Business owners need to be educated even though they are quite busy. Use this information to help save time and help you choose a collection agency and why.
Make sure your information is correct
When you obtain information from your customers make sure you ask for and receive as much as possible. This can help you in collecting quick and efficiently.
Know the Cost
Any time you engage in something to save your company time and money you must know what the cost is. When hiring a collection agency, you will want to know your options in hiring them. Is it a fee upfront and a percentage or do you pay a percentage once they collect? It is suggested in most situations it is a better option go with the percentage once they collect. This way you are not paying for services that may not result in a recovery.
At What Point do you enlist help
The point has come you need help. When did that happen? What did it take for you to realize the urgency? Educated business owners are wise with their investments. Was it when your staff was wasting valuable time or was it when you were concerned about making mistakes in the collection?
Educated Business Owner
This is the time you want to do your homework. Due your due diligence and find out if the collection agency or bureaus have a positive success rate. Does a great reputation precede them?
What kind of Better Business Bureau rating do they have? The ideal rating would be an A+. Have they worked in your industry previously? Are they licensed to work in your state? What does the Better Business Bureau have to say about their business reputation?