Does choosing the right collection agency really matter?
You bet it does.
No doubt you’ll want to select a company that has a high success rate when it comes to collecting on your behalf. And you’ll want to choose a company with a proven track record of working with companies like yours.
But getting the right agency involves more than simply collecting what’s owed.
Because the methods used by the agency of your choice has a a lot more to do with long term success than you might realize…
Collection agencies in the news
Not long ago a story broke about 13 collection agencies that were shut down by the FTC (Federal Trade Commission). Apparently a number of “rogue” collection agencies had been operating out of Western New York State using a number of tactics that, to be frank, violated one or several collection laws.
So goodbye to a bunch of bad apples.
But the lingering effects of bad or shoddy collection practices go far beyond the boundaries of managing a collection agency.
For starters, attempting to collect on your own behalf becomes much more difficult than in years past for the simple reasons that there are now many more collection agency laws that you must comply with. What’s more, the very people who owe you money are now more aware that their “rights,” if violated, can land you on the wrong end of a lawsuit.
So what does this mean for you?
Only that selecting the right agency has become more important than every before.
Choosing the right agency
So how can you know that you’re possibly talking with the right collection agency?
For starters, you can check to see if they have any pending lawsuits or recent complaints filed against them. But aside from that how can you know that you’re talking with a professional collection agency and not some “fly by night” operation?
It comes down to track record and experience.
Here is a short list of questions you’ll want to ask BEFORE you hire a collection agency:
- how long have you been in business?
- do you work with companies like mine?
- what is your track record for collecting some or all of my debt?
- are you licensed and bonded in my state and the state(s) where my customers reside?
- what method(s) will you use to collect on my behalf?
- what is your typical success rate?
- what are your fees?
By doing a bit of due diligence up front you can be sure that the agency you choose will best represent your need to get paid for goods or services rendered in a manner that is appropriate, respectful and ultimately compliant!
Find the right collection agency
To find a collection agency that specializes in working with a business like yours, simply request a free services quote from qualified and reputable companies.
Click the link and compare free collection agency quotes today.
This way you can save time, money and aggravation by hiring a professional who can help you collect some (or all?) of your outstanding accounts receivable.
After all, when you get down to it you really have two choices:
- you can keep doing what you’re doing (and hope for a different result), or
- you can find a collection agency that can help you recover what’s rightfully yours.
Either way it’s your money… you decide.