BPMA strategic partner Direct Route collections launches £1 debt recovery service
Direct Route Collections has launched a service for SMEs to help them recover overdue debt – at a cost of £1 for unlimited usage with every pound paid donated to the NHS frontline to help with directly combatting COVID-19*.
Speaking of this initiative, Mike Collins Managing Director of Direct Route Collections and AccountAssyst Online Credit Management, said: “We are in unprecedented and challenging times where SMEs, the backbone of the economy, are taking drastic measures and paring overheads to the bone to stay afloat. Whilst we welcome the recently announced government initiatives to help SMEs, no business can afford to overlook the importance of collecting unpaid debt. Every business needs a robust easy to implement online strategy because now more than ever their focus has to be on healthy cash flow. Recovered debt plays a vital part in facilitating this. For some businesses it can place them in crucial survival mode until the economy is back in recovery mode.
“I’ve spent the last five days…talking to SMEs and many of the trade bodies that support them,” says Mike. “It’s become glaringly clear that the emphasis is predominantly on discussing how emergency business government support can be accessed. Unpaid debt remains in the shadows despite it being a critical problem. This is especially so for those businesses supplying products. They now find themselves having to pay their suppliers or risk supply and credit lines being cut if they don’t, despite not being paid by customers themselves.”
Direct Route are donating all the £1 fees from subscribers to the service to the NHS frontline* with a goal to raise many thousands over the coming months.
Using the service
Any business that supplies goods or services to other businesses on credit can benefit; from a BPMA member supplying promotional merchandise and clothing, to a construction supplier and a business consultant, with a myriad of sectors in-between.
The business that has not been paid simply completes a simple online secure form as many times as they want with the contact details of every client with an unpaid debt. Direct Route then emails each one using their letterhead and formal protocols.
Boasting a “no hidden catches” template service to support businesses impacted by COVID-19 at a time when they really need cash flow help. Businesses signing up for the service have no obligation to instruct Direct Route if a company refuses to pay or doesn’t respond. If they subsequently decide to instruct us, they can take advantage of the zero-cost debt recovery service under BPMA member benefits.
Direct Route have also committed a further 10% of any debt collection revenues or commissions generated from clients joining via this service to the NHS plus waiving the joining fee of £200.
Stating they have recovered £153,000.00 that was 7 months overdue in the last five days, Direct Route are confident that they can help support the industry at this time, commenting “The tried and tested methods we operate combined with our expertise and professionalism continues to deliver positive results.
*Money raised will be donated via uk.virginmoneygiving.com/NHS CharitiesCOVID19 with all donations made under the donor name of Direct Route.
BPMA Members can access the service by simply visiting https://www.directroute.co.uk/covid19support/ and carrying out a 2 minute sign up, after which they will be able to send out to customers as many free Covid-19 Reminders as they wish to.