If you spend any time on Google looking for a collection agency then you have no doubt seen many articles on various aspects of collection agencies, good and negative. The fact is that in any business, you see the exact same thing. Let’s take food for example.
How many times have you gone online to look for a restaurant only to find a wide range of reviews and opinions about that business. Some of these opinions are valid while other may be misleading. Not all businesses are created equal and that goes for just about any industry.
What we can tell you about the collection industry from a positive aspect is that this is a necessary industry for both business and the overall economy. Without the collection industry, many in business would be out of business.
In a recent study conducted by Ernst & Young, a global advisory firm, it was once again established that there is much good coming from the collection industry that the general public may not be aware of. And we’d like to point out a number of facts.
In 2016, the collection industry returned $78.5 Billion to the businesses that were owed this money. That money goes right back to people that have provided products or services that they were not paid for on time. Ans as you might imagine, goes to help them pay their bills and keep others employed.
The collection industry employs over 218,000 professionals across the country. In Massachusetts and Michigan where we have offices, the collection industry has created over 7,300 jobs. Those jobs have provided over $557 million in payroll.
Many in the collection industry donate time and money to great causes. We see it every day. Another collection agency doing important work in their community. It could be donating time and money to a local food pantry, putting a team in for a cancer research walk and even more. Here at American Profit Recovery, we have a number of charitable initiatives including Summer Charites of Choice where ae support no less than ten charities each year, our Adopt a Family program during the holidays and jumping into the icy-cold waters of Michigan to help support Special Olympics.
There is no doubt that this industry gets quite a bit of negative press, comments and overall perception. But facts do tell a different story.
Imagine you are the owner of a business that has trouble getting customers to pay. That creates such a domino effect that many might not understand. It starts with their own bills, leads to difficulty in making payroll and in some cases, layoffs due to cash flow not coming into that business.
So, you can see not only the impact of the debt collection industry but the importance of it in our economy.