In our experience there are two types of debtors: the ‘won’t pay’ and the ‘can’t pay’. Identifying which category your debtor falls into will not only save you money, it will also save your business valuable time.
At Sintons, we provide clear and easy to follow advice. Our clients know that instructing us will not only help them recover their debt but in most cases it will also preserve their customer relationship.
Simply put, we approach debt collection from a commercial perspective.
Six top tips
Following these tips can assist you with your credit control and debt collection process:
- Get a personal guarantee wherever possible;
- Know your client from the outset, this is often key to success;
- Renew your terms of business with existing customers every 18 – 24 months;
- Keep up to date with your customers’ market conditions;
- Analyse your customers’ historic payment patterns (have they made late payments before?); &
- Engage with your customer as soon as you are aware of a potential problem.