Debt collectors can collect when you can’t. Over the past 23 years we have earned a winning reputation within the accounts receivable industry by routinely exceeding our clients’ expectations and staying true to our mission of continuous improvement. Insureds sometimes do not want to do audits. Generally, the debt would need to be over $50.00. Communication– If the agency is hard to get on the phone when they are earning your business, how can you expect them improve once they already have secured you as a client? Should you decide to sue, the collection agency will most likely have enough evidence to prove that sufficient effort was put forth into collecting the debt, and the debtor failed to cooperate. Reason #3 | Sarbanes-Oxley Compliance After the infamous demise of Enron in 2001, the Sarbanes-Oxley Act was established to “protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes.” Most debt collectors will work on what is called a contingency rate. Hiring a collection agency will mitigate the legal risks involved in trying to collect the debt on your own. If the collection agency you are talking to hesitates on the idea of a potential bonus for your recovery rate benchmark, don’t think twice, keep looking for another agency. Traditionally, a debt collection service will send a 'letter of demand' to the debtor on its letterhead, demanding that the debt is paid by a particular date or legal action may be taken. We cannot move the process forward without a current address. Depending on how the debtor responds to our letter of demand may determine how long it takes to recover your money. If it is not, it is hard for that business to grow. 2. This is where a professional collection agency can be the tool for recovering money that is … The debtor agrees two weeks later to pay the balance in full. On the external front, best-in-class agencies protect against data breaches with the Payment Card Industry Data Security Standard PCI DSS 3.2 (PCI DSS 3.2). When it comes to debt collection, no one wants to end up in an awkward situation! Trust your instincts. The worst case scenario, if the agency is unable to collect any payments then a company owes the agency zero. Hiring a debt collection agency is a microcosm of making personal decisions. 09 580 2444 | info@marshallfreeman.co.nz, United States If you're looking for a debt collection company that gets results, please get in touch as our experience has shown we are able to collect small business debts most other collection companies write off. They may make poor excuses, or not answer their phones! When it comes to the debt collection process there are two “sides”—the side of the consumer and the side of the creditor. Furthermore, phone centers are restricted to only authorized personnel who have limitations on the type of personal items allowed in their possession (e.g. When an agency offers a low contingency fee, there is a reason. Fast, Assertive Debt Collection by Experienced Professionals, 7 Aspects of a Successful Debt Collection Process in 2020, 5 Things You Need to Know about Debt Collection Agencies Before Hiring a Debt Collector, When To Collect – And When To Forget – A Debt, 5 Reasons Stopping You From Hiring A Debt Collector – And Why And When You Should, Pro Collect has been rated 5 out of 5 - based on 6 client reviews. 3. Whereas it is not possible for business owners to execute this task effectively. Moreover, it becomes difficult for every business to focus on its main operations during this period and it eventually costs it a lot of time, money or energy. Here are a few of the many reasons why you should hire a debt collection agency to manage your accounts receivables. Privacy Policy | Legal Notice | Language Access, 11 Reasons to Hire a Debt Collection Agency, Brown & Joseph Launches Community Outreach Program, 10 Tips for Improving Customer Experience, Mark Dierking, Premium Audit Manager at CPAudits, Virtual Insurance Conferences to Attend in 2020. Industry Experts– After some browsing, you may notice that most collection agencies have certain industries they specialize in. So the question becomes: why wouldn’t you hire a debt collection agency? To discuss your debt(s) just call us or get an obligation Free Assessment now. Try this: Look at the returns you’ve seen previously and give them your expectation for the percentage of files you expect them to recover at a regular rate. This means, a company will not be charged any fees upfront. This is a good idea for all businesses, big and small. They have expert agents to complete the recovery work successfully in a limited time. Many business experts have also endorsed the importance of a debt collection agency for every organization.