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Collection Agency, Recovery Agencies

 

 

How to find a collection agency

Every business that offers credit to its customers and clients will eventually have a collection issue. For whatever the reasons, some of your accounts are going to become past due. Despite all of your efforts to get that customer or client to pay, they will not. You can make all the calls and send all the letters you want. They will not pay you. That is why you need to call National Asset Management.
Some national collection agency associations say to call an agency after an account is 90-days delinquent. Why wait so long? The longer you wait to collect, the less likely you are to collect. Here's a good rule of thumb: When the cost of collection exceeds the benefit of collecting, it's time to use a collection agency. But, which one of the nearly 6,500 of them should you call?
Be choosy. Be careful. Make sure you feel comfortable with the agency's representative. Consider not what the agency considers important, but what you feel is most crucial for your business. The agency's reputation is definitely something to consider. You also need to employ a firm that fits your corporate culture and provides the kind of relationship you consider important. One that understands your expectations and will partner with you to help you meet your goals. One that values your reputation and will do nothing to ruin your company's good name and image.
Things to consider...

  • Integrity: How do you want your former clients treated? Do you want them browbeaten by dishonest collectors who will say and do anything to get that account to pay? Or, would you like an agency to work with your accounts, to treat them fairly and work out a plan to make everyone happy? Once a past due account is recovered, there is a decent chance that debtor will once again become your customer. Make sure you select an agency that values integrity and will provide your company with solid public relations. The way an agency treats your accounts is a direct reflection on your company. A reputation for unethical collection practices and unprofessional treatment of customers will not help you attract new customers. Your old customers will not come back, and they will tell everyone within shouting, calling or emailing distance not to do business with your company.
  • Size and Location. Collection agencies come in small, medium and large sizes. They can be local, or national. If you are looking to collect on a past due account that happens to be right around the corner, or in the same vicinity, maybe a small agency with a solid knowledge of the area and local contacts may be the right choice for you. However, if you are looking to collect from accounts all across the country, a large agency with the legal right to work in all states is what you need. The size of your company and the reach of your operations should match that of your collection agency.
  • Experience: How long has the agency been in business? How much experience does the company leadership (executive and managers) have in collections? Are their collectors certified by an independent association? You need to determine if the company has enough expertise to effectively handle your most valuable asset, your customers.
  • Fees: The contingency fee (i.e. no collection, no fee) is by far, the most common way a collection agency charges its clients. If you are speaking with a representative from a collection agency and he/she does not ask questions to learn about your accounts, hang up and call someone else. This is what a reputable agency will take into consideration when providing you with a rate quote:
  • The number of accounts you would like to place into collections.
  • The total amount of debt or the average account balance.
  • The age of the accounts.
  • The type of debt it is.

If you are not asked those questions before getting a quote, call another agency. There are other ways a collection agency will charge for their services, however, if no effort is made to learn about your accounts, your best interests are not their top priority. Remember, don't get caught up comparing quotes. While a concern, the rate you get is not the most important thing an agency has to offer. Results are.

  • Industry Specialists: In general, the collection process is pretty much the same across industries, with the exception of healthcare, where special regulatory conditions exist. Agencies working accounts that are governed by such regulations must be experienced and know the laws involved. If you are looking to have healthcare accounts collected, ask what percentage of the agency's clients are healthcare related. Select the firm that conforms to all HIPPA regulations, and has a track record of success in that vertical.

Using this information, you should be able to select the collection agency that's right for you. One other thing, look for a partner. Debt Collection is not a short-term fix. You want a firm that is in it for the long haul and will not quit working your accounts. You also want an agency that will add value to your relationship.
For more information or to talk to a representative about our services, please call 1-412-424-0250 or click the following to send your request by email: Email Us.

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