At present, many countries are plagued by the late payment culture.
Undoubtedly, businesses are the most affected by this phenomenon.
They are compelled to spend time and money for chasing payments, which they would have otherwise devoted to further developing.
Though various governments keep discussing the issue at length, no viable solution seems to be coming through due to the ongoing discussions.
It is about time that a solution is provided to help businesses that are responsible for driving the economy.
It doesn't need be emphasized that collecting their dues is vitally important for businesses to improve their cash flow.
To chase payments that have been due for long requires a lot of valuable time and resources, not to mention the avoidable stress that accompanies it.
When facing these circumstances, many businesses decide to tackle the problem straightway by hiring the services of a debt collection agency.
By hiring such services, the management can concentrate on more important aspects ofbusiness and stay assured that the hired agency will use its know-how to collect the outstanding payments without spoiling the relationships with the clients.
But what are the implications of hiring such an agency? There are quite a few solutions available for recovering debts, in order to reduce the trouble of pursuing late payments, allowing the business owners to administer other aspects of business:

• Debt collection services are helpful for all businesses, irrespective of their size, as they take responsibility of collecting unpaid dues, thus considerably reducing their dilemma.
  
• Continued debt recovery is beneficial for innumerable SMEs, for collecting debts that remain pending beyond a defined period of time.
  It helps to recover most of the dues, allowing businesses to remain focused on collecting new debts, as they have the assurance that old debts are being dealt with by competent and experienced hands.
  
• Going the legal way to recover old dues is disheartening for many.
  Debt collecting agencies can help here by advising businesses as and when legal action needs to be taken.
  

Another option for the company may be to totally sub-contract its credit control job, allowing it to manage the clients even before the invoices are due for payment, thus reducing the chances of any payments getting delayed.
This can prove to be of immense help, as it would reduce the number of days for which the invoices remain outstanding.
It also helps avoiding bad debts, while maintaining a healthy cash flow.
Not to mention that it eliminates the need of borrowing additional funds at the company's expense, in order substitute for the late payments.
As late payments continue to afflict small businesses all over the world, it makes sense for these businesses to hire the services of debt collection agencies, and become financially healthy during 2014 and beyond.