Choosing a third-party collection agency Is a big step for some businesses. The business needs the cash flow, and is frustrated customers are paying late or in some cases not paying at all, but need a solution. Many businesses have tried various tactics and strategies using internal resources, but there comes a time when you need to seek outside help for collections.
That company is going to be representing you whether in written form or through phone communications with your customers so it’s important that you as a business choose wisely.
If your organization is currently looking to hire a debt collection agency, there are several things the best agencies in the industry do and do well. Here are just a few.
A collection agency should understand respect and dignity
The best agencies in this industry understand the need for compassion when dealing with consumers. A consumer may owe a business money for various reasons. It could be an oversight, it could be a misunderstanding such as in medical debt collections, or in some cases, it can be an outright refusal to pay the bill. In all these circumstances, it’s important to understand that we are still dealing with human beings and they should be treated with the respect they deserve. Not only is it the right thing to do, but it is far more effective in resolving financial matters than just demanding a payment. The collection agencies that understand respect and dignity as an overall part of their business are far more equipped to produce better results.
Well trained team members in all areas
When it comes to training debt collectors, there are several areas that agencies must focus on. And the best agencies out there understand the entire approach to training team members. When it comes to collectors, training in how to work with consumers, and create resolutions together is mission critical. Just as important is understanding laws and regulations for debt collectors. Because we are a national collection agency, our team members need to understand there are different regulations in almost every state in the country.
Training in the areas of customer service is equally important. Many of these small businesses that hire collection agencies can be stressed out because cash flow is critical to staying in business. Our customer service professionals need to not only train our clients on our web-based portal, but they need to solve problems occasionally and provide a comforting voice to clients that may be struggling with that cash flow.
A culture that supports well-being and growth
It’s no secret that dealing with consumers that are having financial challenges can be stressful. While our collectors do get tons of compliments from consumers about how they handled the situation, there are those conversations that will not go as smoothly as planned. The best collection agencies understand the importance of employee well-being. Employee benefits are incredibly important, but it’s also the values of an organization, and the support that employees are provided that makes a big difference.
Make the process of collections stress-free for a business
A business has already extended credit to a consumer and has not gotten paid. That business is now suffering a cash flow crisis which is adding additional stress to the operation of that organization. The process of getting customers current on their financial obligations internally can be resource intensive. That’s why a great collection agency should make sure the process of collecting money is easy for that business. That includes a web-based portal for collections where accounts can be entered any time of day, it’s the best customer service, as well as a low-cost solution to collections.