Choosing a Collection Agency to Help You with Customers Who Won’t Pay

Choosing a Collection Agency to Help You with Customers Who Won’t Pay
0 comments, 16/04/2015, by , in Debt, Loans

Even if your company tries to satisfy all customers, there are people who will deliberately break all your rules, including not paying their debts. If you have more than a few thousand dollars’ worth collectibles, then it would be wise to hire a collection agency.

A trusted collector company will be effective in recovering debts, as they know which strategies to use. They also have the tools to locate debtors who haven’t completed their payments yet. In some cases, they can also provide accounting, coding and other services.

These practical tips will help you find the best collection company:

Seek referrals

You can get them from your business partner, attorney, accountant or any trusted person who knows the industry inside and out. Find out why they have been recommended and whether they abide by strict laws.

Search the ACA International database

If your friends can’t recommend anyone, search ACA International, the Association of Credit and Collection Professionals, which has a list of collectors with ethical standards.

Check the Better Business Bureau

If you’ve found collection companies that are worth considering, check with the bureau for their ratings. If there are multiple complaints about the firm, you had better find something else.

License

See to it that the collector is state-licensed or bonded. Several states require this kind of protection. Also, check where the agency license is registered as laws vary among different states.

Reputation

It’s important that the integrity of the company is also considered. If it has a questionable background, as this can lead a disastrous ending.

Lastly, visit the collection firm’s office before you commit to anything. Learn more about them. Get a good feel of how they do business. Don’t worry about the size of the company. A large company may not necessarily mean it’s a better fit for your needs, while a small one doesn’t indicate incompetence.

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