Debt recovery can be a touchy and somewhat tense subject. It’s a difficult situation, to say the least, and one many wish they didn’t have to deal with. The need for debt recovery services is becoming increasingly apparent. Due to rising debt levels throughout Australia, it’s not a subject we can all hide from. Household and national debt are affecting many Australians and are clearly becoming a problem that needs a solution. It’s time to deal with the elephant in the room.
It has become crucial that small and medium businesses have a professional debt collection agency they can turn to when they need help with debt recovery. With this in mind, it’s important to ensure that you have the best debt collection agency on your side when you start pursuing your overdue debt files. We know that chasing up those overdue files can be tricky and uncomfortable for you and your clients. So, we’re here to make it all a bit easier.
When you’re trying to ensure that your business outlasts the rest, you need a proven debt collection team behind you. ProfColl is that team.
Debt collection doesn’t have to be as hard as it sounds. With a professional team backing you, you can start getting your hard-earned cash back into your business, where it belongs.
The importance of debt recovery in Australia
It’s no secret that we live in a consumer society. Technology is constantly being upgraded and we’re encouraged that ‘newer is better’ by the multitudes of marketing campaigns that are targeting our spending habits. And it’s not just technology that we’re encouraged to spend our hard-earned money on. We’re also encouraged to upgrade to newer vehicles, bigger houses and just more possessions in general. Throw in the ease of getting credit and it’s fast turning into a perfect storm.
The mass encouragement and marketing campaigns pushing the inherent value of possessions is becoming ingrained in society. These are having a detrimental effect on many people’s’ finances. People have begun maxing out their credit cards, signing up for larger loans and signing contracts for purchases and services. All without a second thought. It’s now considered normal to have household debt, whether that’s a home loan, car loan or credit card. Considering this, it’s easy to see how the national debt crisis has become such a problem.
It’s also clear how these unmanageable debt levels are leading to many households not being able to make their minimum repayments to their service providers. Small and medium businesses are thus negatively affected and suffering the brunt of the debt crisis. It’s been estimated that 38% of small to medium businesses have had to dip into personal funds to stay afloat. It’s clear that the need for debt recovery experts is more important than ever.
Why ProfColl are the debt recovery leaders
ProfColl are professional debt collectors that are the best in the business. With 23-years of experience tackling tricky debt files up our sleeves, we apply our expertise to help all manner of businesses across Australia. This experience has allowed us to help many Australians recover their hard-earned cash and keep their cash flow healthy.
The number one rule in running a business is that cash flow is key. For a business to continue operating at optimal levels, cash flow needs to be healthy and remain so. With the estimate that many businesses are owed $38,000, keeping your business afloat is not an easy task. These debt levels are unsustainable and something needs to be done. This is where ProfColls experience in the industry really stands above the rest. ProfColl can offer all manner of debt related services, including debt collection, investigative services, hardship services, insolvency and legal action. We can help reduce your bad debt levels and get your cash back where it belongs – your business.
We know what works and what doesn’t. When know when to be firm and when to be flexible. Put simply, we know the debt collection industry inside and out. To ensure a successful resolution we employ a creative, flexible approach, that is forward-thinking in an archaic industry. This out of the box thinking, paired with our experience allows us to help get your hard-earned cash back where it belongs.
ProfColl is accessible to all Australians, with offices located throughout Australia. Get in touch with the debt collection Brisbane team, debt collectors Melbourne team, debt collection Perth or debt collection Sydney teams and see just how they can help you move those tricky debt files from the “too hard” pile to the “done” pile. With such well-located offices throughout Australia, we’re well-suited to help you out, no matter where you are.
The debt problem may be growing tenfold. However, you won’t have to worry about finding a professional debt collection agency, with ProfColl being so well-located. Debt collection Australia is being taken to all new levels of ease.
We understand our clients’ needs
We understand that in many cases, you may need to may need to maintain a good relationship with your clients. After all, business stops for no man. We also know that debt collection proceedings can be a tense, uncomfortable situation. These situations can be taken the wrong way by many clients if not approached in a professional and confident manner.
In this day and age, the concept of “the customer’s always right” has been drilled into us time and again. With just a click and a post, unhappy clients can post scathing reviews online that can cause irreparable damage to your business’ reputation. The ball is squarely in the customers’ court and businesses need to step lightly, even if they’ve done nothing wrong. With this in mind, we’ve adopted a firm yet flexible approach to ensure that your relationship with your clients remains positive.
We have revolutionised the archaic practices of the debt collection industry and are now practising a firm yet professional approach. We’ve improved upon the old school practices that many debt collectors still employ to ensure that your reputation with your clients remains a happy and profitable one.
To help maintain this good relationship with your clients, we also employ flexible repayment options for your debtors to make repaying their debt as easy as possible. This flexibility ensures a greater chance of clients repaying their debts with as little hassle as possible. Whether it’s a lump sum payment or a payment plan to make the repayments a little more manageable, you can be assured that this flexibility will help maintain your good relationship.
We employ dedicated case managers
We know just how frustrating it can be trying to find out how your debt files are going. You keep getting connected to other people when you just want a quick answer. You simply want a few questions answered but it feels like a big run around. With this in mind, we utilise dedicated case managers who will be with you from start to finish. Their forward-thinking approach makes the whole process seamless. So you won’t have to run around trying to find out what’s happening with your files. They’ll be able to answer any questions you have from how much money has been recovered to what stage your files are at in the debt collection process.
Our experience has taught us that our team are our biggest asset. We give them the go-ahead to be forward-thinking, creative and intuitive in their approaches to debt collection, which helps to ensure successful resolution of your debt files. By encouraging our case managers to think outside of the box, we’ve had successful resolutions to many tricky case files.
How does debt recovery work?
Debt recovery can be a tricky business if you aren’t familiar with the legislation that governs what can and cannot be done. This legislation provides clear guidelines for debtors and collectors. With this in mind, many Australian businesses are choosing to outsource their debt files to professionals in the industry.
Once an invoice has been overdue for the minimum required time it can then be handed over to a debt collection agency in a final attempt to get it settled. It is now up to the debt collection agency to follow up on the debt and organise for its successful resolution.
The debt collection agency can now attempt to get in touch with the debtor via phone and email. If they are unable to contact the debtor, they will then try contacting their family and friends. While the debt collectors are not allowed to pass along any specific information about why they are looking for the debtor, they are allowed to make contact to confirm that they have the correct information on file for the debtor.
On the small chance that they haven’t yet managed to resolve the debt, collectors can then take the next step in the process. They are able to utilise the services of a private investigator to track the debtor down.
The final step is to lodge a claim with the courts. This is provided they have not exceeded the statute of limitations of repayment. This is always a last resort, however, and will only be taken reluctantly if all other methods have been exhausted.
Who can utilise ProfColls services?
Here at ProfColl, we pride ourselves on being widely available to any Australian business that needs our services. We’re here for the small to medium businesses as well as the big multinationals and Fortune 500’s. Whatever your size, we can extend the helping hand you need. Whatever your size, debt recovery is a service that is more urgent than ever. Unpaid invoices have a habit of snowballing into serious problems if we don’t stay on top of them.
Having a healthy cash-flow can be the difference between success and failure in the business world. Anu unpaid invoice is cash-flow that is not going back into your business. And while this may not seem like such a huge issue now, these invoices have a way of building up and turning into an outright serious problem if not addressed in a timely manner. Think of them like an avalanche effect. They start off small and then gather momentum and speed. Don’t let this happen to your business. Let us handle the uncomfortable debt recovery details while you get back to carving out your business niche.
Building a successful business from the ground up is no small accomplishment. Every spare cent you have is going to go into the upkeep and eventual expansion of your business, so it’s important that your cash-flow stays healthy. It stands to reason that any unpaid invoices that are not going back into your business are obstacles that could slow down or halt your success. You don’t want that and neither do we.
So, regardless of your business size, get in touch with ProfColl now and get your debt recovery process started. Let us get that cash back into your business where it belongs and stop the stress of unpaid invoices.
But is debt collection actually worth it?
A lot of people and businesses will put off debt recovery proceedings as it just doesn’t seem worth the trouble of only getting back a fraction of what they’re owed. They think that after commission is paid to the debt recovery team, the resulting sum really isn’t worth the effort they had to go to to get it resolved. Well, we’re here to squash that type of thinking.
We encourage our clients to utilise an indemnity clause in their contracts with their clients. An indemnity clause or provision is a contractual transfer of risk between the two parties in the event that a loss occurs. If you haven’t got this in your contracts with your clients yet, we highly suggest including it in your future contracts. But how can this help you ask?
Well, say you are utilising the services of a professional debt collector for an overdue debt file. The client has previously signed your contract with an indemnity clause included. What this means is that you will be compensated for any legal fees or commission that may be accumulated by the debt recovery proceedings. So, you won’t have actually lost out on a portion of the debt owed to you.
Even if your current debt files don’t have this indemnity clause included, debt recovery services are definitely worth it. As mentioned above, cash-flow is key. Even if you’re only getting a portion of your debt returned to you, it’s still cash-flow that is going back into your business.
When this is paired with the fact that we will only charge for our services if we have a successful resolution of your files makes debt recovery 100% worth the effort.
A few final thoughts on debt recovery
The debt recovery process can be a confronting activity for all involved. With this in mind, it is important that you consult the services of a professional and forward thinking debt collection agency. While it has become normal to have at least some level of household debt in Australia, that doesn’t mean that your business must suffer for it. Consult ProfColl now and get your overdue invoices back to full health.
Our 23-years of experience, coupled with our flexible, forward-thinking approach means that we are the best in the industry. If you need a debt recovery agency that works as hard as you do, then give ProfColl a call and get your overdue debt files sorted, fast.