News From OilFiredUp
OFTEC Agrees Deal With Prompt Payer
1st September 2012
OFTEC has agreed a new business relationship with Prompt Payer whereby businesses will 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.
A spokesperson for OFTEC says, "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. Prompt Payer will handle everything required - right up to court action. 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.
OFTEC registered business Haven Heating has already used the debt collection service and said "It's a relief to have someone on our side. The service from Prompt Payer was second to none, they really do care. Without them I would have been up the creek, they take members' issues seriously."
The second most popular service offered by Prompt Payer is the loan broker scheme. The scheme is free to use and searches for lenders based on the business's needs and creditworthiness. Almost a million pounds of lending has already been placed for OFTEC businesses. With the banks being harder on small businesses the broker service is able to look at all avenues in the market.