Skip the drama and recover outstanding debts with professional debt collection services.
Overdue invoices and failed efforts to collect can cause you frustration, stress and ultimately financial worries for your business. With approximately 8,500 debt collection agencies in the U.S. in 2017, there is no shortage of professionals to handle your collections for you, but you need to choose your collection agency wisely. When vetting various companies to take on your unpaid bills, be sure to ask the following questions.
Is the Collection Agency Familiar with Your Industry?
Your collection agent should be familiar with the terms and practices of your industry. For example, if you own a law office, your collection agent would ideally know the difference between a deposition and a damage award. A conversational command of key terms and the industry in general gives the collector more credibility.
Is the Agency in Compliance with Applicable Laws?
Any collection agency on your short list should operate in compliance with state statutes, including being licensed as required. Additionally, all U.S. collection agencies are bound by the federal Fair Debt Collection Practices Act, which sets standards for how they operate in collecting personal debts. Legitimate agencies whose practices are in compliance with the law are more likely to handle your accounts in a professional manner. Also, if one of your customers decides to check up, all the agency's ducks will be in a row.
What Professional Groups Is the Collection Firm Part Of?
You know that the company a business keeps can speak volumes about how it operates. Find out whether the collection agency is a member of professional collection agency associations, whether state-based or industrywide.
What Are the Agency's Core Values?
Although your main goal in hiring a collector is recovering outstanding debts, you should look into the agency's philosophy and core value statement to confirm it will handle your accounts responsibly. You should be able to find this information on the "About Us" page, but if you can't, ask the representative you are working with. Some of the watchwords you should be looking for are integrity, responsibility, commitment to quality, goal-oriented and service-oriented.
When Does the Agency Turn Over Collected Funds?
Choose an agency that has an acceptable schedule for delivering the money it collects for you. Do they pay only once a month or as soon as they receive a debt payment?
Get Professional Debt Collection Services That Meet Your Criteria
At LJ Ross Associates of Jackson, Mich., we have provided professional debt collection services for more than 25 years. We operate in strict compliance with all state and federal laws. We specialize in the medical, utility, government, education and financial industries with a highly skilled staff that represents your company in a positive light. Stop by our website today to learn more, or give us a call now.