For most small and medium sized businesses, efficiency is everything, and cash flow problems can quickly create unwanted pressure. For some businesses, it can be hard to dedicate the required resources to debt collection.
Your passion, and that of your team should be directed only on running the business and building relationships with clients and customers, not recovering unpaid money. With LF Debt Solutions in your corner, you and your team can remain laser-focussed on the business, while we simplify debt recovery protocols and efficiencies.
At LF Debt Solutions our passion is streamlining workflows for our partners. We save our clients time and recover money which they would otherwise write off.
The average SME spends 4 hours a week chasing unpaid invoices. That is time you should be spending developing your business. As your partner, we proactively lead your credit control operation to ensure that late payments are minimised in the first place, and that any required debt collection is as efficient and effective as possible.
Benefits for SMEs
Our clients benefit from our vast experience and understanding of credit control. We make workflows efficient and minimise late payments from the outset.
Examples of how we support our clients are:
- Clear credit control procedures – delays in processes make collection more difficult. We ensure that your procedures are fit for purpose.
- Clear terms and conditions – disputes about debts can arise if a debtor claims they did not understand your terms. Our clients have documentation which clearly sets out the terms of the agreement, repayment conditions and interest to be charged.
Knowing your customer is fundamental for SMEs, and not all businesses can rely on prompt and reliable payment. As our partner, you benefit from our enhanced due diligence capabilities, reducing the chances of you trading with a party which is unable or unlikely to pay.
If an invoice does go unpaid, our highly-trained experts have more commercial acumen , skills and tools than most to ensure an efficient recovery process. You will know precisely who you are dealing with and how to contact them, as well as gaining a clearer understanding of why they are not paying.
Failure to pay an invoice is generally due to:
- The customer cannot afford to pay.
- The customer is purposefully trying to avoid paying.
- The customer is unhappy with the goods/service supplied.
Different strategies are required depending on why a debtor has not paid. Many SMEs are not equipped with the infrastructure or resources to discover this information quickly and efficiently. We provide tailor-made solutions which reflect the reality of each situation, saving you time and money.
Most small and medium sized businesses rely on strong relationships with key customers. Managing the debt recovery process so that these relationships are not strained can be difficult, especially when timely payment is of the essence.
The debt recovery process is depersonalised when you partner with us. We will lead your debt recovery, working as part of your team, always maintaining strong customer relationships through our professional and ethical approach.
We are determined to challenge traditional debt recovery methods. This includes the standard charging structures other debt collection agencies use. Talk to us about our bespoke fee arrangements, which potentially mean 100% free debt collection on successful recovery.
Once we collect the debt, you will receive your money direct to your bank account, without having to concern yourself with any international bank transfer procedures.
We are challenging the status quo on pricing for debt recovery. For our clients, that means potentially 100% free debt collection on successful recovery, even for international debts.
Services for SMEs
At LF Debt Solutions, our business is providing streamlined efficiency for our clients’ workflows. We provide a range of bespoke solutions for small and medium sized enterprises, including:
Outsourced collection – through LF Debt Solutions’ “white label” outsourced services, our creative approach and state-of-the-art processes become a seamless part of your business.
Trace and investigation – our highly-trained experts enable strategic collection decisions to be made based on accurate and up-to-date information.
Collection and recovery – we manage the process, leaving you free to concentrate on running your business.
Enforcement – every debt is different, so selecting the correct enforcement option is vital. Our experience gives you the greatest chance of successfully recovering your money.
International debt recovery – we work seamlessly across borders to deliver outstanding results for our clients with complex, international recoveries.
Disputed debts – we are experts in all forms of dispute resolution, with the full weight of Lupton Fawcett LLP behind us to ensure that any formal legal proceedings or Alternative Dispute Resolution is settled successfully.
Debt purchase – debt purchase is a suitable option if you require immediate cash flow and specific debts are assessed as unprofitable or too time-consuming for you to pursue. We provide a strategic analysis of your ledger, free of charge, and advise on every aspect of the process.