Why Would We Hire a Collection Agency?
5 Reasons Why You Would Hire a Collection Agency
One of the top reasons businesses fail is the lack of cash-flow. Collection Agencies have gotten a bad rap and rightfully so with some of the people claiming to be reputable. Those people were out to make a quick buck as they say. Hiring a collection agency is EASY! Hiring the RIGHT agency is not so easy. Are they reputable? What kind of rating do they have with the BBB?
Did you know….
We don’t get paid until you get paid
Some agencies charge you a large up-front fee and then a percentage. They get paid even if they don’t collect. Why should they. If they are not working in your best interest and they get paid either way, what would make them invest more time into making sure you recouped these unpaid invoices.
Are you well versed in the laws of your state? Do you know how to protect yourself? Third-party agencies are knowledgeable in both federal collection laws and the laws that govern the states they collect in. Don’t risk using someone in your business that isn’t aware of the laws nor the quickest way to recover unpaid debts.
When you work with the RIGHT agency, you will find they work around you and your specific needs. They have several programs to offer and you can choose what best fits into your needs. Every client is different and have different needs. Ask if they have ever collected for your industry. Are they insured in your state? Do they use any specific tools to find people who skip town?
A collection agency has the skill set and it is their primary focus to collect for you. Hiring a professional insures your success. They know when to collect, what tactics to use and techniques to legally get your debtors to pay. They are also skilled at not running debtors away but negotiating with them the best terms to make sure this payment takes place.
Speed Up Results
Debtors know you are serious when you are working with a collection agency. You can spend time and money trying to recover invoices, but they don’t take you seriously until it comes from a collection agency. Speed up your results but having a system you automatically turn over your collections at so many days late.