Getting paid can seem insurmountable with past due accounts.
For a small to mid-sized business, it can feel personal when an account goes past due. This frustration has fueled some of the mistakes that businesses make when conducting debt collection in-house. These mistakes can include being overly aggressive or failing to follow state and federal collections laws.
Conversely, some business owners wait too long to go after bad debt. Either they’re too busy to handle the debt promptly or they simply hate it so much that they put it off till their chances of succeeding are slim.
Is handling debt collections in-house the most efficient way to get your money? In a single word, ‘NO’. If you haven’t hired a professional, now is the time to find out how a collection agency can help!
Hiring a Collection Agency
There are more than 5,000 collection agencies in the U.S., according to Inside ARM. They vary widely in size and all have different tools to conduct debt collections. How do you pick between these firms?
A collection agency is more than just the firm that gets the money that you worked so hard for. Considering the work they do, a collection agency actually is more of a partner to your business, representing the public face of debt collection with your customers. That’s why choosing the right debt collection agency is so important to your business. That’s also why it’s very hard to choose a firm – there are small Mom and Pop shops with a few employees and big collection agencies with thousands of employees. Which one will represent your business properly while getting the job done with a high level of efficiency?
The collection agency industry makes the headlines sometimes for practices that are less than appropriate; so how do you know which firm will conduct themselves appropriately without costing you an arm and a leg?
Inside ARM says you should look for a company that has a proven set of rules and workflows guaranteed to recoup your cash. They should have experience in your industry, the type of debt you’re collecting, and the account $ size. Too, the collection agency must be transparent about how they are collecting debt, what they say in their letters, and how often they’re contacting your customers.
A collection agency can improve receivables, providing a valuable service to small companies.
But will a collection agency get you the money you’re owed? In fact, if you’ve never worked with a legitimate collection agency, you might be surprised at how effective they can be. Just when you think the debt is no longer recoverable, a collection agency can be a proven resource to help you get what you’re owed.
Rocket Receivables – A Different Kind of Collection Agency
Is your small to mid-sized business running behind on debt collection?
Why not consider a self-service collection company with a guarantee on your investment to recoup what’s owed to you? Rocket Receivables has a proven two-step process backed by a guarantee and a track record of ROI. It’s a fixed-fee system designed specifically for the small to mid-sized company struggling with debt collection.
Rocket Receivables offers a simple, but effective system for recovering your debt. When past due accounts feel unrecoverable, it’s time to call Rocket Receivables. To request info, contact us.