The Paramount Collections Business Debt Recovery Program is specifically designed for SME’s.
This is an effective debt recovery package and denotes typical collection procedures comprising of a dual phase structured process to collect accounts.
With this Package You Will Receive:
- Paramount Collections Management Guarantee
- How Is Debt Collection Different For SME’s?
- On-Line Access:
This is a 100% Money Back Guarantee which underwrites the Paramount Collections performance and assures you of a prudent decision. In accordance with our Terms and Conditions, if after 90 days you are unhappy with our progress or procedure we will give you a full refund of any initial outlay.
Small businesses need to be particularly active when it comes to debt collection. A single unpaid invoice can have serious ramifications if not dealt with accordingly.
Debt collection is a tricky business for companies of all shapes and sizes, but the process is particularly vital to small and medium sized enterprises (SMEs), which often don’t have the cash flow to absorb losses as easily as larger organisations. Even so, many organisations fail to understand the small business debt collection laws that apply to them in the event of an unpaid invoice, and as a result are forced to deal with the negative consequences.
To avoid this, it’s critical for SMEs to understand how debt collection works, and when to escalate the process to a collection agency.
How is debt collection different for SMEs?
The most obvious difference between small and large organisations is the importance of individual debts. Within a corporate environment, single debts from individual debtor often aren’t the main focus of a debt recovery strategy, as it’s more important to focus on the larger debts that might arise – for example as the result of particular client going bankrupt.
Small business debt recovery, on the other hand, often deals with amounts of money that aren’t as excessive, but are no less vital to the smooth running and consistent cash flow of a company. A single unpaid invoice can have serious ramifications if not dealt with accordingly, so it’s vital for small business owners to understand the tools they have at their disposal for debt recovery, and the importance of acting quickly.
It’s also critical for business owners to understand where to turn to for advice – namely a trusted law firm or debt collection agency – and when it’s eventually appropriate to escalate the matter to the small claims court.
Debt collection process for small businesses
In general, collecting an unpaid debt starts with the creditor contacting the debtor directly, either by phone or email, in order to remind them of their obligations. The longer you leave this, the less likely it is that the debt will be honoured. It’s also a good idea to set out very clear payment terms on your invoices, in order to eliminate the potential for confusion as to when the payment is due.
If your initial attempts to secure payment for an outstanding invoice are unsuccessful, your next move should be to seek assistance from a lawyer. They’ll be able to help you draft up a letter of demand, which is a more formal form of contact outlining exactly what’s owed, and setting out a timeframe for payment. If this period elapses, and the debt remains unpaid, you’ll then need to turn to more serious measures, with the most common being to either hire a debt collector or go through the small claims court.
The best path to take will depend on your specific situation, but in general, legal action is necessary when the debt is particularly difficult to collect. For example, the debtor may be unable to pay, making collection impossible. Alternatively, they could be disputing the amount owed, in which case legal action will be required in order to arrive at a fair resolution.
- For Loading Debts
- Getting Reports About Your Debtor: and
- Monitoring Progress
You will be provided with easy access to our On-Line system, protected by two unique passwords, so that only the employee holding the passwords has access to your credit records. The system is available 24/7.
To commence your Debt Collection a once off fee of $15.00 + GST per listed debt is charged. We don’t charge for miniscule matters like credit card fees and phone calls or other small outlays that you may experience with other Agencies. On successful collection our Standard Rate of Commission is applicable to our standard Terms and Conditions. That is NO SUCCESS. NO COMMISSION.
Providing a corporate debt collection service is very different to the process of collecting unpaid sums from consumers.
Because we deal with commercial debtors on a daily basis, we are fully aware of the delaying tactics they use, and have developed specific policies to effectively counter them. Paramount Collections has specialist teams of corporate debt collectors in Brisbane and Australia wide, who use a range of different collection techniques to ensure some of the pressure is taken off your business as quickly as possible. This means you can relax and leave it to the recovery experts who understand how businesses function.
The specialists at our agency understand that, even though recovering money owed is important, you don’t want it to be at the expense of the relationships you have built with your customers. That’s why we focus on careful debt management that allows you to maintain your business relationships and avoid costly and time-consuming legal proceedings.
Call us now for a tailored collection package.
Commercial Debt Recovery
Paramount Collections acts as an ‘extension’ of your internal credit department. A partnership with focus being placed on the associated levels of engagement, support, communication and goals of your organisation supporting a long-term working relationship.
Paramount Collections specialises in corporate debt recovery with a strong and consistent success rate in the debt recovery process. Our focus is on helping businesses improve their cash-flow management through our effective debt recovery processes.
Paramount differentiates itself from competitors through highly trained, experienced and dedicated staff members and debt recovery teams working closely with clients.
Paramount maintains contact throughout the whole recovery and litigation process, ensuring our clients receive a professional and seamless service.
Paramount is a Licensed Commercial Agent and a member of the Australian Institute of Mercantile Agents, Australian Institute of Credit Management and American Collectors Association.
Peace of Mind
Paramount does not send work offshore, or use offshore call centres. Your Collections Manager is based in Australia, working hands-on with you to manage your debt recovery needs, able to report to you exactly how your case is progressing. This hands-on approach means your Collections Manager has a thorough understanding of the history and progress of your case. Your Collections Manager can answer your questions quickly and confidently, working to deliver efficient outcomes.