Business Partner | Collection Agency

Make the right decision for your business.

 

Allowing unpaid debts to go uncollected can put you in the same position as your debtors – trying to conduct business with insufficient cash reserves – only the risks for you are greater. Without revenue, you are out of business.  Collection agencies focus on claiming your debt, so your company does not have to live with a loss and can focus on other areas of your business. It can be frustrating and time consuming for businesses to devote resources toward collecting their debts. Collection agencies have a vast knowledge of collection techniques, technology and compliance issues. Using a professional collection agency will save you time and money. Likely yielding better results than you can achieve on your own. A collections agency can be a good business partner.

Do you have delinquent invoices?

 

Do you ever feel like your customers aren’t taking you seriously when you contact them about their delinquent invoices? Working with a collection agency can make it easier to report slow pays to the credit bureaus.

While payment overdue letters may be enough to remind many customers they owe your business money, sending out all those letters each week or month could be a time-consuming process. Turning it over to us is an excellent way to ensure collections are always handled on a regular basis.

One of the benefits of hiring a debt collection agency is the feedback available on your customers as part of the debt collection process. Agencies can identify customers who have moved frequently and have had previous delinquencies. This is important because experts say that customers who fit this profile are responsible for up to 90 percent of all delinquencies.

While collection agencies are prepared to completely follow through to get the debt paid, it usually doesn’t come to that. Truth be told, for most debts the first notice from a collections agency is enough to jump start the client into paying.

A small gift can mean so much.

We received a wonderful thank you card from our friends at Whitehorse Family Medicine. They are a fantastic group of people to work along side and we appreciate them as a client!

Know your rights.

If you are feeling like your rights have been violated by a collection agency, it’s important to know the laws. Collection agencies and consumers are both protected by the Fair Debt Collection Practices Act (FDCPA). Recently in question was Ceasing Communication. It is important for any consumer to know that if you ask the debt collector to cease all communication with you, you will want to put it in writing. After requesting in writing to no longer be contacted by a collection agency you will want to be aware that there are some exceptions when the debt collector may still contact you; Such as to let you, the consumer, know that further efforts are being terminated. Read those exceptions here.

Hire a Collection Agency | Save Time and Money

Hire a Collection Agency | Save Time and Money

Considering hiring a collection agency is a situation many business owners find themselves in; a collection agency is a lot like a detective agency, except it focuses all of their energy on unpaid debts.

Locating debtors takes time and skill. It’s what they do, searching databases, paying for access to these sites, and knowing just where to turn to find someone. Often times it takes a large chunk of time out of your business to spend the time and energy searching for people.

A collection agency will contact family, friends, and even neighbors in hopes of finding a lead on the debtor. With a collection agency having more resources available to them than the average person or business, it is more efficient as a business owner to turn accounts over to a collection agency.

When is the right time to hire a collection agency?

 

Collection Agency | How do they work?

Collection Agency | How do they work?

Collection agencies use many methods to convince the debtor to meet their financial obligations. Reporting to credit reporting agencies is a very common practice, which affects further credit from being extended to the debtor in the future. Collection agencies use phone contact and mailings, and investigate debtor’s assets to see how best to recover the debts. Locating the debtor’s employment and putting a lien on their paycheck is another way collection agencies recover debts that are owed.

Q&A: I got a collection notice! Now what?

Q. I got a collection notice! Now what?

A. Stay calm; we know that you depend on your income to meet your daily living expenses. Please look at it from the creditor’s point of view for a minute. That company that you didn’t pay also depends on you to pay your outstanding invoices to meet their own daily expenses. Take a deep breath and call the collection agency you received the notice from. It’s better to attempt to resolve the problem before it gets worse.

Should I hire a collection agency?

Often times the number one question is, should I hire a collection agency? The answer is YES.

If you are considering hiring a collection agency, don’t be discouraged. It is a situation many business owners find themselves in. A collection agency is a lot like a detective agency except we focus all of our energy on unpaid debts. Locating debtors takes time and skill. It’s what we do.