When it comes to running your business day in and day out probably the most frustrating aspect is trying to collect outstanding revenue.
After all, it’s bad enough having to wait for checks in the mail.
Being self employed since 2004 I know all too well how time consuming it is to track outstanding payments, prepare and send 2nd and 3rd notice invoices… all to no avail.
What’s more, it’s happened more times than I frankly care to remember.
If this sounds familiar to you, perhaps it’s time to get some professional help.
10 Tips When Hiring a Collection Agency
Okay, so you’ve decided to hire a collection agency to help you collect on your outstanding payments.
For starters, you should know that not all collection agencies are the same. Their methods will be different. Their approach and philosophy will be different. How they contact your former customers or patients will be different. They may specialize in working with your type of business… or not.
So how can you be sure which one is the best fit for your business?
Here are 10 tips to follow when contacting a small business agency:
- make sure they are licensed for your state
- make sure they are licensed for the state(s) where your former customers/clients live
- they should be bonded and insured
- ask about their experience working with companies like yours
- ask for their track record in collecting payments
- ask about their methods for contacting your former customers/clients
- consider using collection agencies that are members in good standing with ACA International (Association of Credit and Collection Professionals)
- consider using more experienced collection agencies
- do they offer additional services, such as skip tracing
- ask about their fee structure
By following these tips you should hopefully be able to choose the right agency for your business.
Any company you choose will need to comply with all federal and state collection laws. After all, the number one reason for getting outside help is to shift liability away from you and onto the collection agency. So, by making sure they are licensed and insured you can have peace of mind that your former customer, client or patient cannot sue you for trying to collect on the debt.
Next, by using more experienced companies you’ll have a better shot at collecting most (if not all) the money you’re owed.
Finally, most companies will charge you a fee based on a percentage of collected revenue. Which means you only pay if they are able to collect.
The best part?
No out of pocket expenses for you. And when you get right down to it collecting a percentage of what is owed to you is better than not collecting a anything at all. Especially if you don’t have to do all the leg work to get your customers or clients to pay up.
In my book that’s a win-win.
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 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…