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There are many great debt
collection agencies that can help your business save the bottom line, and get
you the money you are owed. But there are also many debt collection agencies
that will not fulfill your company's needs, so here are four tips to help you
choose the right debt collection agency for your business.
The Agencies Reputation
As with most of the hard decisions
for your company, word of mouth information can be the best way to tell whether
or not a debt collection agency will be right for you. There are also many
listing websites that can tell you what the highest rated agencies are and some
testimonials on how the agency has helped other businesses.
Industry of Collection
Different debt collection agencies
specialize in different industries. Making sure that you choose a debt
collection professional that is familiar with the industry that your company is
in will help you choose a debt collection agency that is right for you.
Timely Remittance
Make sure that the debt collection
agency that you choose has a timely remittance policy, so you can ensure you
will get your money and get it back to work for you, as swiftly as possible. Some
debt collection agencies can hold your money for a long period of time, so this
is also very important to check.
Cost Effectiveness
Budgeting a total cost to loss
ratio when choosing a debt collection agency is an important consideration.
Make sure you are not paying more than you would be collecting from potential
debtors. The idea here is to improve your bottom line, and if you are paying
for more than you need, you are wasting money on a useless service. Many good
companies will grade the costs of their services to your needs.
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