Finding a reputable and effective debt collection agency is crucial for your business, no matter how big or small it is. There are plenty of collections agencies in the UK, this is why you need to learn how to find the best one for the benefit of your business. To make it easier for you, here are some tips that can help you along the way.
Asking For Referrals Is A Huge Help
When it comes to Debt Collectors, asking for referrals can be a huge help to make a well-informed decision. You can ask your attorney, a trusted business associate, or your accountant for referrals. But don’t stop there. Also, find out why the agency is their most recommended. Do they have high success rates? Are they known in this field?
Agency Should Be Licensed And/Or Bonded
If you are only doing business locally, you should choose an agency that is licensed locally. If you have customers from other parts of the UK, also make sure that your collections agency is licensed for those areas as well.
Take The Time To Talk With Someone From The Agency
Before you decide, always make sure that you take the time to chat with someone from the agency in order to learn more about them. By talking to them, you will be able to learn more about the agency – whether they are reputable or not. Also, ask for proof of results. Do not be afraid to ask questions that can help you decide whether to hire them or not.
Size Is Not An Issue
Some companies fail to see that there are smaller firms that can provide them help and assistance with their collections. It might be a large agency but it doesn’t mean that they are the right fit for your business. Choosing a collections agency will always depend on your needs, their strengths, as well as their reputation and track record.
Check With the Better Business Bureau (BBB)
Better Business Bureau (BBB) can say a lot of things about the collections agency that you are planning to consider. One or two complaints can be an isolated incident. But if the agency received multiple complaints from their previous clients, then that should be a red flag for you.
Working With The Debt Collection Agency
Now that you have used the tips above to choose the best debt collection agency, it is time to learn what to expect when you start working with them. In order to increase the chances of recovering your money from those who owed you, provide the agency with all the information that they need. This would include the following:
- Complete name, address, and contact numbers.
- Email addresses.
- Information about debtors’ spouse, relatives, friends, and neighbors.
- Details about the transaction including the date.
- Paperworks available that are related to the transaction like contracts as well as a credit application.
The collection agency that you choose will not only be your contractor but will also be your partner. You should also invest the effort to build a relationship with your debt collectors. Do not leave all the work with your collectors.