A new business relationship between OFTEC and Prompt Payer will allow businesses to automatically receive free premium membership of Prompt Payer when they renew or take out a new OFTEC registration.
The deal is worth £250 per year for registered businesses and gives them access to free debt collection and loan brokering services.
OFTEC Registration Services Director Jacqueline Crawford said “In today’s tough trading conditions it can be difficult for a business to recover its trade debts whilst maintaining an otherwise good business relationship. Prompt Payer gives OFTEC registered technicians free access to specialist advice and assistance from lawyers and insolvency practitioners. This enables them to recover debts quickly and efficiently, in many cases without damaging long term supplier-buyer relationships.”
Over the last year Prompt Payer has collected debts for OFTEC businesses in excess of £1m.
They will collect any amount; the lowest amount has been £40 and the largest success over £100k.
The service is completely free to OFTEC registered businesses and any interest/fees collected under the Late Payment Act are retained by the businesses as well.