- 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.
Fairway Capital Recovery Blog
Forget what you know about a typical collections agency. Fairway Capital Recovery (FCR) is an Accounts Receivable Management company that not only can assist you with recovering debts, but is also able to help you set up those accounts receivable processes to minimize the amount of debts needing recovered.
Recent national news coverage about the collections industry has brought into question some of the actions of a minority of Collections Agencies. This coverage has cast a negative light on the industry, but does not accurately represent the actions or commitment of Fairway Capital Recovery.
Topics: collection agency, hire collection agency, accounts receivable management, debt collection, collection industry news, collection agency calls, questions about collections agencies, collections agency
As with any change, the decision to outsource debt collection will require you to communicate with key stakeholders and get their buy-in before you can move forward. Follow these five steps to begin building a case for outsourcing debt collection at your company:
There are a lot of great collection agencies serving the needs of businesses all over the country, but there are also some who do not have the best interests of their clients at heart. Here are six things that some collection agencies do not want their clients to know:
Debt collection agencies use a variety of tools and tactics to successfully collect debts on behalf of their clients. Professional collection agencies often use the following six tools to maximize debt collection:
Many companies choose to outsource debt collection because they don’t have the time or
expertise to do it themselves. Hiring a collection agency ensures that your staff can devote their time to other value-added initiatives, instead of stressing over collection calls. But before you hire a collection agency, here are ten questions to ask to help guarantee they are the right partner for you: