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When should you contact a business debt collection agency?

When should you contact a business debt collection agency?
When should you contact a business debt collection agency?

Getting help recovering unpaid invoices from a debt collection agency can be seen as a last ditch attempt. However, it is always best to act quickly if you are owed commercial debt. Leaving any debts outstanding for too long increases the risk that you will lose your money for good.

Below are some examples of when you should start looking for some help to recover your overdue invoices.

  1. The customer goes “off-gird” and is avoiding you

This happens frequently where unpaid debts are concerned. It is usually the very first warning sign that it is going to be difficult to collect what you are owed.

Typical behaviour to look out for includes emails and letters being ignored, phone calls either running out or going straight to voicemail or in the most extreme of cases they do not answer the door to their premises.

In many cases, getting a debt collection agency involved to initiate contact is all that is needed to prompt a late payer into paying an overdue invoice. This is because at this point the customer will understand the severity of the situation and the consequences if they do not pay the debt.

  • The customer is being difficult

When your customer starts acting difficult you should act sooner rather than later as things will often only get worse.

When a customer keeps coming back to you with excuses when you are chasing invoices, or you feel as though they are running from you this is a sign that is it time to ask for help to recover what you are owed.

  • Invoices are extremely overdue

The longer you leave unpaid invoices, the higher the risk that you won’t be able to recover the debt at all.

If you have a customer who has not paid their invoices from a very long period of time, your best shot at recovering the debt is through help from a professional business debt collection agency.

  • Internal attempts to recover debts are commonly unsuccessful

The sensation of getting nowhere despite doing all you can to recover the debt is draining and also impacts other areas of your business and sometimes even the moral of your team.

If a lot of time passes and you have not made any progress recovering a certain debt it may be time to start thinking seriously about what other options you have to collect what you are owed. After you try all you can internally the only viable option that will ensure quick payment is enlisting the help of a debt collection agency.

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