5 Tips to Find the Best Debt Collection Agency:
In business, having a lot of debt can mean a lot of trouble. Late payments from customers are one of the main sources of frustration among business owners. Having many debts and delinquent accounts can negatively impact cash-flow and ultimately the growth and stability of a business. Not to mention the fact that tracking down evasive debtors can cost you more money in the long run.
To combat this problem, most companies often hire a commercial debt collector to recover all or part of any unpaid debts. The use of a commercial debt collector can prove, in the long term to be a cheaper option, instead of doing it yourself.
While there are a list of active mercantile agencies specialising in collecting debts, looking for the best one can be daunting.
So, if you are looking for a reputable debt collector that could effectively bring all your customer debt problems to an end, here are some tips on finding the best debt collection agency to suit your needs and know that at Assure Recoveries, we do them all:
1. Check every mercantile agency’s track record
While there are many debt recovery agencies trying to compete to gain clients such as yourself, remember that every agency has its own specialty. Which means no matter what type of business you have; you will always have an agency that is highly compatible with your line of trade. To know which is the best agency for you, try to look for an agency with an established track record of successful collections in your industry. You can also ask several questions to know if they are well-versed in the jargon exclusive to your industry, or any specific rules or regulations concerning your business operations.
2. Gauge their level of industry experience
Being a successful debt collection agency generally requires many years’ experience handling both complex and high-volume debt files and knowing the ins and outs of dealing with debtors. When looking for a suitable debt recovery partner, make certain they or their account managers have been in business for a considerable number of years. This way you can have reassurance that they have a long-standing track record of delivering a high-quality service and success. Visit their official website and see if they have an “About Us or People” page, where you can learn more about the agency that you are potentially going to hire, especially their history and other relevant details.
3. Look for an agency that provides comprehensive reporting
As the client, it is essential for you to have the functionality to track the performance of your selected agency. Debt recovery is a challenging job, and you need to assess how successful the chosen agency is when it comes to collecting your customer debts. A good debt recovery agency should be able to provide you comprehensive reports such as recovery rate, age of the debt, comparison reports and even reports concerning litigation cases.
4. Pick an agency with a “No Collection, No Commission” policy
When looking for an agency make sure that the one selected is “no collection, no commission” based agency. This is important as you can avoid certain charges such as a penalty fee for difficult debtors or any other hidden costs that may be added. A good “no collection, no commission” agent should only charge a contingency fee when they do manage to successfully recover any portion of the debt owed. Those agencies with this policy are a good sign that they are confident in their overall skills and ability to recover debt.
5. Ask if they use modern technology and methods in collecting debts
Aside from the aforementioned track record, you can also ask for any debt collection software and tools that they use so that you can have a rough idea of how they will specifically retrieve your money. Evaluate the agency by determining whether they can provide versatile payment options for the debtor, as well as how they train their employees in practicing that art of debt collection and keeping up to date with industry information.
Please utilise these tips to find a great debt collection agency which in turn will reduce your stress when it comes to recovering your debts! We are here at Assure Recoveries to guide you through. Simply contact us at [email protected]
Assure Global Plus is part of the NCI Group of Companies and is highly experienced in all facets of debt collection. We can assist with all your debt collection & recovery, legal support services and credit risk management requirements.