Successful debt collection rests on many factors. To be able to collect, even collectors need to adopt the right attitude. Any business looking for the right collection agency must be able to choose based on several criteria. Here are some quick tips on how to go about choosing the right collection agency to monitor and collect your receivables:
- Check the performance of the credit collection agency. The success rate of a collection agency must be assessed. How long has the collection agency been operating? What are the accounts it handles? What are its accomplishments? How long does it take for them to collect accounts from similar companies? What are their resources?
- Check the background of the collection agency. Ask around. Ask people who know the collection agency and its collectors. Try to get feedback from others on how they handle accounts.
- Check the collectors. Try to get some ideas on how the collectors perform, like when they talk to customers. You wouldn’t like a collector shouting at your customers, so make sure that the collectors have the right attitude and patience to talk to customers, even if these are difficult customers, to ensure that your company does not get into trouble.
There are still many ways by which you can screen the collection agency. But more important about these tips is the ability of the collecting agency to meet your financial expectations, without hurting your company’s reputation.