Working in credit recovery? - 5 simple ways to increase your prospects of recovery

Monday 16th July 2018

  1. Look to take security from the customer. This makes the recovery process quicker, more effective and, subject to the security’s value, will ensure the business is paid….eventually;
  2. Have regular review meetings or calls with your customers. If you’re providing credit to fund their business they should expect this. Review meetings provide you with an opportunity to review risk, gather intelligence and ensure that your information is up to date.
  3. Know your customer’s business. Their business is your business. Identifying trends early can allow you to reduce your exposure.
  4. Ensure customer’s details on file are accurate and up to date. These details are your insurance policy, and will give your debt recovery solicitor the best chance of recovering that debt.
  5. Build long term and open relationships with your sales team. Aim to work with them, not against them. You need each other.

For more information, visit our Debt Recovery page