What should my business look for when hiring a collection agency?

Our team gets this question all the time when they are out at networking events and other occasions. What should I look for when hiring a collection agency for my business?

The first thing you should look for is reputation. Like any industry, there are good businesses and not so good. This is not just confined to collection agencies. But the collection industry gets much of the coverage for the bad ones. In short, do your homework and contact collection agencies that appear to have good values.Questions about collection agencies

Find a collection agency that has experience working in your industry. In some cases, collecting money from consumers is just that; collecting money. But there are industries, and it could be yours, that have various aspects of the business that your collection agency should be aware of. For example, if you’re looking for collection agencies that work with banks, you’ll want to know they have knowledge of banking products.

Look for a collection agency that has a low cost alternative. This is especially attractive for a small business looking for a collection agency.

Find a collection agency that wants to help you keep your customers. We all work hard to attract new customers and we never want to lose them. So work with a collection agency that will treat your customers with dignity and respect.

Need more advice on collecting? Contact our team today!