Debt collectors of commercial debt

Collection of commercial debt, in South Africa.

Debt collectors in Cape Town, South Africa – Kredcor is expanding!

Debt collectors in Cape Town, South Africa – Kredcor is expanding!

We are proud to announce that Kredcor is expanding, and will be opening an office in Stellenbosch, Cape Town very soon! Hopefully we will soon be your favourite firm of debt collectors in Cape Town!

Here is a link to the Cape Town office’s own website:

Businesses in Cape Town can now look forward to receiving outstanding service from Kredcor, served locally. Johan Louw is in charge, and he will ensure that Kredcor clients receive proper credit management service, as has been happening in Johannesburg for 15 years now.

How will we help businesses in Cape Town?

  • collection of overdue accounts
    • default listing, tracing and legal action as well
  • compilation of fresh, verified credit reports
  • credit applications
  • bookkeeping services, all the way up to, and including, the services of a CA
    • assistance with all matters related to SARS (personal and business tax)
    • payroll

So, if you have branches in Cape Town, let them make contact with Johan and lets get the ball rolling! That goes for your friends and colleagues as well.

To help you decide to make use of our services, please see our Testimonials page, or see why we think you should make use of our services or see our Contact page, if you want to speak to somebody.

Effective debt collection

If you wish to recover more of your outstanding debt, simply read on about effective debt collection. Lots of invoices specialists and individuals who gather debt from overdue accounts talk way too much.

In training individuals to enhance their collection strategies, I have actually observed that collectors, while on the phone or conference with debtors in person, usually do the majority of the talking, while the debtor is not listening. The outcome is the collector does not make money.

Among the essential concepts of collection management is to get debtors to discuss their accounts. When debtors are discussing their financial obligations you are well en route to gathering the debt.

So exactly how do we get our debtors to talk? The main point we need to do is to stop making statements and begin asking questions. And, in the broadest sense, there are 2 type of questions we can ask: closed-ended questions and open-ended questions.

Naturally, a closed-ended question is one the debtor can respond to with an “indeed or a “no.” For instance, if you ask, “Will you send me a check today?”, the debtor can state, “Yep.” “Nope.” “Not in your life.” There is no talking needed.

On the other hand, an open-ended question is one phrased so the debtor is virtually required to talk. As an example, “Can you inform me exactly what’s going on with this account?” Or, if it’s a little industrial account, “Exactly how’s your company doing?”.

Or, if you understand something about the consumer, which I wish you do, “Exactly how’s that equipment doing that broke down last month and triggered you some manufacturing troubles, is it working yet?” Or, “Exactly how’s your child doing that was in the medical facility last month?”.

Below’s one that I picked up from Stephen Covey, the author of The 7 Routines of Highly Effective Individuals. When they reveal some disappointment, which they typically do, ask “You appear a little aggravated with this, are you?”.

Those sort of open-ended questions will get your debtor to go over the account. And when you have them doing it you are on your way to gathering the cash. It resembles a tennis match. While you’re talking, the benefit is on the debtor’s end. However while your debtor is talking, the benefit is on your end.

So right here is exactly what I suggest. Throughout your preparation stage, prior to you get the phone to call your debtors or meet them in person, jot down some open-ended questions, ahead of time, customized for them that you believe will get them to discuss their outtsanding debts.

The very best collectors I have ever seen at gathering outstanding debt, hardly say anything. All they do is ask open-ended questions, created to obtain the debtor to go over the account. And by the sort of questions they ask they have a ways to carefully take their debtors where they desire them to go.

And if I can pick one ability that I assume is more crucial than all the other abilities to do business of collecting debt well, I would select listening abilities. The very best I have actually ever seen do not do much talking, however they do a great deal of listening.

So keep in mind if you wish to make money you’re willing to need to get debtors to discuss their financial obligations. And the very best ways to do that is to ask open-ended questions customized for that specific debtor. By doing this, you’re talking as little as possible and the debtor is talking as much as possible. And the outcome is that you make money, on time.

You could also consider using Kredcor to do your debt collection, we are very good at this!

Debt collectors in Johannesburg South Africa

Debt collectors in Johannesburg South Africa are a dime a dozen, but not all are equally efficient or inspire trust as much as the top performers do.

Kredcor – debt collectors in South Africa

We at Kredcor believe we are different, that we are efficient and trustworthy, because:

  • We are registered with the Debt Collectors Council of South Africa, as is required by law
  • we were the first debt collection company to receive a letter of reference from this Council
  • we are members of ADRA, the Association of Debt Recovery Agents of South Africa
  • we collect your money into your bank account
  • Kredcor has been in existence for 14 years now
  • our collection rate success is consistently above industry average
  • our commission rate is below industry average
  • only senior personnel are employed by us, and they take care of your accounts all the way through
  • we update you monthly about our progress, more frequently should you wish

Furthermore, Kredcor also delivers the best credit reports in South Africa:

  • we deliver, where possible, our reports wuthin 48 hours
  • our credit reports only contain fresh information, all confirmed on that day
  • we include our recommendation, using our knowledge and experience
  • you get all the relevant credit risk information at your finger tips
  • you can greatly minimise your credit risk, by identifying potential unscrupulous customers in advance
  • we also assist international businesses wanting to do business in South Africa

We are confident that we can assist you right through the whole business cycle:

  • we investigate your potential customer through our credit report
  • we can perform book keeping services, watching out for potential risks
  • we collect on defaulting debtors, as soon as the red flags go up
  • we default list debtors that can not settle their debt to you
  • we can proceed with legal action where necessary

Kredcor has a good name in the debt collection industry – and we work extremely hard to keep that good name.

Contact us now, and let us prove ourselves to you.

How to collect business debt

How to collect business debt – the very first area I am going to address is cash. Simply put, many small company owners are not conscious and aren’t able to track their cash flow. They view a day-to-day basis at exactly what is in the bank, without any planning whatsoever.

The most convenient and most basic method to take care of this is using an Excel spread sheet to record exactly what money is coming in, what payments are to be made, what cheques have been composed, what outstanding monies are due in and prepare day by day. So simply put, firstly see exactly what is in the bank, where is it going and what is anticipated to come in.

It is very simple – untill you begin to determine something and track it, it isn’t really under your control.

The next issue is outstanding business debt – have you got debtors that owe your company? Exactly how long are they outstanding? Just ask yourself, what are you going to do, to get that money in?

First of all, think of how you are currently doing business and ask how do you work at present? What are your terms? Have you altered them or made them much shorter? Can you work on COD? Or for service companies, can it be prepayment upfront or possibly in many cases, can it be 50 % upfront. Whatever level of cash you can get in advance, in today’s environment, is cash in hand.

Another point we are going to discuss is collecting outstanding debts. This is everything about really chasing after the cash – the part that no one likes. This has to be done frequently and commonly. Individuals have a belief that they will lose their clients which no one will return. The truth is that these individuals have not paid you – they are not clients. Get your cash in – they understand that they owe you the cash and they understand that you deserve to telephone them and ask for the cash owed to you.

I would encourage that you utilize a script when speaking with them on the phone, so that you are brief, respectful however yet strong. For instance: when does it suit you best to come and pay – today? Or tomorrow? Friday or Monday? Pin them down to a time and day, record that time in your journal and make certain there is a follow up call set up. Establish a system, schedule in your time so that everybody is called and it is tracked routinely. If you have 50 individuals to go after, exercise the number of calls you can do in a day, track them, and jot down who stated exactly what. Have actually a particular cut off point. If it exceeds 3 or 4 telephone call, you have to go and see the individual.

Simply put – he who screams loudest has far more opportunity of collecting monies owed to them.

Credit management can solve your financial crisis

Bad credit management can end in putting you into debt. This will have an unfavorable impact on your life and you will need to stop yourself from doing things that you enjoy to do. A bad monetary scenario can make it challenging for you to obtain a loan or it may even impact your work function. All this can result in bankruptcy. Lets see how credit management can solve your financial crisis.

What is there to do? Exactly how can you fix financial resources and reach a situation of steady growth? The only method to prevent such conditions is to look for assistance with your credit management initiatives. Specialist insight from such companies not only assist your instant credit and outstanding debt issues, but also reveals you a method to monetary flexibility.

Great deals of companies struggling with the monetary crunch likewise think about services of credit management in South Africa and around the globe, as the very best means to collect outstanding debts, and thus minimising their credit risk. If your business has outstanding debt, outsource the credit management work to these expert companies, and they will bring out the very best payment and management options for you. These companies offer credit management outsource services for your bad debts like spending plan and capital, business loan management, charge card financial obligation management and numerous even more scenarios.

The purpose of credit management business is to assist a company to gain back control of its financial resources, decrease financial obligations, live a much better & a more economically safeguarded and steady life. Constantly keep in mind that you are not alone, there are countless business entities like you and you need to find out a much better credit management strategy from such experience.

Credit management business not just take you from the difficult monetary circumstance, however they likewise handle some other locations. Lots of charge card business have out-sourced collection management work to these companies due to the fact that of being not able to recuperate outstanding debt from card holders themselves. The credit management business provide services like; letter prior to action, statutory need service, court procedures service and others to obtain the bad debts back from the defaulting debtor.

While working with a company to obtain assistance with bad credit management, it is required that you avail yourself of the company prior to signing the agreement. Find out if there are any consumer grievances against the company. The business needs to notify you well about your legal rights, consider your insight as well as talk about with you prior to taking any action.

There are great deals of business, which provide brand-new identification to their customers to get away from settling outstanding debts. Never ever settle on such terms.