Have you thought about Outsourced Credit Management?
I have found over the years that many businesses do not have a dedicated credit control department within their business, rather this task is assigned to a role as an added responsibility; this often leads to poor collection activity due to lack of time and training to focus on effectively carrying out credit control.
For many businesses it is not deemed feasible to have a credit control department which is entirely understandable, however from experience, those that are left with credit control duties often lack the knowledge and confidence to chase for payment firmly when necessary or just don’t like asking for payment.
For businesses struggling to implement and adhere to credit control procedures, we offer our outsourced collections; we essentially become a company’s virtual credit control department, chasing for payment in our client’s name. For more details on what our service offers please click here .
The improvements an Outsourced Credit Management Company can provide your business:
Time Savings
With an outsourced department handling credit control responsibilities for your business, you will save a substantial amount of time per month; consequently you will have significantly more time to focus on other aspects of your business.
Experts handling accounts
Our team have considerable experience in B2B collections, are tenacious by nature and are ‘people people’; they have the skills to negotiate prompt payment while building the customer relationship. As well as being committed to upskill all our credit controllers by work related training internally, we also proactively encourage them to study for their Chartered Institute of Credit Management (CICM) qualifications. These qualifications cover a number of topics relating to credit management best practice, including: business law, business environment, accounting principles and many others. As a result of this the credit controllers handing your client accounts are experts in credit control processes, and understand the most effective ways to encourage payment from your customers.
Strengthened customer relationships
It is perfectly understandable for a business to be wary when considering outsourcing credit control as you are essentially handing over your customer’s relationship to someone to contact. A common misconception is that credit control is something that will negatively impact a customer relationship; credit control, like sales, is a customer facing role, therefore credit control should never detract from a customer relationship, it should enhance and build upon it. Our credit controllers are extremely experienced in forming positive relationships with our client’s customers, meaning that customers want to pay you more quickly as a result.
Reduced cost
Compared to the cost to your business of employing a credit controller of a similar calibre, as well as all overheads associated with said employment, it is a much more cost effective solution to use a virtual credit control department. Unlike some of our competitors we charge on a time-spent basis rather than per account as we find this is a much fairer way to charge for our services; for example to charge a set price for getting payment from a customer that took a two minute email would not be cost effective to your business. Typically, our charges work out at as little as 0.0004% of the value we collect once your ledger settles down and we have dealt with your delinquent accounts.
If your business is ready to take the next step to enable you to focus on other important aspects to the business, get in touch with CMG UK and we can give have a chat with regards to your requirements.
