There are all different types of collection agencies so it is important that you choose the one that fits best for your business. Many times collections agencies will try to get your business by offering the lowest price. But how good could they be if they are working for a small amount of money? Chances are they aren’t very good and you will end up losing money.
Search for a collection agency that is professional and has a good reputation. This is very hard because nobody likes to deal with collection agencies, so most of them get terrible reviews. The best way to locate a quality collection agency is to speak with other business owners. This way you get good information from people who are trying to recover money, as opposed to reading reviews from people who owe money and have dealt with the collection agency.
Make sure the collection agency is a member of the ASA, which is the Association of Credit and Collection Professionals. This shows that the company is committed to providing excellent service to all their clients. Usually a company that belongs to this organisation is up to date on all the latest practices and laws involving how to collect debts.
Check out the collection agency’s rating with the Better Business Beureu. If you are going to spend your hard-earned business dollars you want to be sure that the company is not doing anything shady. There are many laws involved with collection practices, and if you hire a company that violates them, your business could be in a lot of trouble. Remember it is your business, and who you hire to collect your debts will reflect on your company. So choose wisely when selecting a collection agency!
It is very important that the company you hire is ethical and professional. If not, look elsewhere because you don’t want to put your business at risk. Otherwise, a good professional collection agency is well worth it, especially when they recover a lot of money for you!