Why should I use a collection agency?
In the “old days”, people did what they said they were going to do…including paying for services and products rendered. Today, times have changed somewhat and companies are losing significant profits as they are forced to write off billed amounts when customers fail to pay their debts. This is money lost to you and your company. Many companies try to collect on their own, but this takes away from what you really do as a business. Then there are other questions to ask:
- Can you reach the person during regular business hours?
- Do you have their correct phone number and/or address?
- Have they relocated since they incurred the debt and failed to notify you?
A reputable collection company’s sole focus is collecting on your delinquent accounts and they have expertise, experience, resources and a track record of collecting these types of accounts. This leads to a faster collection rate than your in-house departments may have time to do and enables your staff to focus on their day to day procedures.