Tips for Finding appropriate collection services.

Steps to choosing the appropriate collection agency to recover your bottom line profit dollars is an important step in any business.

* Most agencies work on a contingency basis and are competitive with another. Call around and setup sales calls, speak with the sales people so that you know what the rates are.

* If you have debtors nationwide, utilize an agency that works nationwide. Ask about their success rate.

* Ask about specifics. Procedures, reporting, etc. are all important. It is important for any business to have full access to what is going on with the accounts that have been turned over for collections. You should not have to call an agency to find out where your debtors stand on collections. This should be available to you 24/7. Does the agency offer all aspects of collections? Written demands, verbal demands and legal if necessary. This process can save the business hundreds or even thousands of dollars when the agency has this all inclusive.

* Look for a flat fee on demand letters. Why loose hundreds of dollars in collection costs if the agency offers a flat fee on this feature.

* Don't wait too long to bring in third party intervention. Debts on the books for 12 months or longer have depreciated greatly. It is a better decision to bring in assistance at 60-90 days past due than carrying delinquent accounts until the statue of limitations is running out.

* Get a written agreement that protects you and holds you harmless.

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Comment by Dawn Conklin on July 12, 2011 at 18:19
Hi Im with JMS we are A Rated with the BBB and No Collection No Fee accounts over 500 and under 2 years old at a 25% rate. I have clients and refrences that are court reporter agencys that I do biz with, We are Nationwide we collect on attorneys and court reporting agencys.Anyone interested email me at check us out on the BBB also.

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