It’s important to have a complete picture of your customer. So even before starting the debt collection process, we can provide a free business report about the organisation that owes you money.
This information can help determine the financial status of the company, their ability to pay and appropriate debt repayment arrangements.
Simply complete our contact us form – provide your details, indicate the type of service you require and include any other relevant information you think may be useful. We’ll then be able to create a comprehensive report. As our client you can access our business reports service for free.
We can also provide credit reports on individuals and sole traders for a small fee.
Do You Know Your Customer
Whether you’re doing business in-person or online, it’s important to verifying the identity and activity of your customer to minimise or completely avoid future issues.
To protect your business, you should:
- Know your customer’s legal business status as a limited company, sole trader, a partnership or a PLC. You can easily check this on their website or letterhead paper.
- Verify their details with a credit reference agency and check their credit status.
- Ask & verify trade references
- Carry out credit checks before you enter into a contractual agreement.
Also remember to:
- Be clear about payment terms and agree them in writing before you start work or provide goods and services. This includes how and when you want to be paid and penalties for late charges. Always follow up with your customer promptly about late payments.
- Invoice accurately, clearly and quickly. Once a job has been completed, invoice your customer right away and clearly indicate the payment due date. Also ensure your invoice includes all of the correct information and clearly outlines the goods or services you have provided.
- Ensure your credit application form includes the right information to allow you to make an accurate judgement about your new customer’s financial viability and their ability to pay invoices in full and on time.You can alter our general credit application form for your own particular business needs. Contact us to request one and we’ll email it to you.
Get more useful tips on our blog.
If you would like more information about our free business reports or how we can help your business call us on 0333 800 8919 or contact us online.