Collect debt professionally with PRS
Endeavouring to collect debt correctly and successfully can be difficult for a business that does not have sufficient resources. Debt recovery should not be taken lightly, the process needs to be executed professionally to maintain customer relations, whilst at the same time, ensuring sufficient inbound cashflow to fund the working capital needs of the business.
Why use a professional debt recovery service?
Many businesses recover debt in their own capacity, but the process by its very nature risks harming your reputation, cash flow and business goals. Our specialised knowledge and skills ensure that we correctly recover debt in line with the relevant debt collection rules and regulations.
Our team adapts according to the needs of your business. This allows us to deliver successful recovery results through flexible structure of payment plans, with minimal use of legal channels, to ensure your customers fulfill their financial obligations to your organisation.
- You do not have employees dedicated to handling overdue debt.
- You do not have sufficient time to perform debt recovery.
- The debts owed to your business are too large (in financial terms) for employees to handle.
- You are incurring high costs attempting to collect an overdue debt.
- It costs more to retrieve debt than the debt being recovered.
- Your employees do not have the necessary knowledge for the process.
Collect debt to maintain your cash flow
Regular cash flow forecasting and management are vital to predict the timing and extent of cash flow shortages and manage the impact thereof on the business. Critical to this exercise is the assumption that customers will settle their debts with your business, according to the terms that have been agreed with them. Where customers fail to honour these terms, the company is at risk of not being able to pay its debts as they fall due, placing the business in undue financial distress.
Poor cash flow management can undermine the trust suppliers, financiers and shareholders place in your business. With the inevitability of late-paying customers, companies need to have a plan to better combat these occurrences and avoid them from negatively influencing other operations. It goes without speaking, therefore, that successfully recovering debts owed to your business is essential for maintaining a healthy cash flow.
Should you have debt owed to your business, utilise the professionals at PRS and Associates to successfully recover them. Our confidence allows us to provide our clients with a “no collection, no commission” clause, meaning that if we fail to recover your debt, you are not liable to compensate us for our services.
The importance of debt recovery for all sized businesses
No matter the size of your business, you are vulnerable to suffering from debts owed to your business. Whilst some companies successfully perform their debt recovery internally, others may be less efficient in the process. Poor debt collection operations can be harmful to all organisations as it significantly impacts cash flow and can negatively impact all stages of operation.
The common misconception surrounding debt recovery is that it is more affordable to handle these processes in-house, with existing staff and resources. As professionals with years in the industry, we can assure that this is not always the case.
Without experienced staff, resources and expertise, handling your business’s debt recovery can result in an incorrect approach that may infringe on debtor’s rights. Further to this, tasking existing employees with debt recovery may require time from other vital processes that could lead to slow growth and a possible waste of resources.
- Help the bottom line
- Save time and money
Why choose our debt recovery services?
Due to the various rules and regulations surrounding debt recovery, it can be tricky to navigate the process without professional guidance. Our team shares years of experience, enabling us to recover your debt without infringing on relevant rules and regulations.
With multiple clients, organising the paperwork required for recovery debt can be overwhelming. The importance of these documents makes organisation essential. With our debt recovery services, we make the process easy and organised to ensure you are compliant with all relevant laws.
Professional debt recovery services, such as those offered by PRS and associates, allow businesses to spare time and valuable resources to recover debt. Our services let business owners focus on other aspects that drive business growth while we are focusing on recovering its debt.
It is a well-known fact that when debtors receive communication from a registered debt recovery organisation, they are more likely to take action to repay. Being approached by an external company creates a higher sense of urgency. Our network of debt recovery specialists allows us to deliver the message of recovery in a firm, but non-aggressive manner. We also utilise payment options to assist your clients in settling on possible payment plans.