How long-term partnerships positively impact results
In the next chapter of our ongoing blog series, we explain why Credit Style aims to embark on long-term client relationships and how when this is achieved the debt collections process is positively affected.
At Credit Style, we are designed to flexibly represent bespoke client needs from any business or sector. We have an experienced team of collectors and credit management professionals who regularly help businesses recover funds, taking away a time-consuming but essential task so they may focus on their business priorities.
Countless businesses have remained regular clients to Credit Style for years on end and a significant number have benefitted from implementing an ‘always on approach’. Debt recovery is often seen as a short-term requirement, but Credit Style provides bespoke solution models designed to fulfil client needs both immediately and in future.
Is it worth chasing small figures?
It can be a common misconception that once a large outstanding debt is resolved there is no reason to continue addressing matters unless another large deficit is identified. Often, it is the challenge of consistently high volumes of low-value debts being owed to a business that proves the costliest. Pursuing these smaller individual amounts is not always viable for businesses directly, but through an ongoing relationship with firms such as ours, we can devise a model that ensures companies recover what is owed in a way that makes economic sense to them.
When a client is agreeable to an ongoing approach, Credit Style will implement a two-way communication platform that allows information to quickly be passed back and forth, ensuring the latest developments on individual cases are never out of date and it is known as soon as new invoices come in. This has helped with productivity and efficiency, as well as building a deeper understanding of what activity and engagement works best. Members of staff at the client can liaise with Credit Style employees continuously and ensure queries are answered quickly and consistently. Adaptability and changes in approach, such as no-win-no-fee cases where costs are not passed on to the client, differentiate the service and significantly impact prospects for positive outcomes to be found.
Why do customer nuances matter?
Involving a third party in the debt collection process, such as Credit Style, is often a catalyst for reaching a resolution, but understanding the nuances of our five core business services is an extra layer of impact that could only be achieved through commitment. As a result, our performance almost always gets stronger over time. This would not have been achievable without a willingness to innovate and the detailed knowledge Credit Style is able to learn about a customer through working closely over months and years.
There is evidence to suggest changing mindsets towards ongoing partnerships is impacting resolution strategies, such as increased use of insight and data. The ability to acquire, analyse and utilise statistical data in the collections process has already positively impacted each company in the Bristow & Sutor Group (comprising ourselves, Bristow & Sutor and Debt Recovery Plus), resulting in award nominations, wins and peer recognition across multiple sectors. Our real-time case management portal management information can be provided routinely or on-demand and, thanks to an in-house team of software developers, we design and build individualised reports that are unique to every client. This ensures the insight we deliver goes beyond simple data collection and is streamlined into valuable and useful information.
We are committed to innovation and whilst all customers will benefit from these approaches, the longer a relationship is maintained, the more accurate insight and useful findings we can provide.
What else can positively affect results?
Beyond the duration of our working partnerships and the technology we embrace, Credit Style implements many approaches designed to ensure results remain optimal. For example, the business is fully committed to training and regularly recertifies its staff. Adhering to FCA required regulations, such as the SMCR, is incredibly important and contributes to standards being raised and the prevalence of integrity and honesty throughout the industry.
Our quality and compliance systems are certified to ISO standards and we hold a consumer credit license regulated by the Financial Conduct Authority for agreements formed under the Consumer Credit Act. We are also authorised and regulated by the Solicitors Regulation Authority and remain members of both the Civil Court Users Association and the Credit Services Association.
Credit Style believes that clients appreciate increased accountability when selecting service providers and that advanced accreditation is the perfect benchmark for showcasing our commitment and quality. Whether potential clients are involved in supplying utilities, motor finance, loans, personal credit or have any other related need, additional levels of accreditation can only instil confidence and be seen as evidence of the positive results that we regularly and consistently achieve.