When it comes time to choose a debt recovery agency, take a few extra minutes to find the right agency to work with. There are many different agencies located around the world. Many of them provide you with the highest quality resources while others are offering a lower price. Which one should you work with? You have one shot here to get your accounts receivable paid and you want to make a good decision. Therefore, take these tips on how to choose the best debt recovery agency for your organization.
Step1: Know Their Debt Recovery Rate
Any company should be able to tell you what their debt recovery rate is. This is the amount of times that the debts the debt recovery agency has had successful cases. The higher this number is, the better the job they do is. If you will be hiring a company with a high rate, you can expect to pay a bit more. Yet, that may be no problem considering they will be more likely to get you the funds back. Find out what they base their information on (how many cases have they handled and what is included and excluded from that figure.)
Step 2: Learn About Their Methods
When considering a debt recovery agency, be sure you invest the time in finding a company that offers the methods of collection that work for you. Most will start and concentrate on mail contact. If you have other contact information such as fax numbers, email addresses and phone numbers, these are also methods of contacting and working for the repayment of the debt. Many of the companies will also, do personal meetings. Some will offer litigation help, which means that if the case goes to court they will help you win it.
Step 3: Consider Your Costs
While getting your money is important to you, you have to consider how much of a cost is acceptable to you when hiring a debt recovery agency. Not everyone is comfortable losing thousands of dollars on the purchase of the services form these agencies. Therefore, find the costs structure that works for you. Do not forget to negotiate with the company for a lower rate, which is often a possibility.
When it comes to hiring a debt recovery agency, take time to find the right company. You will save money in the long term if you invest some time now in the process. Most companies are more than willing to give you the information you need to decide to work with them. If they do not, you should wonder why.