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International Debt Recovery for Small Business Owners after Brexit

With Brexit almost upon us, there are so many small to medium businesses here in the UK that regularly sell goods and services to customers all over Europe.  As part of the European Union, this has seemed a fairly attractive option for most traders as we have enjoyed the same legislation that has made trading with European partners simple and safe.  However, when we leave the EU, we’re still not sure what the economic and trade landscape is likely to look like in the future. 

Some small to medium business owners are concerned about customs, taxes, import and export requirements – all of which may change once Brexit is behind us.  There are some traders who worry that recovering monies owed to them from European custo5mers or clients may prove difficult in future, especially if we have a no deal Brexit.

When it comes to de4aling with overseas clients, the prospect of late payment, or even non-payment, is a very real risk for small business owners.  After all, just one client or customer neglecting to settle an invoice can have a severe negative effect on your cash flow, and therefore your business.  A series of unpaid bills from a regular client can mean the difference between your business thriving and growing and you struggling to amass enough funding to expand.  In some cases, unpaid invoices can lead to business closure.

This is why it’s vital to know the options available to you if your business is owed money by clients in Europe.  Chasing payments from customers in European countries can be daunting enough right now.  However, after Brexit, this is something that may prove more challenging for small business owners in future. 

Rather than waste your time and energy communicating with non-paying clients, a more cost-efficient method of recovering an overseas debt can be to use the services of a professional international debt recovery service.   An international debt collection agency is more likely to be successful.  Their agents will have the knowledge and expertise necessary to recover your money if possible.

For many business owners, this may seem like a case of throwing good money after bad.  After all, if the debt collection agency fails to secure payment, you’ve just wasted more money in the attempt – right?

Not necessarily so!  There are debt collection firms that operate on a no win, no fee basis.  This means that if the funds are not recovered, your business does not have to pay.  Whilst this contingency service provides peace of mind that you won’t be wasting money on an attempt to get paid, it also offers a level of assurance that comes from knowing that a company offering a no win, no fee service must have confidence in their ability to recover the debt.