When you are thinking about hiring a collection agency to recover overdue invoices you need to consider a few things. Here are the Easiest Ways to Pick a Collection Agency. We want to make sure they don’t put the squeeze on your wallet! Our recommendations are listed below:
Make sure they have experience working in your specific industry. Keep in mind collections for a retail establishment would be completely different than a bank with a mortgage or a dentist compared to a car dealership.
Does the collection agency use skip tracing to find those trying to avoid paying their debt?
Is the agency up to date and compliant in all federal and state regulations? This becomes most important as it is to protect you the client.
Does the collection agency give you the option of paying once they collect or do they charge a hefty fee up front? Typically, it is best to work with one that works on a contingency basis. If they do their job well then you pay for their services. If not, you could pay the hefty upfront fee and still retrieve nothing. Make sure you understand the fee structure of the collection agency.
How do they rate with their visibility? A good collection agency would have a strong digital online presence. This typically means it is easier to stay in touch with the collection agency on a regular basis.
Keep in mind this is your money you are trying to collect and you want to spend as little as you need to collect. Make sure your choice of collection agency is a reputable one with a great track record.
MCA is a third party debt collection agency that has been in constant business since 1950. We are rated A+ with the Better Business Bureau and we pride ourselves on excellent customer service along with delivering great recovery rates. There is no cost to you unless we collect! Why not try and re-coop some of your past due accounts with no out of pocket expense?