Collection agencies abound, from big to small, often offering a handful of services you may not know if you need. If you’re trying to figure out the best collection agency to partner with your business, we’ve compiled 6 important steps so you can feel confident you’ve made the smart decision.
While your impulse may be to go with the agency that takes the smallest fee, it’s important to look at the overall picture. If an agency charges more than its competitor, but has a much higher rate of return, the cash they’ll be putting back in your pocket will likely be more than the cheaper, but less successful agency.
In addition, it’s important that you don’t cut costs at the expense of excellent customer service. The best collection agencies enable multiple payment channels, offer payment plans, and start contacting customers earlier. Finding a collection partner who can supplement your in-house processes will help you have a higher return on investment– and this partner should be as local to your business as possible. You can avoid complaints and increase the likelihood you’ll get paid if you partner with a local agency.
Do Your Homework
You wouldn’t hire a contractor to work on your house without reading reviews of their work first, and the same should be true of your collection agency. Ask for an industry analysis from each collection agency you’re considering, so you can see what they’ve achieved for their other clients (this will also help you with step 1, looking at the overall picture.) Then ask for referrals from other accounts receivable organizations such as accounting firms, the Better Business Bureau or other businesses in your industry. Collection laws vary depending on the type of debt being collected, so it makes sense to find an agency that specializes in your field.
Partners in Moving You Forward
Ultimately, you should be looking for a collection agency to partner with you to improve your processes and put new systems in place that bring your accounts receivable in line. They might offer services to complement your existing procedures, like credit checks or pre-collection payment reminders. The best collection agency partner will increase your bottom line and make your business run more smoothly overall.
More About Alacrity Collections’ Offered Services
Alacrity Collections is proud to be a leader in debt collections since 1982. Chasing overdue invoices is not an effective use of your time. Let our team help so you can work on running and growing your company. We achieve great results that are over twice the national average and treat all of our customers with dignity and respect. We work tirelessly to protect your brand and improve your net returns. To learn more about our services and get in touch, please call us at 1-800-752-9663 or email us at firstname.lastname@example.org.