Now more than ever, businesses are opting to use an effective collection agency to pursue the fees and payments they have earned. Like many types of businesses, these agencies offer various options to make their services accessible to a broader range of companies and organizations.
Businesses that use collection agencies want to be sure they don’t overpay for the services—after all, why use the service if it doesn’t reap financial benefits? To get the best price, review a variety of agencies before choosing one. Ask specific questions about services, costs, and payment schedules, as well as questions related to accounts receivable management. The following guidelines are also recommended:
- Go with an agency that collects fees only upon successfully collecting debt.
- Choose a company that provides online access to claims so that you can monitor the money you have coming in.
- Take advantage of any free services or extras. Prestige Services, Inc., for example, provides free Final Notice forms.
- Look for a company that is fully licensed and bonded—this could save you money by preventing errors or faulty collection tactics.
In addition, companies pursuing commercial collection services should use a nationwide business collection agency that performs tracking, or skip tracing, services. Without this service, companies must pay an investigator to find parties that owe them money, which raises the costs involved in collecting debt.