Are you tired of sending out second, third and final notices in the mail to customers (or clients) who haven’t paid?
Not only is it a hassle, it’s a drain on your resources.
Just think about those wasted staff hours preparing follow up invoices and making collection calls to people who don’t seem very interested in paying you the money you deserve.
And yet, you’ve put off hiring a professional collection agency to handle this for you.
Why is that?
Three Reasons to Get Professional Help
Some business owners decide against hiring an outside company believing that it will cost too much.
Yet, the opposite is true.
For example, many companies offer flat-fee services rather than fees based on a percentage of collected revenue. However, even the standard fee structure (percentage of collected revenue) is better than not collecting anything at all.
When you get right down to it, 50% or 75% of something is better than 100% of nothing.
With this in mind here are the top 3 reasons to consider hiring a professional debt collection agency for your business…
Free up your staff and resources
Freeing up wasted staff hours makes your business more profitable.
After all, your staff was hired to help run your company day to day, not make collection calls. They lack the skill and training to be really effective at making collection calls. Hiring an outside agency frees up your staff from:
- tracking and following up on payments
- sending out additional correspondence
- making collection calls
Trust me, they don’t like doing this and it can be overwhelming or uncomfortable for your employees.
Additionally, debt collect laws are increasingly complicated and your staffers, without specialized training, can easily cross the line and land you in trouble.
Experience and expertise
There’s more to collecting outstanding revenue than making a few phone calls.
Sometimes specialized tools and software is required to track down your former customers or clients. And debt collection companies have access to current address information and collection software that other businesses typically don’t.
For example, what do you do if some of your customers have moved?
Services like skip tracing (tracking down someone who’s moved) are standard for most collection agencies.
What’s more, professional collection agencies are well trained and simply have more experience when it comes to using the most effective ways to find your customers and request payment.
Remember, the longer you wait to the harder it will ultimately be to collect.
Avoid legal liability
Though this reason is presented last, it just might be the most important one for getting outside help.
Let’s face it — we live in a highly litigious society these days. And that means if you violate a collection law, even unknowingly, you could find yourself in a lawsuit from the very customers or clients you are trying to collect from.
And let me tell you… it does happen.
What’s more, you need to remain in compliance of your state’s collection laws AND the collection laws for each state where your customers or clients reside.
However, by outsourcing your collection efforts you shift liability to the collection agency you hire.
For me, that’s reason enough.
Make sure the collection agency you hire is licensed for your state and for the state(s) where you are trying to collect.
Privacy and healthcare acts can also affect how a business collects. Reputable collection companies are well versed and experienced when it comes to compliance. After all, they have to be — that’s their business… not yours.
Does that make sense to you?
Find a Debt 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.
After all, you really only have two choices:
- you can keep doing what you’re doing (and hope for a different result), or
- you can hire an outside company to help you collect the money you rightfully deserve.
Or follow the link and review our list of collection agencies and research providers one by one for yourself to find the right one for your State or Metro area.
Either way the choice is yours…