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How to choose the right collection agency for your business.docx
1. With all the bad press about collection agencies how do you decide which one to use
or if you want to use one at all?
This podcast will help business owners make an educated decision about which
collection agency they want representing their business and the most efficient
ways to work with an agency to get the best return. I will also talk about the red
flags that can alert you that you need a collection agency, signs to look for, what
to expect and how using a collection agency can affect your business.
Failing to have a collection agency hired and ready to collect on your past due
accounts before it is needed is the biggest mistake business owners make in
collections. This podcast is critical for anyone who needs to hire a collection
agency but doesn’t’ know how to do it or what to look for.
2. When is it time to call in the big guns on past-
due accounts?
This how-to will help you make the best
decisions when hiring and using a collection
agency.
3. Are they familiar with your specific business
Do you need a consumer or commercial agency – who are
your customers
Are they members of anything – check them out
Find an agency that can be sensitive to a consumers
situation
Do they comply with state & Federal laws
4. Physical address, good contact information
Logo’s of any memberships they hold
How do they collect?
Pricing
Testimonials
If something seems to good to be
true – it probably is!
5. No physical address or phone number listed
on their website
No affiliations to trade or networking
groups
A live person doesn’t answer the phone
Not licensed, bonded or insured
They have the lowest price
They won’t sign a contract
6. What type of collections do you specialize in?
What trade associations do you belong to?
Do you call, send out letters, both?
Have they been sued for law violations?
How do you get paid and when do I get paid
Ask for references or testimonials
7. How past due will you allow a customer to
get, 60 days, 90 days, 120 days?
The sooner you place an account with a
collection agency the better your chances
are of getting paid.
8. No response
Customers who pay when and if they want to
Repetitious, unfounded complaints
“That’s not my bill!”
Marital problems
Starts to slowly pay later and later
Frequent address / phone number changes
Frequent changes in employment
9. Collects on past due accounts
Send out verification
Skip tracing
Report to the credit bureaus
10. Gather your information
Cooperate
Use only one agency
Stay updated
Don’t call for frequent updates
Let them know if you receive a payment
11. Get Paid - Commission Pay you - Monthly
or flat fee statements with
checks
No collection – no fee
12. You will have more free time to work with
good paying customers
You will have less stress
You will make more money
13. Directory of collection agencies by state:
http://collection-agencies.regionaldirectory.us/
Blogs
http://receivableaccounts.blogspot.com/2011/12/auditing-your-collection-agency-101.html
http://www.Credit-and-Collections.com
Groups
LinkedIn group: The Guide to Getting Paid
Join here: http://www.linkedin.com/groups/Guide-Getting-Paid-2652085?home
Credit and Collections Discussion group, to Subscribe, send an email to:
creditandcollections-subscribe@yahoogroups.com
Business credit information: http://www.cortera.com/
Online invoicing and collection tracking: http://www.invoicera.com
Books by Michelle are available everywhere and on Kindle!
14. Connect with me: Customer’s owe you money?
http://www.linkedin.com/in/creditmd
Learn how to get paid with the books in The Collecting Money Series
by Michelle Dunn
@DunnMich Learn more www.MichelleDunn.com &
www.Credit-and-Collections.com
Michelle at a recent visit to
NHPR for a national
interview about zombie
debt, collection practices
and debt collection laws.
Listen to NPR to hear the
interview!
Join the discussion on
Facebook:
http://www.facebook.com/pages/The-
Guide-to-Getting-Paid/175893280661