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Collection agencies help you to recover funds you would have to write off.
When appropriately used a cooperation with a commercial overdue collection company can be a maximized resource for your own company. But you have to respect some basic rules to make a common profit out of the started actions.
• Place the accounts at the right time not to soon and not too late.
• Deliver all the pertinent documentation and a background story
• Trust the advice and counsels of the collection professionals
• Don’t go directly in touch with the debtor when he is in the hands of the agency
• Make the cooperation not with extreme old invoices, give the agency a chance to collect the receivables and start a long term relationship. Changing permanently the agency is not a positive point.
The commercial collection agency will help you to focus on the reliable customers paying their invoices on time. If a customer you have sent to the collection company contacts you it’s because he doesn’t want to deal with them. Accepting to start negotiations is a very bad point because the same customer will start this game again. And at least he will be the winner earning a free credit giving him and advantage toward his competitors.
Collecting bad debts is difficult. A lot of received amounts will never be paid no matter what tactics are utilized. Instead to test an agency with the oldest files, send them files they can collect because it’s the reason for what you made a deal with them.