When it comes to collecting outstanding debts for your business, it makes sense to contact a third party collection agency service once the debt goes beyond 60 days.
Why is that?
Because the longer you wait to get professional help, the lower your chances are for collecting even a fraction of the total amount.
For many business, however, the question is not IF or WHEN to contact a collection agency. Rather, it’s one of WHO…
How to Choose the Right Collection Agency
Finding the right collection agency services for your business is easy with some essential knowledge of how agencies address debt collection.
For starters, collection agencies typically charge a commission rather than any up-front fees, which represent a percentage of the amounts they collect. Clearly they have an incentive to collect the debt on your behalf, because they don’t “make money” if you don’t collect.
But how far can a collection agency go to collect on past due accounts?
The normal procedure is to contact debtors by means of letters or phone calls.
You should know that collection agencies can recommend lawsuits against those who refuse to pay. However, such agencies do not have the rights to legally seize debtors’ bank accounts, paychecks, assets, before there has been a lawsuit which has ended successfully with a judgment awarded.
Why is this important for you to know?
Because if a collection agency represents to you that they can seize assets, bank accounts, getting debtors dismissed from their jobs, etc. they are not being truthful, or professional.
The key to successfully collecting your outstanding accounts receivables depends on TWO key factors:
- Experience
- Methods
When it comes to experience, you should only work with collection agencies that have a track record for recovering debt for businesses like yours. For example, some companies specialize in dental or medical collections, b2b collections, commercial collections, etc.
So that’s the first part.
The second factor to take into consideration involves method. In other words, there’s more to making a collection call than threatening the person on the other line.
Professional collection agency know this, and will use proven system and methods to collect on your behalf. And any collection agency worth hiring will comply with all state-specific collection laws protecting your reputation and ability to collect outstanding payments.
Does that make sense to you?
The right collection agency should be able to point out that is the most efficient result it can achieve on your behalf so that you have a clear plan of action for collecting lost revenue.
It really can be that simple…
Find the Right Collection Agency Today
To find the right collection agency for your business click the link below and get your free quotes from qualified and reputable companies…
Click the link and compare free collection agency quotes today.
If you prefer give us a call at 888.659.2236 for your free quotes.
Finally, you can follow the link for our directory of collection agencies and research providers for yourself that can help you get set up for your State or Metro area.
Either way the choice is yours…