Why DRM is required
A business without a good debt recovery system is like a bucket with big holes in it. No matter how much effort you expend filling it up your bucket is only ever partly filled. Efficient debt recovery procedures ‘plug the holes’ where earned income is slipping away and ensure that the business receives what it has rightfully earned.
Most companies do not have the internal as well as external sources and the skills to allocate their precious time to the task of recovering outstanding debts. While many companies try it within the business the levels of success are usually unsatisfactory due to lack of Debt Recovery experience.
Recovering debts can be time-consuming, expensive and inefficient if you lack the expertise and right tools. Some of the benefits would be:
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Reduce Costs
Being the team of experienced and dedicated professionals, the cost to implement the DRM would be much lower as compared to internal assessed cost.
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Reduce arrears
Each debt is unique so the strategy required to get the best result will vary from case to case. A good DRM has a wealth of skill and expertise on recovering the debts in a variety of circumstances and knows how to resolve debt disputes promptly.
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Maximize productivity and revenue
More money coming through the door means real revenue, not just figures on paper. Some businesses even find they can generate more revenue for the same amount of work because their productivity is finally optimized. A larger proportion of time spent generating sales is being rewarded and maximum profits can be received for the efforts made.
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Preserve your client relationships
By retaining a third party to correspond with your clients regarding debts you can distance yourself from the “bad role” of debt collector and avoid negative interactions with your clients. This enables businesses to maintain positive business relationships and promote better client retention.
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Good Credit Score
Credit score is vital for any kind of funding and even for the balance sheet purpose.
Centrik DRM division have the specific and dedicated skills to take the burden away from such companies and couple to
- review the debtor’s ability to pay,
- Implement dedicated process and a dedicated recovery strategy for successful recovery,
- Take legal recourse
So that you concentrate and focus on increasing client-base and generating further revenue and grow your business.
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