With credit monitoring services, you have the ability to be alerted in real-time when your debtor registers a significant credit event in the wider marketplace. This means that you’ll be among the first to know if they register a default payment or there are court actions lodged against them.
Businesses that don’t use a credit monitoring service have been blindsided when their customers quietly slip into insolvency. With credit alerts coming in daily, your business can act immediately to recover debts before the administrators move in.
It is vitally important you have an update to date credit application and use it to verify any new customers you bring into your organisation. Obtaining directors guarantees where possible also help protect your business in the long run. Also, ensuring your credit application has a cost recovery clause included will also help you in the event you need to use an external collection agency or instigate legal action to recover your debts.
Also, ensure you verify any trade references offered in the application. Are they friends, family or genuine suppliers? Most business owners are straight up, these measures help you in the instance you get caught out by one who perhaps isn’t. Also, trust your gut instincts, if it doesn’t seem right or you feel uneasy, listen to your instincts, do more checks.
For advice on anything to do with debt recovery, call AMPAC on 1300 426 722 or email us at firstname.lastname@example.org
Do you have debt that needs recovering? Are you unsure on where to start? Contact AMPAC Debt Recovery for solutions today and speak to one of our qualified consultants to get you started.