How we overcome frustrating debt collections
A Welsh SaaS business was owed money by a London financial services company.
Aug 05, 2020
A Welsh SaaS business provided its services as agreed but found itself in a difficult position: a London-based financial services company owed them money and refused to respond to calls or payment requests. The creditor felt frustrated and powerless, facing a debtor who chose to ignore their obligations.
Payfor Steps In: Persistent and Professional
Payfor, a global expert in B2B debt collection, took over the case. With a systematic approach, we began by contacting the debtor through multiple channels, including emails and direct correspondence. Our goal was clear: secure payment without damaging the business relationship between the two companies.
Negotiating a Settlement
Despite the debtor’s initial refusal to engage, Payfor remained persistent. Our experienced negotiators worked diligently, using a structured chase cycle that included consistent follow-ups and professional communication. This approach eventually brought the debtor to the table, where we facilitated a meaningful discussion about settling the debt.
Achieving Results: A Win-Win Settlement
Through careful negotiation, Payfor secured a significant settlement amount that satisfied both parties. The outstanding balance was collected and transferred immediately to the SaaS company. Our client expressed their gratitude, stating:
“Thanks very much. We’re hugely impressed by your success.”
Why Payfor Succeeds:
- Expert Negotiation: Skilled mediators who break down barriers and facilitate agreements.
- Structured Chase Cycle: Weekly emails and daily calls ensure no opportunity is missed.
- Rapid Payment Processing: Immediate transfer of recovered funds to clients.
Overcoming Common Debt Collection Challenges
Handling Unresponsive Debtors
One of the most common issues in B2B collections is non-communication. Payfor uses persistent outreach and a firm, professional approach to re-engage debtors.
Preserving Business Relationships
We understand the importance of maintaining professional ties. Our negotiation style is firm yet respectful, aiming for resolutions that satisfy both parties without burning bridges.
Delivering Results Quickly
Through our 30-day Chase Campaign, we aim to recover debts swiftly with weekly emails and daily calls. If necessary, we escalate to legal proceedings through our global legal network.
Work with Payfor for Effective B2B Debt Collection
Payfor offers a comprehensive 30-day Chase Campaign designed to secure payments efficiently. If payment is not received within this period, our legal partners step in to escalate the matter. Our global reach and structured approach make us a trusted partner in commercial debt recovery.
Disclaimer:
This blog post is intended for informational purposes only and should not be construed as legal advice. The information provided in this post is based on general principles and may not apply to specific legal situations. Laws and regulations vary by jurisdiction and can change over time. Readers are advised to seek professional legal counsel before making any decisions based on the information provided in this blog post. Payfor Ltd is not a law firm and does not provide legal services. The company disclaims any liability for actions taken based on the contents of this blog post.
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How we overcome frustrating debt collections
A Welsh SaaS business was owed money by a London financial services company.
How to Collect Debt From a Business That Repeatedly Refuses to Pay What They Owe
At the start of the Covid Pandemic in the UK early 2020, companies started owing each other money left, right and centre…
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