The relationship with your clients can be close and emotional, typically based on a long history of business coupled with personal interaction that makes it very easy for you to forgive payment problems when that client itself suffers from inadequate cash flow.
Any customer who doesn't pay is not an asset; they are a cost.
So the real response is not to wait, but to act immediately. Why should you suffer because of another business's cash flow problems, and why should money that is rightfully yours be used to fund another business when it could be for your own company's future?
The answer could be to employ 'third party psychology', to instruct someone else to deal with the matter in a firm, professional manner which then helps to maintain your client relationships and allows you to get on with running your business.
Town and Country Legal Services LLP is fully regulated by the FCA, and we specialise in all types of commercial debt collection.
We are particularly good at collecting 'sensitive' debt, the kind of debt owed to funeral directors, private schools and care homes, etc.
This type of debt requires delicate handling and our fully trained and motivated collectors understand the importance of compliance, and they always act with your best interests at heart.
If you are a bank, mortgage company, credit card or store card company, money lender, motor finance company or sell goods or services via hire purchase then your financial services are regulated by the FCA.
We do not buy debt, but act on behalf of the regulated firm, as we are authorised, and therefore can filter out the debt before it is sold, therefore maximising its collection.