Top 5 reasons to engage a Singapore debt collection agency
If you run a company or entity in Singapore and offer products and services, chances are, you might occasionally be faced with poor paymaster. However, collections of payments for products and services rendered is very important to keep a business afloat. It’s, disheartening that not all customers can be relied on. As a business owner, you often have little to no time to make phone calls or write letters to collect delinquent debts. In fact, the debts become harder to get as they get older. Thus, it is essential to hire a debt collection agency if your efforts in demanding for your debts have been unsuccessful.
Here are the top 5 reasons why you should engage a professional Singapore debt collection agency to ease your burdens.
· It Provides You With Legal Protection
There are lots of laws that govern the collection of debts. As a result, well-informed customers are always ready to sue if their rights are violated. However, since debt collection agencies are knowledgeable in these laws, they will be able to recover unpaid debts and also get rid of the legal risks that may be involved if you attempt to collect the debt on your own.
· They Help To Recover Debts Successfully
Hiring a debt collection agency increases your chance of recovering delinquent debts since these agencies are experienced in recovering unpaid debts. As a result, you will be able to focus on your business while the debt collection agency focuses on recovering your unpaid debts. The agencies are armed with the right techniques required to ‘lure’ debtors to pay. Also, debtors see the agencies as a greater threat than you. This is because debtors are fully aware that a collection account has a negative impact on their debtor’s credit score for about seven years. As a result, they (the debtors) do all it takes to avoid damaging their credit.
· Debtors Pay Faster
Some debt collection agencies provide services that aid the payment process thereby enabling debtors to pay faster. These forms of services align with your existing billing process. A debt collection agency will also save you time, money and energy thereby giving you more freedom to focus on your business.
· Debt Collection Agencies Will Help You Make Money
Many people believe that debt collection agencies will cost you more money. In truth, these agencies can help you make more money. Collection agencies only charge for their services if they are successful. The fee can be a portion of the debt recovered. So actually, such debt may not have been recovered if not for these agencies. You can also transfer a collector’s fee to the debtor thereby ensuring that your business is not out of fund.
· You Will Be Able To Save Resources
Time and money are two essential resources that should not be wasted while collecting tough debts. You need to channel your resources to growing your businesses and not chasing customers that wouldn’t pay their debts. Thus, you need to hire the service of debt collection agencies to help you handle these tough situations so that you can focus on your core business. With the right collection techniques, debt collection agencies will be able to recoup your money.
Insufficient funds can make it difficult to purchase supplies thereby affecting the stock level of your business as well as gross profit. Hiring a debt collection agency is one of the smartest decisions that you need to take so that you can easily recover your funds and also focus on growing your business. By engaging the service of a debt collection agency, you are showing your clients that you are serious about debt. As a result, not only will you recover your debts quickly, but your customers will not be willing to owe you again and will ensure that they pay you on time in the future.
DC Guru provides businesses with exclusive savings on debt collection services. Get in touch with us for more information about our debt collection service and to discover how we can help you recover your delinquent debts.