How can you chase debts at a time like this?

COVID-19 has hit business hard and its full impact has yet to be seen. Maintaining cashflow is key for all organisations in the fight to keep our heads above water, and that might mean having some difficult conversations along the way.

Developing a debt recovery strategy

While your cashflow is important, your business customers’ cashflow is too, so the tone and the timing of collecting debts might be different for every outstanding invoice you have.

The more you know about their current position the better. How are they coping since the outbreak? What percentage of staff have they furloughed? What is their current credit status? How are they trading?

All these elements need to be considered before you can put a successful debt recovery strategy together, and that can take time, especially if the means to run these checks aren’t readily available.

You could instead park debt recovery for now, but it looks like the virus is here for a while. What if your customer goes out of business first?

Alternatively you could try a simple blanket debt recovery approach, but how much revenue will that really return and how might it impact customers that are really struggling? Perhaps more importantly, how will that reflect on your company’s reputation and commercial relationships?

No recovery, no fee, no hassle

It might be better, and certainly easier, to get some professional help. Our debt recovery team recovers 92% of B2B debts. We’re also real people who understand business and have adapted our approach to collect debts in an ethical way at a difficult time for all organisations.

Best of all, we work on a ‘no recovery, no fee’ basis. If we recover payment for you, we charge just 5%. If we don’t recover anything, we won’t charge you a penny.

How will it work?

1. We’ll help you decide if it’s the right time to chase for payment, by checking your debtor’s current credit and trading status.
2. We’ll send out our branded letter which will acknowledge the current climate and ask for payment within 5 working days or, if you want to start the legal process, our letter before action asks for payment within 14 days.
3. If we don’t receive payment, we’ll personally call your customer and together work out a repayment plan.

Why Muckle debt recovery?

• It works – our branded letters and personal touch get 86% of invoices paid immediately
• It’s professional - we always work within our brand values of trust, teamwork, responsibility and care
• It’s easy - we handle everything and can take all card payments for you
• It’s quick – thanks to our award winning, debt recovery technology
• It saves you time – to focus on running your business
• It costs you nothing if we don’t get payment – with our no recovery, no fee approach

Please call Beverley Oliver, debt recovery manager, on 0191 211 7953 to find out more or simply email [email protected] with chasing invoices attached and we’ll contact you to confirm next steps.