Choosing A Business Collection Agency
Any business, large or small, that relies on customers and clients to pay for products
and services with cash instruments rather than credit cards has at some time or other needed to get help collecting past due accounts. This is when you need to find a reputable business collection agency.These agencies usually have standard businesses practices by which they operate. They understand consumer protection and privacy laws and abide by them. However, consumers still complain about some of the overly aggressive methods used by collection agencies that are either blatantly illegal or border on harassment. Why do they do things that way? Because if they don't collect any money, they don't make any money.
Before signing a contract or providing information on your clients, call the Better Business Bureau and check on reports. If there are a few consumer complaints, especially ones that aren't resolved, you should stop right there and find someone else. Remember, your reputation is at stake, too.
It's always a good idea to check for complaints with the local Better Business Bureau, too. Too many complaints is a big red flag that you should look elsewhere for a firm that has a better track record.
Be prepared to pay about 50% of what the agency collects for you. This might sound high but remember they are doing all the work. Their overhead is typically pretty high, especially if they are unsuccessful in collecting money for you or even them.
If you prefer you can choose to work with an agency on a retainer basis where you pay a fee every month in exchange for unlimited services. This might be a good idea for large companies who have an ongoing problem with unpaid bills, but it probably isn't a good idea for a company that only needs sporadic collection services.
Before handing over your customer files to any collection agency, make sure this is really what you want to do. Almost everyone is having financial difficulties in today's recession, and even the most loyal long term customers might have trouble paying bills on time. Think twice before having them threatened with collection problems. Only resort to this if your customer is refusing to answer letters and phone calls and shows no signs of trying to work out a repayment plan with you.
business collection agency
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