Outsourcing Credit Control
Outsourcing credit control – If you use in-house payment services, you have a huge decision to make; you can either outsource your credit control services, or you can handle all of the credit services in-house. There are pros and cons to both methods and taking your time to research these pros and cons will help you make an informed decision as to which is the better option for your business. Here are some of the benefits of outsourcing services related to credit control.
Outsourcing Credit Control is Typically Cheaper Than Hiring Your Own Employees
One of the benefits of outsourcing your credit control is that it is typically cheaper to outsource than it is to hire employees. If you handle everything in-house, you have to hire employees to handle all of the billing and credit control issues. Hiring employees, even entry level employees, is not cheap. You not only have to pay them a salary, but you also have to pay national insurance on behalf of the employee, pay workers compensation insurance for the employee and potentially pay for benefits, such as medical, dental and vacation days, not to mention the new RTI requirements imposed by HMRC.
You Have People Who Know How to Handle Credit Services
Another benefit to using outsourced credit control is that you know you are using people who know how to handle credit services. If you were to hire employees to do the work for you in-house, you would have to train those employees and that can take time, especially if they have never handled issues related to credit services before. They may be timid about calling customers about past due bills, or they may not have the thick skin needed to collect debts. When you outsource, you are getting skilled professionals who have experience in the field.
Using the Required Credit Control Systems
The last benefit of outsourcing your credit control is that the company you work with will have the needed system to handle credit control processes. Unfortunately, many small to mid-sized businesses do not always have access to systems and software, nor do they have the desire to create or purchase, due to the time and financial costs. Systems and software ensure that no bills fall between the cracks.
YVO Credit Control Services
Your Virtual Office provide professional credit control services as part of our back-office support packages. Call 01268 411269 for more information, or complete the form at the top of the page to receive a call-back.