If you’re like most people the phrase “collection agency”probably makes you cringe.
After all, you don’t want to be “bad guy (or gal)” that sends late paying customers or clients to a collection agency.
And that’s just unfortunate.
Why is that?
Because the issue that most of us have with collection agencies is one of negative perception — rather than fact, or actual experience.
Despite what most people think, professional collection agencies do not simply badger people on the phone and threaten them to pay up!
In fact, collection agencies helped businesses like yours recover close to $54.9 billion in 2010.
Do you still think that they can’t help you?
When to Contact a Debt Collection Agency
Depending on the nature of your business, most collection agencies would suggest that you wait about 90 days before you contact them.
For a doctor’s office, or a medical or dental practice, the time frame may be a bit longer, especially if insurance payments are involved. The key is to ask the collection agency what their recommendation is for your type of business, and customers.
Any company worth hiring should have a track record and “best practices” approach to collecting on your behalf.
In other words, they should be able to provide you with some statistics regarding their success rate for collecting some, or all, of your revenue. Just keep in mind that the longer you wait to contact a collection agency, the less your chances for collecting even a portion of what you are owed.
And once you do contact a company it can take another 90 days afterwards before you begin to see a portion of the money.
That’s why it’s important to know up front that collecting outstanding revenue from your customers or clients is a process. Which means that procedures need to be established in your office (i.e. how you communicate with the agency), techniques used to collect the debt (i.e. phone calls, letters, etc.) and patience for the process to work for you.
It doesn’t happen overnight, to be sure.
Finally, you should know that your customers have 30 days to respond to the collection agency contacting them on your behalf. And when you factor in setting up payment plans, it could be months before the final amount is received.
However, if you ask me it’s better to collect something than nothing — especially when you figure that it won’t cost you any up-front money to hire the collection agency working for you.
Does it pay to get outside help?
Just take your time choosing a company and have some patience with the process. Remember, there are federal and state collection laws that must be followed (another good reason why it makes sense to get outside help).
And make sure you take action before it’s too late.
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…