Let us tell you why it’s best to let a collection agency do the collecting.
If you’re a business owner, you probably understand better than anyone else, that next to expert management, cash flow is one of the most important things a business needs to stay afloat. This means that in order to maintain a constant flow of cash, your business must collect payment for all products sold or services provided.
Sounds easy enough, right? Wrong.
Truth is, some customers make it extremely difficult for you to obtain payment for services rendered and if you aren’t careful, this constant lack of payment collection from various customers could run your business into serious debt.
Luckily, however, all hope has not been lost.
If demands for payment from your debtors have been unsuccessful, hiring a debt collection agency such as MCA, could prove advantageous in the collection of your outstanding debt for the following reasons:
High Possibility Of Successful Debt Recovery
For Debt Collection Agencies, recovering the debt is what they do best.
As a result, not only are third-party collection agents trained professionals in the best techniques to successfully achieve debt recovery but to many debtors, they pose a much greater threat than you do.
Unbeknownst to many, is that debt collection agencies have the ability to communicate unpaid debts to the credit bureau; an action that can negatively impact a debtor’s credit score for years to come.
To avoid this, debtors are usually more willing to make payment arrangements with collectors than with you.
Takes The Burden Off Your Business
The work required to obtain outstanding debt is a very time consuming and demanding one.
As a result, having to call delinquent customers yourself or assigning a member of your staff to do so, can really eat the day away.
By hiring a third-party collection agency, not only will the likelihood of successful debt recovery be increased, however, you’ll now be able to dedicate all your time and efforts to where it’s needed most, your business.
Protection From Lawsuit
In the debt collection world, there exist a lot of state and federal laws that govern the way debt can be collected.
More often than not, these laws are not well known by business owners, reaching out to their debtors, which could result in numerous potential legal issues.
Using a debt collection agency that is familiar with these laws could therefore protect you and your business by eliminating the legal risks posed when you endeavor to collect debts on your own.
Documentation Of All Debt Related Communication
One strategy that professional debt collectors utilize that may differ from that of a business owner in collecting debt is the practice of record keeping.
Debt collectors document every attempt made to collect debt making it easier for you to demonstrate said to a court, should you in the future sue a debtor or for tax purposes should you claim bad debt as a tax deduction.
Leave the Debt Collecting To Us
Need help collecting your unpaid debts? Reach out to MCACollectionAgency today and let’s recover your debt.
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 it! Why not try and re-coop some of your past due accounts with no out of pocket expense?