West Asset Management Commercial CollectionsIf you have spent mornings examining your post looking for the cheques that have been promised from your commercial customers you will understand why the much used phrase "the cheque is in the post" no longer carries any weight. West Asset Management Commercial Collections operates in settings where both the creditor and the debtor are commercial companies. They do not make collections from individuals.
If you have business customers that have extended their agreed credit terms, who will no longer take your calls and have been less than honest about the mythical cheque that should have been in the post, appointing a commercial collections agency may be your best chance of recovering your funds. Collecting overdue payments from commercial entities requires specialist skills and experience. Understanding business structures is a must to ensure papers are served on and visits are made to the appropriate personnel. In an ideal world a commercial collections agency will recover funds for a business whilst still leaving a future trading relationship between the debtor and creditor companies possible. Avoiding the need for Commercial Collections Many debts are not settled in a timely manner because of a lack of clarity in the original trading agreement. If a business is not operated in a professional manner it cannot expect its customers to take it seriously. If invoices do not clearly state credit terms it is going to be very difficult for client companies to adhere to them. Having a formal credit control process in place is also essential with statements forwarded to business customers at regular intervals, and formal requests for payment made on or immediately before the due date. If your business clients sense you are professional about the running of your business they will be less tempted to string out your payment. If the worst does come to the worst and payment is not forthcoming despite your best efforts companies such as West Asset Management Commercial Collections can assist. The commercial collection process usually begins with a letter that takes the form of a demand for payment. This is often enough to persuade errant business clients that you are serious about collecting your accounts receivable and the cheque will this time truly be in the post. No-one wants to deal with a collection agency. It is important to utilize the services of a professional commercial collections agency if you want to avoid the risk of finding yourself embroiled in a lawsuit. There is legislation covering what can and cannot be legitimately done in the collection process and not all agencies adhere to these legal requirements. All attempts at commercial debt collection must be documented in case a court action ensues. An authentic paper trail of the process followed to collect the debt will support any possible legal action. It is tempting to be lured by the promise of lower fees offered by some commercial collection agencies however it is a case of caveat emptor. There is no saving to be made if things are not done properly and you end up facing a penalty because proper procedures were not followed. |