The Importance of a Debt Collection Agency
No business likes to hear the word ‘debt’. But for most businesses, this term often pops up every now and again. While liabilities are necessary for establishing wealth, it is important to consider the significant and sometimes detrimental impact existing debt owed to a business can have on their overall success and survival. This is where the introduction of a debt collection agency can play a vital role in maintaining a healthy cashflow. This blog discusses the importance of a debt collection agency and the various benefits investing in its services can have a beneficial impact on both a business’s financial stability and growth.
So what is a debt collection agency?
In simple terms, a debt collection agency is a regulated practice that specialises in recovering outstanding invoices for its customers. This process occurs when a debtor has not paid an invoice (or set of invoices) to a creditor within a set period of time and now requires the introduction of a third-party (in the form of a debt collection agency) to retrieve any past due payments. Any overdue payment is entitled to add interest, compensation and reasonable costs to the outstanding debt. (See our late payment guide for further information on your options).
For those who have not used such service, the idea of a debt collection agency may seem daunting. But rest assured, not every debt collection agency is a knock on the door type of organisation. At Darcey Quigley & Co, we focus on maintaining a working relationship with both client and debtor through telephone recovery. As a priority for many Darcey Quigley & Co’s clients, we tailor our approach to ensure brand protection, ultimately allowing you to remain impartial and keep your professional relationship intact as a result. Overall, outsourcing has been proven to be the most powerful solution to recovering aged debt because it removes the familiarity between client and debt, allowing you to benefit from the expertise of our Credit Management Consultants. Check out our 5-Star Trustpilot page for all our success stories!
So, what really are the key benefits of using a debt collection agency? Well, here is a brief summary of how Darcey Quigley & Co can help your business recover what you are rightfully owed:
- 93% success rate – We have an impressive record when it comes to recovering unpaid invoices. As an established business for over 17 years, Darcey Quigley & Co has helped thousands of businesses recover what they are owed. We are fiercely proud of our position as the UK’s leading specialists in Commercial Debt Recovery and believe we have achieved that position due to our extensive knowledge, not only of our clients’ credit control functions, but of their businesses and respective industries too.
- Risk-Free Debt Recovery – Darcey Quigley & Co will support you by providing a risk-free debt recovery option, with our proven track record in protecting commercial brands and our clear pricing structure. It is important to note that we only charge for successful recovery.
- Clear Charging Structure – We will always present our fee structure to you upfront. Our fees start from just 3%, making commercial debt recovery cost effective for your business.
Get a free quote in seconds using our online calculator & also see how much late payment interest & compensation you are legally eligible to claim.
- You are in control – Prior to instruction, we will work with you to make an assessment on the case to determine the most effective action required and to agree your preferred approach.
If late payments have been affecting your business, why not book a call with one of our friendly debt recovery specialists or phone 01698 821 468.
Lynne is the Founder and CEO of Darcey Quigley & Co.
She is passionate and determined to help businesses get overdue invoices paid quickly.
Having worked within the credit management industry for over 27 years and ran UK leading commercial debt recovery specialists Darcey Quigley & Co for over 17 years, Lynne has helped businesses recover commercial debts from every continent across the globe.
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