Sole traders are often too busy or lack the resources needed to chase late payments and recover debts, which is why hiring a debt collection agency to take care of debt recovery can be a great time and money saver.
While most businesses and individuals will honour their payment commitments, a small minority will either refuse to pay their bills or pay a smaller proportion of what they owe. While this can have an impact on a large businesses as well as smaller ones, for sole traders, this can result in severe cash flow issues and in the worst cases it can put them out of business altogether.
Recent figures show that nearly one million self-employed people have abandoned a total of £8 billion of payments in 2016 alone. This is a staggering sum of money and when you consider that 30% of sole traders have chosen simply to give up chasing money, the need for assistance is obvious.
There is often a negative perception associated with appointing a debt recovery company to chase money owed, but most of the good ones will not act in a way that will intimidate or harass business owners and customers into paying up.
At least by hiring an expert to recover what you are owed, you can relax and know that it will all be taken care of while you get on with running your business.