Occasionally, a business will have to deal with the issue of collecting unpaid debts. It may seem unsavory, but it is a necessary fact of running a business.
Selecting the right debt collection service can make the process manageable, if you keep these ten tips in mind:
1. Find a debt collection service that is experienced with recouping money owed to other businesses like yours. Is your business home-based, a small organization or a large company? Choose one that has handled the debt collection for others in your category, for best results.
2. Make sure the collection service does skip tracing. This means that they are experienced at finding debtors who may have moved, leaving no forwarding address. They need access to various data bases in order to do this.
5. Find out how the debt collector charges, whether by a flat fee upfront, or on a contingency percentage basis. This fee should be clearly spelled out, and easy to understand.
4. Ask how the debt collector will contact your debtor. Will the primary communication be by mail? Do they also make phone calls, and how often? Be sure you are not hiring a company who employs illegal tactics. If the collection agency uses form letters, you should be able to read them over.
5. Good debt collection agents are easy to contact. Make sure they have an easy way to maintain two-way communication.
6. Is this debt collection service willing to keep you up-to-date on your case? That means regular reporting, whether any change has taken place or not.
InterStation BPO maintains two tiers within its collection process. The first is dedicated to an amicable resolution of the debt, while the second is focused on legal proceedings that are designed to help enforce and collect the debt.
For an up-to-date approach to International collection procedures and guidelines, InterStation BPO is the best option for companies collecting international debts. If you have International claims you need collected contact us first.
For a FREE NO OBLIGATION QUOTE please fill our placement form to determine if we are the right firm for assisting you with your debt recovery needs. The best part is, if we don’t collect, you owe absolutely nothing!