CBCS Financial & Credit Management
PROMPT CASH


CBCS - CREDIT CONTROL   
 

Cash is King... Or so they say and in this economic climate, never has this been so important.

There are two contrasting issues, when a business looks at whether to contract with an external collection company. The first is the need for cash: Can they deliver and or improve our own cash collection success?  The second is; will I lose my customers if I use a collection company?

The first question is dependant on the condition of your aged debt. Do you have a large amount of uncollected overdue debt and are your own collection methods failing to get the cash in? The second is dependant on the approach the collection company uses to get the cash in.


Why use Prompt Cash?

Prompt Cash is a fast and efficient way of submitting your debts to CBCS for us to collect for you. Once you have populated the submission spreadsheet and your client details to us, we can begin to prepare a letter run straight away. The spreadsheet is configured to link straight to our mail-merge software, meaning the letters are despatched to your debtors as quickly as possible. 

We use a 3 stage letter cycle to chase your debt. The FIRST letter a gentle polite reminder, the SECOND issued 7 days later, a polite reminder, but with the suggestion that failure to pay could lead to unspecified action and the THIRD letter, the final reminder again after 7 days, giving a deadline for payment, against which further action will be taken if payment is not received.

Our letters are designed to be informative, but polite. Accuracy is paramount and we will tailor are letter content and length of cycle to your precise requirements. If your debtor contacts us following our letter, our trained collectors will respond politely and professionally. These are your customers and we want them to stay that way.

Of course, if queries are preventing payment then it is essential they are highlighted so they can be resolved. We will pass on any query to you directly to allow you to reconcile and then if the account remains unpaid, the collection process can start again.

So what happens if your debtor has still not paid after the three week collection cycle? You need to demonstrate that you are serious about collecting your debt and we would recommend taking further action to show you mean business. You can place the customers account on stop or you can refer the matter to us directly for us to pursue by legal channels. We use the County Court Bulk Centre to fast process claims for county court claims and or our legal partners for more complex or high value claims.

 Up until now your debtors have been sitting on your money interest free and making you do all the work.  If you refer a debt to us, we take on the collection and you bank the cheque.

 The success rate for our FIRST letter is around 70%, within the first 7 days

 The success rate for our SECOND letter is around 19%, within the first 7 days

 The success rate for our FINAL letter is around 9%, within the first 7 days

 So, if you had overdue debt of £100k; within 21 days, you could receive £98k.


We offer a full suite of debt collection and credit management services dependent on your requirements. You can submit via Prompt Cash, one debt or multiple debts, a full three letter cycle fixed cost, your whole ledger for collection or you can contract with us to run your sales ledger management, (including processing, invoicing, collection and accounting). We will even review your existing credit management process and make recommendations for how you can improve your own collection and assist in the training of your credit control teams and the recruitment of collection staff.

Please Note: We collect business to business debt only. We do not collect individual consumer debts.

We have a vast wealth of experience in credit management, debt collection and sales ledger management techniques. We have a proven track record of prompt and efficient customer service and because we are small, we can still tailor our services to you, to ensure that your customers pay and then come back to you for more business.

For an illustration of how we can help you, please contact us directly on 0843 886 7526 or e-mail us: info@cbcservices.org.