The key to finding the right debt collections agency for your business
Finding the right collections agency is essential to making sure debts are recovered in as timely and as professional a manner as possible. When you’re considering an agency to partner with to collect any outstanding debts, here are some of the key things you should be considering.
What’s their reputation?
A collections agent is an extension of your business in the eyes of many people, and how they conduct themselves will be reflected on you. It’s important that you do some digging on any companies you’re considering working with, to learn about their reputation and their approach to debt collections. If they’re surly or unprofessional, not only will that make it less likely the debt will be collected efficiently, it will also have a negative impact on the way your business is perceived. Don’t be afraid to be discerning, your reputation is at stake.
Are they properly experienced?
Not all debt collections are the same – for example, a completely different set of skills is required for consumer debt as opposed to commercial debt. Determine what kind of debt collection you need, and then make sure that your collections agency has provable experience in that field. Debt collection is a sensitive process, so it pays to do a little extra legwork just to make sure you’re trusting the task to experienced professionals. Ask about your collections agency’s previous experience, and solicit references wherever possible.
What are their fees and contract terms?
Every collections agency will structure their fees in different ways, so make sure you understand exactly the costs involved before you sign any contracts. Also, make sure to ask detailed questions about how they’re going to handle your collections, the time frame of those collections, and what happens if the collections don’t go according to plan. Know as much as you can about the way the collections agency operates ahead of time – it will allow you to make the most informed possible decision about who you’re going to work with.
A trustworthy collections agency is an invaluable asset – it’s worth investing the time to find the right one for you.