What To Look For In A Debt Collector
Financial control and management is an extremely sensitive area in life, and especially when it comes to your business. There may be times when you feel as though you’ve taken a payment dispute as far as you can, and you need to bring in extra help. It’s important, therefore, that the company you choose meets as many of your requirements as possible to be best suited to not only recovering your money but doing so in a way that reflects positively on you.
Good track record of success
Whenever you hire anyone to provide a service, you want to make sure that they will are capable of providing the level of service that they claim to be able to. Where possible, check that a debt collector has a strong record of success in recovering clients’ money – some may even offer a guarantee that if they don’t succeed on your behalf, you won’t be charged as much (or at all). Additionally, a company that can prove it has experience and success in your particular industry would be a good option.
One of the easiest ways to find a decent debt collection agency is to solicit recommendations from friends or contacts that have used them in the past. If they recommend a certain company, or if you find a company who claims to work on behalf of clients you’ve heard of, then that may be the simplest way of narrowing the field of candidates.
Debt collection is an industry that has a lot of negative connotations – most people’s first image is off a tattooed guy in a suit turning up at your door to take away your TV. However, this shouldn’t be the case. A debt collection agency specialising in bailiff work may have that kind of approach, but most debt collectors use ethical techniques based around maintaining amicable relations with customers. They shouldn’t condone or actively practise extortion, harassment or threatening behaviour because this will reflect poorly on your business, even if you were not aware of the agency’s actions.
You should also check that the agency is associated and accredited with appropriate organisations such as the Credit Services Association, the Chartered Institute of Credit Management and the European Collectors Association. Membership of these organisations marks it as a company that you can trust to behave in the proper way when it’s working on your behalf.
It’s also important to remember that the prices you can expect to pay for the same service can differ wildly from company to company. You should consider whether it’s worth paying a certain price, because if the returns are going to be negligible then it won’t make financial sense to pursue the debt and you should write it off. Alternatively, you may wish to pursue it anyway to send out a message and show that you won’t accept non-payment, but you should be prepared to take it all the way to court if that’s the case.
You may also require a debt collection agency to take on your credit control and financial management. Many have now branched out into additional services, which can make the decision a more complicated one than you might have first thought – they will now need fuller access to your financial records than they would for a simple debt collection. Check that they are able to use technologies that will assist them with things like skip tracing and account management.
About the Author
Alex Sebuliba works as a Digital Executive & Research Writer. Additionally, he works on behalf of STA International, a Debt Collection & Credit Control company, researching and creating guides. He has a huge passion for the Business and Finance sector and he hopes this passion always comes across in his work. In his spare time, Alex loves to read write and share anything to do with business development and motivation.
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- Financial control and management is an extremely sensitive area in life, and especially when it comes to your business.
- There may be times when you feel as though you’ve taken a payment dispute as far as you can, and you need to bring in extra help.
- Whenever you hire anyone to provide a service, you want to make sure that they will are capable of providing the level of service that they claim to be able to.
- Make sure the company you hire provides the best ethical practices, has up to date technology, and has accreditation.