Debt Bristol

Credit insurance and invoice factoring will not be so necessary if you are adept at collecting your money in the first place. If you have progressed carefully through the terms of trade and credit checking stages then this final obstacle should be relatively simple.
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Debt

How to Collect

Of course, credit insurance and invoice factoring will not be so necessary if you are adept at collecting your money in the first place. If you have progressed carefully through the terms of trade and credit checking stages then this final obstacle should be relatively simple.

For most customers it will be - any problems over payment can usually be smoothed over by checking early on that the other accounts department has all of the documentation that they need in order to facilitate payment. Indeed, those in the credit management business recommend proactively contacting new customers before payment is due to check that all of the necessary forms have been signed and boxes ticked.

The hard part

Making sure you do this is the difficult bit. It can help to write up your own timetable for following up on accounts that are too small to chase via the telephone - see example in side panel. Once again, the key to the success of such a schedule is that the business sticks to the dates, ideally setting up some form of automated computer system to generate letters at the relevant time. If that is out of your league, set aside some time each week for a member of staff to check on the progress of payment, write letters and chase over the phone. It is an upfront cost but not nearly as expensive as your business suffering due to poor cash flow.

Clive Cowan, head of commercial outsourcing at credit management group Intrum Justitia, also suggests using finance departments as the point of contact for debt collection. “It takes the relationship part of the process out of it. You should also remember that you are unlikely to lose business because you are chasing for money. More often than not there are different people dealing with your account than those who gave you the business.”

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