Getting Help Collecting Debt
Getting the important things right is essential when you come to make decisions about
choosing the right Debt Collection Agency (DCA) to help your business.
The key points to consider are:
1. Track record
Make sure your prospective Debt Collections Agency has a good track record, with plenty of satisfied customers. Providing value for money is the backbone of any successful Debt Collections Agency's business and it keeps customers coming back.
2. Expertise and experience
Look for a specialist collector whether your needs are for Commercial Collections, Consumer Collections, Probate or sensitive Collections, or other Niche Collections.
A good Debt Collection Agency will be a member of the Credit Services Association (CSA). Look for the CSA logo on the agency's website and give the CSA a call just to make sure. This gives you the comfort factor that the debt recovery service is being provided by an established company that works according to the industry code of practice.
With the complexities of the challenging marketplace, it is vital to know that your provider is a responsible operator and able to give you the most up-to-date and expert advice. An experienced Debt Collections Agency with proven expertise in the market is best placed to offer helpful support when you most need it.
3. Simple administration, regular reporting
Working with an outsourced Debt Collections Agency has one key advantage: it frees up your time to get on with managing your business. Look for a company able to take on your full collections process, and in your name if you wish. You will want regular reports so you can keep tabs on progress. Make sure their reports are going to give you the kind of information that you will need, that is timely information - in real-time, if possible - and easy to understand.
4. Fair pricing
Look around for the best deal - not all debt recovery services are the same. As the market becomes more competitive there are some very good dealsto be had.
However, always beware of hidden charges and check that any attractive initial pricing offer matches an ongoing high standard of client service. Whilst it is important to ensure good value for money, do not compromise on proven excellent service levels - checking out testimonials from their other clients will help you here.
When you've compiled a shortlist of possible suppliers, contact a few Debt Collections Agencies with your requirements and compare their quotes, tempered by considerations of service levels and their client list.
Sources of advice and information:
- Speak to colleagues and ask for feedback on any Debt Collections Agency they have used. There's nothing more powerful than a personal recommendation from someone you trust.
- Phone some debt collection agencies to see how they handle your enquiry and how they then follow through on it.
- Do some of your own research including Google searches - it is quick and easy to check out web sites and this will give you a good impression of the company's professionalism and experience.
- Look at the industry's websites to identify approved companies e.g. Credit Services Association, Institute of Credit Management, Creditman, The Better Payment Practice Campaign and the Credit Management Research Centre.
- Consult the mainstream credit media - online and print - including: Credit Today, Credit Collections & Risk and Business Money. Look out for articles and news of companies that are acknowledged by the editors as voices of authority.
- Finally, don't forget to bounce your ideas off other people in the industry who you trust and any other respected business owners - whatever their sector.
by: Gen Wright
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