25, May 2015: Managing a business, whether one owns it or operating same on behalf of an employer, there are some key business essentials to that needs priority attention, and one of them is debt recovery, says head of TinderPoint, a premier Ireland-based company that works with businesses from start ups to Fortune 250 and FTSE organisations.
“Ensure that your company is not losing money that can easily be recovered by employing an experienced commercial debt recovery agency,” said head of TinderPoint, whose company’s clients choose (and stay with) them for their experience, transparency, stability and familiarity with their needs and ambitions.
“Taking action to avoid having to write-off as a loss, money that you earned for products or services you provided to a customer in good faith,” added the TridentPoint spokesperson.
Question: Should a person Attempt Commercial Debt Recovery In-House or Outsource to an Agency?
“Commercial debt recovery,” explained the source, “can be very time-consuming and expensive for businesses to try on their own, whereas placing your bad debts with an experienced commercial debt recovery agency takes the burden off of your hands; and, with most commercial debt recovery agencies, you only pay when they successfully recover debts on your behalf.”
Some other benefits to be derived from contracting a commercial debt recovery agency include turning your company’s bad debts and unpaid invoices into cash-flow.
“Using an experienced commercial debt recovery agency is essential, not only to recover debts, but to meet the requirements of the IRS for writing off uncollected debt,” said the source, who believes the selection of a commercial debt recovery agency, one has to first research and make sure they are compliant with collection procedures in your state. Secondy, checks are to be made to determine agency is registered with the BBB and Dun & Bradstreet, and to look for affiliations with commercial debt recovery associations.
“Such checks and balances ensure that the agency you select is held to a high standard,” added the spokesperson.
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