Working with Collection Agencies

Business.com / Financial Solutions / Last Modified: February 22, 2017

Collection services can help you step up your delinquent collections as well as handle all your credit accounts. You should take ...

Collection services can help you step up your delinquent collections as well as handle all your credit accounts. You should take advantage of the expertise developed by collection companies. Debt collection agencies can get you the most response by utilizing the automatic calling technology and personal collection techniques they’ve perfected.

Medical collection agencies often will purchase your bad debts and assume the collection. While using debt collection services often means fewer revenues, it can often supplement your income stream by taking those uncollectable accounts off your books. Many bill collectors are breaking ground with fresh ideas and new bill collection solutions. There are a number of ways you can begin working with collection agencies.

1. Let a debt recovery firm collect your accounts

2. Look for commission based debt collecting services

3. Bring a collections agency in-house

Use a full-service debt recovery firm

Building relationships with your collections agency can take time and resources, making it beneficial at times to stick with one agency for all your debt collecting services. A full-service debt collecting agency will know your company well and should be proficient in all avenues of collections.

Negotiate for bill collection solutions

The niche agencies become more efficient when they stay within certain industries. They can often bring more experience to the table that can help you get more from your collections. Consider hiring a collections agency that specializes in collecting debts from other businesses with the same customer base as yours.

Get the most from debt collection agencies

There is a growing market for collection services, with new agencies opening regularly. You should consider using a stable collections agency with experience. Look for measurable results. Ask around your network for referrals to reputable and successful collection companies.
  • When you are working with a new collections agency, start out with a short-term contract to take time to measure the results. Continue the relationship only if they are producing the results you need.

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