Debt collection can be difficult for businesses of all shapes and sizes. First there’s the resource – Not all businesses have a dedicated resource for collecting overdue accounts, some may be very small, others may only have a small number of manageable customers, or they may have so many customers that the resource doesn’t cover them. Whatever your size, there’s always something better to be doing with your time than collecting overdue invoices.
Then there’s the relationship. Involving a debt collection agency can be stressful for the buyer and supplier. It can cause concern about damaging customer relationships and losing vital business. But that’s where we come in. We specialise in commercial debt resolution. Our approach is firm, but fair. We ask the right questions and more importantly, we listen. Once we have identified the issues that are causing the payment delay, we work towards agreeing a way forward that works for all parties. Ultimately it’s a business transaction which has gone wrong and needs to be rectified. We have a firm belief that companies owe money, but people pay bills.
Oh! By the way, success rates are much higher the earlier the debt is placed, 82%+ when the debt is placed within 60 days.
3 simple steps to getting paid
Step 1 - Register for your free account
Registering with Ko-bolt is free of charge, there are no joining fees, annual fees or debt placement fees, so you only pay when we collect. What’s more, as per the Late Payment of Commercial Debts Regulations 2013, collection costs and interest are payable by your buyer. We add our costs to the account and when we collect them, there’s no cost to you. Any interest we recover is 100% yours.
Step 2 - Place your debt
Once you’ve registered, you can start working with Ko-bolt right away. You’ll need to provide us with copies of invoices and/or an up to date statement of account. You can drag and drop these documents into Ko-bolt’s online debt placement tool.
We’ll only contact you if we need additional information or we’re unable to help (for example if we identify that the buyer is already insolvent at placement).
Step 3 - Get Paid!
Provided we have everything we need, we’ll get to work within 24 hours and we hope to have resolved the debt within 21 days. Once we’ve collected your money, we want you to make use of it, so we remit cleared funds every other week, which is twice the average for the industry.