There is a big difference between working for yourself and working for somebody else, and it comes down to how you get paid.
So much for the obvious.
Essentially, your business success depends upon your ability to get new customers, clients or patients for your business AND making sure that you are paid in a timely fashion for the goods or services you provide.
So what can you do when staff phone calls and past-due notices aren’t getting the job done?
Business collections simplified
At the end of the day the primary reasons for using an outside agency to collect on past due accounts comes down to: reduced liability, since they are making calls on your behalf, and efficiency, since a professional agency has the procedures and expertise to get the job done for you.
However, before hiring an outside agency to help here are three things to consider to make sure you choose the right one:
- Track Record
Of these, perhaps experience is the most important as it has a direct impact on the other two points.
In the past, some of the larger debt collection agencies were notorious for hiring college kids right out of school to make collection calls since the job was considered “rather simple.”
However, you’ll want to work with an established collection agency that uses experienced – and professional – collections experts to recover your lost revenue — for obvious reasons. So the first point when speaking with a commercial collection agencies to make sure that only experienced reps will be dealing with your outstanding accounts receivable.
The next issue to consider is time-frame.
After all, the whole point of hiring an outside agency to collect on your outstanding bills is because they can typically collect the revenue in a shorter period of time than you could on your own.
Remember, time is money.
Hiring an experienced debt collector should be able to provide you with immediate results. The ability collect outstanding debt requires:
- skill (training & experience)
- and the ability to negotiate terms that will be agreeable to you and your former customer or client.
When it comes to recovering outstanding revenue the business adage that “something is better than nothing” certainly applies.
What’s more, the conversion rates of experienced rapid will be much higher than choosing a company that uses under-trained rookies for the job. And when you get right down to it, you certainly don’t want to be a guinea pig providing a “training exercise” for newly hired staff of the collection agency.
Finally, you should ask about the track record of the company are speaking with. Any professional collection agency should provide you with an overview of their success record in collecting outstanding debt for companies like yours. As much is possible work with companies that have some sort of track record in working with your industry or niche.
After all, it’s your money.
Does it make sense to hire professional organization that can help you collect the money that you are rightfully owed?
Ready to find the right collection agency?
Save time, money and aggravation by hiring a professional who can help you collect some (or all?) of your outstanding revenue.
Click the link and compare free collection agency quotes today.
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.