How do you know if outsourcing debt collection services is right for your company? Here are five signs partnering with a collection agency might be right option for your debt recovery solutions:
- Debt Collecting takes Special Training and Skills: Unless you have a dedicated staff member who is properly trained in debt collecting and focused solely on that task, you’re leaving money on the table.
- Your staff doesn’t have the time: Again in most companies, collecting aged receivables is one of many tasks on an employee’s plate. As a result, there’s often too little time spent turning accounts receivable into cash.
- Your people hate doing it: Let’s face it: debt collection calls can be uncomfortable and difficult. If your staff isn’t comfortable asking someone to pay what they owe, they usually won’t be successful in recovering those debts.
- You’re unable to collect some accounts: You have a business to run and it’s not a debt collection agency. If your collection practices are not optimal, your team may struggle to collect your consumer debts. By hiring a collection agency that is trusted and trained, the money that is rightly owed to you for services rendered will most likely be paid.
- You’re in the dark: Not sure how effective your debt collection practices are? The lack of regular, structured reporting about your debt recovery efforts can hamper your collections. It’s tough to hold your team accountable for debt collection without a tracking mechanism in place. A quality debt collection agency will be able to analyze your accounts and provide you with reporting so you know where everything stands.