If you are like most business owners you prefer to handle debt collection in house, rather than turning to an outside company for help.
Some feel that hiring a collection agency will lead to their company getting a bad reputation.
Others feel that it is simply “too expensive” to hire a professional collection agency to help collect on their outstanding accounts receivable.
And yet, just the opposite is true.
In fact, here are three ways how hiring an outside company will improve your bottom line…
Frees up your staff and resources
The best time to collect is now.
Once your customers become more than 90 days past due it becomes harder to collect even a portion of what they owe you. And when your staff are handling this for you that means it becomes increasingly more time consuming as well.
What’s more, your staff aren’t trained in collections.
They lack the expertise and experience to really be successful for you. And on top of all that they really don’t like making collection calls on your behalf. It’s not what you hired them for, and not what they are good at.
So why are you handling this in house again?
Improves your debt collection
Let’s face it — if your best efforts to collect on your own haven’t worked then it’s probably time to get some professional help.
Why is that?
For starters, communications that come from a third party debt collection company are less likely to be ignored.
You’re showing that your business means business!
Secondly, when you choose the right collection agency for your business, practice or medical office you are using specialists that have a proven track record when it comes to collecting on your behalf. Their best practices and metrics should give you a clear idea how much of your outstanding debt they are likely to collect for you.
And finally, collection letters and calls also clearly inform your former customer, client or patient what the next steps are with respect to the collections process: whether that be credit reporting or the potential of litigation.
Avoid possible legal issues
This is probably the single biggest reason for hiring an outside agency to collect on your behalf.
Given how litigious our society has become, even a minor violation of collections laws could land you on the wrong end of a lawsuit —and from the very people you are trying to collect from!
State and federal laws and regulations protecting businesses and consumers must be followed even if the business is collecting for itself.
And when your customers are located in different states they may have different rights, making the process even more confusing when trying to collect on your own.
Now factor in privacy and healthcare acts and the increased liability — and difficulties — associated with business collections becomes even more daunting.
Any reputable debt collection agency worth hiring should be well versed and experienced in complying with all state and federal laws.
Does that make sense to you?
If so, perhaps it’s time to…
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 and collect the money you rightfully deserve.
Use the link above for your free quotes, or click to find commercial collection agencies for your State or Metro area that can help you recover lost revenue starting today.
Either way the choice is yours…