Small business owners face real pain during operations when they experience late or unpaid invoices. These small invoices later turn into significant debts, and to chase them, businesses have no other option than to seek services related to debt recovery in NSW. There is a vast plethora of debt recovery companies offering specialised debt recovery services to small and medium-sized businesses and bigger enterprises.
The problem is that the companies seeking their services have several myths and misconceptions about the debt recovery process. Without debunking them, it is impossible for anyone to be confident about debt recovery and clearing unpaid invoices in a timely fashion. This article covers some of the top debt collection and recovery myths people have.
Myth Number 1
Debt Recovery Services Means Losing Valuable Customers
There was a time when this was assumed as the bottom line or the ultimate fact related to debt recovery in NSW. However, this is not true, and it was never a fact, as these agencies use well-devised strategies for debt collection and recovery. They ensure that throughout the process, they never risk your relationship with the client and collect the debt productively and sensibly. They will work with full ethics and transparency while following state and national guidelines for debt recovery. All these facts and features guarantee that even if you seek their services related to debt recovery in NSW, you will not lose any clients or damage your relationship with the client.
Myth Number 2
Debt Recovery Process Is Only For Bigger Companies
Again, This is a complete myth, as every debt recovery agency in NSW has a specialised division offering debt recovery services to small and medium-sized businesses and even engages in contractors’ debt recovery. In fact, small businesses are their major clients, as they often don’t have the in-house debt recovery teams that we see in bigger companies and corporate houses. By seeking debt recovery services, small businesses take more time to focus on business operations while the chosen debt recovery agency is chasing the debt.
These agencies often work on a commission or “no win no fee” basis. This means that they will seek their commission or fee only when they are successful in their debt recovery process.
Myth Number 3
The Debt Should Be Big Enough To Involve A Debt Recovery Agency
This is one more myth that people have settled in their minds. The fact is that debt recovery NSW companies can be hired for debts as small as $500. In this situation, they use their online debt recovery platforms, and when the debt is big enough to influence your business’s cash flow, the agency involves their top debt recovery professionals in the process.
Myth Number 4
Debt Recovery Services Are Very Expensive
No one knows where this myth came from, as we already mentioned above, these agencies work on a commission basis. Every debt recovery agency is affordable due to this modus operandi opted by them. Working on a commission basis means they will work on a “no win, no fee” approach, and this implies that if they fail to recover any debt, they will not claim any fee at all. This is another reason why every debt recovery agency professional works hard and is fully dedicated to recovering as much debt as possible. They understand that they will be paid only when they successfully recover the debt.
Myth Number 5
Seeking Debt Recovery Services Means Bringing Bad Reputation To The Company
This is a preconceived notion, but unfortunately, it is completely wrong, and in fact, governments also believe that seeking debt recovery services is not bad at all for recovering outstanding debts and clearing the dues. Every debt recovery agency works in strict compliance with fair debt collection practices to ensure that only legitimate services are offered. They follow strict professional codes of conduct in the debt collection process and handle every client with full dignity and respect. Engaging a debt recovery agency means you are serious about your business and your payments and respect your clients and don’t want to lose them.