You’ve tried to collect on your overdue invoices and you’ve had minimal success. It’s now time to bring in a reputable collection agency for your business. But where do you start?
Here are a few tips to help you find a great collection agency for your business.
First, make sure you have your goals in place. Do you have small accounts that need to be recovered, large accounts or both? Or, do you have an ongoing need in your business? For example, if you’re looking for collection agencies that specialize in lawncare companies, or collection agencies for medical debt, you probably have a regular need year-round.
With that being said, find a collection agency that knows your industry. Many collection agencies including American Profit Recovery will have team members that have spent time in your industry. Examples include small business, banking, lawncare and landscaping and many others. Each industry has their own set of circumstances so ask good questions when you interview that collection agency.
Next, ask for referrals from your network. If you know of a business that has had good experiences with a collection agency, that is a great place to start as well.
Find a collection agency that shares your values. What you don’t want is a collection agency that treats your customers poorly and damages your reputation. Your end result should be to collect the overdue balance and resume doing business with that customer.
As always you can search for collection agencies in Google but make sure you are doing business with a reputable company. Ask them what organizations they belong to and you might even want to see what they do for their community.
As you probably know, not all collection agencies are the same. Do your homework, ask good questions and make sure they have a solution to your cash flow problems.
Have more questions? Contact American Profit Recovery today or hop on over to our blog.