one of London’s most prominent debt recovery services. With offices in the prestigious Convent Garden and a team of process servers, we can help you recover your money faster.

We cover the whole of the capital including surrounding regions. We are well established, respected and are members of the prestigious London Chamber of Commerce. We have a long track record helping many of the capital’s businesses recover their debts faster.

Our network of UK offices ensure the most difficult of debts are rapidly recovered. If you require an affordable, professional debt collection agency to deliver unrivalled results call (0) 800 068 5151  now and inject your cash flow today.

Why Jack Russell debt recovery services?

  • No collection – No fee. Guaranteed!
  • London & national coverage,
  • Proven track record of debt recovery,
  • Peace of mind,
  • Serve all your legal documents,
  • Speed & collection from your premises,
  • Strong quality controlled assurance,
  • Competitive rates.

Alternatively, please complete your details via the contact form and a member of our team will contact you to discuss your requirements.

Debt Collection Agency Leicester

Leicester support for bad debts!

We help businesses inside & outside Leicester collect debts in Leicester.

Jack Russell is one of the East Midland’s most prominent debt recovery services. With an office in Northampton and a national team of process servers, we can help you recover your money faster.

We cover the whole of Leicester and the East Midlands as well as Nottingham, Derby and Northamptonshire. We are well known and respected in Leicester and enjoy a long track record of helping many of the East Midland’s businesses recover their debts faster.

Our network of UK offices ensure the most difficult of debts are rapidly recovered. If you require an affordable, professional debt collection agency to deliver unrivalled results call 0800 068 5151  now and inject your cash flow today.

Why Jack Russell debt recovery services?

  • No collection – No fee. Guaranteed!
  • Leicester & national coverage,
  • Proven track record of debt recovery,
  • Peace of mind,
  • Serve all your legal documents,
  • Speed & collection from your premises,
  • Strong quality controlled assurance,
  • Competitive rates.

Alternatively, please complete your details via the contact form and a member of our team will contact you to discuss your requirements.

Clearing bad debts

We offer this service starting with your ‘virtual credit control department’ right through to our Legal department in issuing a claim.  Our team of credit controllers will persist in calling your debtors to ensure your ledgers are cleared.  80% of your debts should be cleared this way and the remainder we can obtain a county court judgement on your behalf.

In just seven days, a Courier company based in Cumbria achieved success of over 85% recovery of outstanding debts by using our credit control team of telephone specialists. Thanks to positive and professional management put in place by Jack Russell, they have retained the ongoing working relationship with their clients.

A Telemarketing company near Manchester needed to retain their current customer base and clear their bad debts at the same time.  By using our telephone specialists, they were able to achieve this without having to issue any final demands or legal action.

Employing our Specialist Credit Control team can mean retaining your customers and continuing doing business with them while clearing your bad debt ledger.

Contact us for more information about clearing your bad debts.

Debt collection agency Leeds

Need help collecting a debt?

If you are located in or around the Leeds area, we have local offices who are collect debts in Leeds.

Jack Russell is one of Yorkshire’s most prominent debt recovery services. With a national team of process servers we can help you recover your money faster.

We cover the whole of Leeds, Yorkshire and the North of England. We are well known and respected in Leeds and enjoy a long track record of helping many of Yorkshire’s businesses recover their debts faster.

Our network of UK offices ensure the most difficult of debts are rapidly recovered. If you require an affordable, professional debt collection agency to deliver unrivalled results, call 0800 068 5151 now and inject your cash flow today.

Why Jack Russell debt recovery services?

  • No collection – No fee. Guaranteed!
  • Leeds & national coverage,
  • Proven track record of debt recovery,
  • Peace of mind,
  • Serve all your legal documents,
  • Speed & collection from your premises,
  • Strong quality controlled assurance,
  • Competitive rates.

Alternatively, please complete your details via the contact form and a member of our team will contact you to discuss your requirements.

Collecting bad debt in Derby

Need help collecting a debt?

We have offices close to inside & outside Derby areas.

Jack Russell is one of the East Midland’s most prominent debt recovery services. With an office in Northampton and a national team of process servers, we can help you recover your money faster.

We cover the whole of Derby and the East Midlands as well as Nottingham, Leicester and Northamptonshire. We are well known and respected in Derby and enjoy a long track record of helping many of  the East Midland’s businesses to recover their debts faster.

Our network of UK offices ensure the most difficult of debts are rapidly recovered. If you require an affordable, professional, debt collection agency that delivers unrivalled results call 0800 068 5151 now and inject your cash flow today.

Why Jack Russell debt recovery services?

  • No collection – No fee. Guaranteed!
  • Derby & national coverage,
  • Proven track record of debt recovery,
  • Peace of mind,
  • Serve all your legal documents,
  • Speed & collection from your premises,
  • Strong quality controlled assurance,
  • Competitive rates.

Alternatively, please complete your details via the contact form and a member of our team will contact you to discuss your requirements.

Debts: to collect or not to collect?

 

My first experience of debt collection came as an 11-year-old lad tramping the streets of many council estates in order to collect the money for the milk that I had delivered weeks before.

Of course, I didn’t know then, that this hands on approach would serve me well in the 40 odd years that I have since worked in the debt collection industry!

Collecting money goes back a long way. In ancient civilisations they would force debtors, their wives and children into debt slavery until the creditor recouped their losses through physical labour. Thankfully things have changed for the better but it is still a massive challenge for small businesses to keep on top of this problem.

Small firms currently account for around 99 per cent of all private sector business in the UK. Managing cash flow is the biggest single factor in the demise of those businesses so debt collectors still play a very important role in keeping the wheels of industry turning.

Basic

There are still a lot of basic rules that can be applied before the business necessarily needs the services of a debt collection agency. For example, it is crucial that clear payment terms are not only included in the contract between businesses but also re-emphasised on the actual invoice. 30 days is standard as it ties in with the same terms that most employees are paid and also suppliers. Some industry sectors may impose shorter payment terms

Encouraging customers to pay online and offering a small discount for prompt payment will u assist businesses in the avoidance of bad debt The same can be said for setting up standing orders with clients that you may have regular dealings with and this is common practice for accountants, who should know a thing or two about finance. Using a credit controller or a bookkeeper who can provide weekly or monthly lists of overdue accounts is also good management practice.

Difficult

If your customer becomes difficult and either won’t pay or is not in a position to pay it may be worth considering using an external debt collection agency.

There are a number of important factors to take into account before instructing a third-party collection firm:

• How long have they been established?

• Have they provided references from customers who have been satisfied with their services?

• Do they have clear terms and conditions?

• Are they charging you money upfront? Not acceptable in my view, the exception being for court fees or disbursements.

• Are the company or their directors, members of any professional organisation? Look for membership of an appropriate professional association.

Settlement

Ensure also that they are not simply a letter writing service, as many agencies are. A pro-active company that will visit your customers to ensure that they are still trading and to negotiate a settlement is essential. An in-house legal department is also useful so that they are also able to institute legal action on your behalf or indeed the issue and service of a legal notice known as a statutory demand which is a very useful tool for undisputed debts

Finally, be advised that they need to be working in partnership with firms of lawyers so that any complicated or disputed case can be effectively dealt with either through professional mediation or through the county court system.

A collection agency is more relevant now in 2015 than ever and can provide an excellent one stop shop for any accounts that go beyond your normal trading terms.

Kerry Bland

Director of Jack Russell Debt Collection & Legal Process Servers

 

 

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