When you are tired of chasing someone who will not pay, you will probably want to choose a debt collection agency. With so many out there, how do you choose? Considering this is an important decision and you still want to be getting your money the sooner the better, you should consider the following issues…
· Reputation of the Debt Collection Agency. Word of mouth is extremely important, especially now we have a variety of sources. The internet is always a good way to find out the good and the bad about any company. Look for forums and dig deeper into these forums to find out information that will not always come up on a search engine. There is often a lot of information inside forums and a way to communicate with those who have made claims or assertions. Take your time to do independent searches inside forums.
· Reporting of the Debt Collection Agency. You want to make sure the company you choose will have a system of reporting. Online reporting is highly recommended with regular updating so you can see what is going on.
· Reputable behavior. You want to make sure the debt collection agency that you choose uses proper standards of behavior when collecting debts. You should do research on this and make sure that the agency you are interested in is not one that has been in trouble before. You don’t want to find yourself in trouble with the law because you are now involved in some legal case where the agency has used illegal means to attempt your debt recovery.
· Industry. It is important that the provider has existing industry, so they understand the ins and outs of your industry. Again you should check with them regarding this and particularly requiring references from individuals or companies that have similar revenue streams as you.
· Remittance rules. This may sound a little strange, but you want to make sure the debt collector also pays you in a timely fashion. Some individuals have been in the situation where they have waited longer for the provider to pay them outstanding monies than they waited from a non-paying client in the first place.
· Cost. There are a number of ways that these debt collection companies can charge you for recovering your owed money. Some agencies want payment by the hour, others will buy your debt for a reduced value. This is a good way if you want to settle the amount owed to you immediately. Other debt collection agencies will work on a commission only or on a success fee, no collection no fee basis. This is the trend of many companies today.
Remember, you will be signing another agreement, and you can probably only take one path of action. You want to make sure that the agency is paying attention to your business and not just putting it in another to-do list. You need to make sure that you are being prioritized. The longer that you wait while waiting for the results of the agency you choose, the less chance that you will recover the money owed to you.
Article Source: Jon Lambert – www.EzineArticles.com
Call Accounts Retrievable System For More Info at (800) 327-4687