In order to be successful in business debt collection, it is necessary to follow three simple rules.
First, seek professional assistance.
Next, find someone who is knowledgeable about collections in general, and working with your industry or niche in particular.
Finally, demand experience.
These rules make sense when you’re hiring someone to join your team, and when searching for an outside vendor. In fact, these rules make even more sense when it comes to business collections.
Why is that?
Tips for successful debt collection
For starters, when making contact with customers who are past due it is important that you follow all applicable collection laws. Otherwise, you could find yourself on the wrong end of a lawsuit.
Next, effective collections is the result of:
Let’s face it, handling this in-house is not always effective for you because your office staff lack the proper training, expertise and insight into the “best practices” for getting your customers, clients or patients to finally pay up.
What’s more, they don’t like doing this on your behalf anyway.
When it comes to finding an outside collection agency there are few points to keep in mind:
- experience with your industry/niche
- years of experience
- licensing for your state
- licensed for all applicable state(s) where your past due customers reside
Next, you must decide who you are going to hire.
First, you want to work with a specialist.
This person will have both the training and the knowledge in your particular business field to get the job done.
Next, choose someone who has a lot of experience. And do not be afraid to ask them for documentation of their rate of success. Be careful not to be taken in by a “fly by night” agency that lacks experience.
It is also important that you understand how their fee structure is set up and how it will work for you. For example, most collection agencies only charge a fee based on a percentage of how much they are able to collect on your behalf. This makes sense because the agency only gets paid after you get paid.
In my book that’s a win-win.
Lastly, before making a final decision ask for references and spend some time checking them out.
Does that make sense to you?
By following these tips you should be well on your way to collecting the outstanding revenue you deserve.
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.
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.
Finally, you can follow the link for our collection agency list and research providers for yourself that can help you get set up for your State or Metro area.
Either way the choice is yours…