Small businesses in the UK are owed billions of pounds in late payments, but new research has shown that a third are reluctant to chase slow-paying customers because they are worried about upsetting them or feel embarrassed.
Four in five, or 81 per cent, say they avoid chasing debtors because they find the process ‘uncomfortable’, while one in five, or 19 per cent, are afraid of antagonising customers, according to a study by automated credit control service Satago.
This is a dangerous trend, as more than a third – 34 per cent – of UK SMEs say they write off thousands of pounds of bad debt every year, the report shows.
At Ethicall we believe that if a business needs to resort to legal action then it has failed. To sue someone, be it an individual or an organisation, without a full understanding of their circumstances is expensive folly.
Instead, why not instruct Ethicall to look into the debt? We’ll endeavour to resolve the situation in an ethical and professional manner, mindful first of the market reputation of their client but also of the perseverance and creativity required to collect the money the client is owed. If the problem can’t be resolved over the telephone, a counsellor will call upon the debtor at their premises and resolve it face to face, by negotiation.
If the debtor simply does not have the means to pay the debt immediately, Ethicall will negotiate a three-month payment plan. If the debtor is unable to pay it at all, the client will receive a full report of the counsellor’s findings, with a recommendation for future action.
The client can then proceed with the correct information to hand, rather than blindly spending money on a wild goose chase.
Give Geoff Poundes a call on 07515 286863 or email him at email@example.com for more information.