To hear them tell it, debt collection agencies will all recoup your money faster than the other guys. Slogans sound alike, and it can be difficult to tell what sets debt collection agencies apart.
Companies need to know who to trust, as they can’t rely on just anybody to keep their accounts healthy and revenue where it should be. Here’s what separates the best debt collection agencies from the rest.
Dignity for Everyone, Always
Debt collection agencies don’t always use the softest methods to recoup the money. Sometimes they send harassing messages to third parties who have nothing to do with the issue at hand to pressure them and get someone else to pay.
The leading debt collection agencies never use these tactics! Not only is it demeaning and aggressive for the people involved, it doesn’t yield the best financial results. Debt collection agencies that stress humane and dignified treatment at all times can double the industry standard.
Sometimes you’ll need to speak and work with the people who currently owe you money, and you don’t want to burn any bridges. Letting a debt collection agency that never uses aggressive tactics helps keep your accounts full and your relationships positive.
What do you do when someone who owes you money doesn’t want to be found? It’s not an uncommon occurrence. You only hire a debt collection agency because you’re owed money in the first place, right?
For difficult cases in situations where people don’t want to be found, the collection agency you hire should have a licensed private investigator with experience and a track record of locating people and having them pay up.
Employees Can Drain Money
Sometimes, employees in a company are the source of the drain. Perhaps they buy things for themselves and charge them improperly to the business, or maybe there’s sincere confusion around how the policy works. Either way, the company shouldn’t be on the hook.
Employees can undermine the business in other ways, too. For example, some companies pay for their employees’ ongoing education or training, which can be a great way to offer customers and clients better service.
However, if an employee takes the free training and then abruptly quits, the company may be entitled to compensation. After all, they shouldn’t have to pay for their competitor’s well-trained employees, which can potentially occur.
That’s why hiring an employee debt collection agency can save your business money and prevent this money from leaching away. Your employees do wonderful work, but if they’re also draining money away, they need to be stopped. Leaving this to people with loads of experience can help your company thrive in a sensitive area.
If a penny saved is a penny earned, you can’t afford to let money that should be in your accounts already get away. However, it’s hard to get past the talking points and check out the substance of what they really do. Look for one that delivers on all the above, and you’ll have more of your money back in less time.