Debt collection has become one of the biggest challenges for modern-day businesses. While there are several smart ways to deal with debtors, sometimes you have to leave the debt recovery job to the experts. After all, you can’t drain your resources and time in running behind the delinquent accounts. That said, not all debt collection agencies are created equal and not all of them are perfect for your business. Here are 5 essential tips to find the best debt collection agency.
Is the Agency Reputed?
When it comes to choosing a debt collection agency, it is important to consider their reputation for how it treats your debtors. Remember that, there are strict laws to govern the collection efforts. Only a reputable agency will abide by these laws and treat your delinquent customers with dignity and respect.
Is The Agency Insured?
If the collection agency does anything unethical or illegal, the debtor can sue you. In order to make sure that you won’t be held liable for any mishap, it is always better to choose an insured agency. Get proof of insurance from the debt collection company as it will protect you when the debtor takes you to court.
Does The Agency Have Appropriate Collection Resources?
Unfortunately, some debtors may skip town. For any business, it is quite hard to chase behind these delinquent customers, leaving other crucial business operations. To combat this situation, you must choose a collection agency that has access to several databases and resources to locate a debtor who has not left any forwarding address.
What Is The Success Rate Of The Agency?
Debt recovery is a complicated job and it is quite difficult to be successful in this industry. So, it would be beneficial if you enrol with an agency after evaluating its success rate. Give consideration to its success rate, time taken to recover a debt and methods deployed for debt recovery.
If you have delinquent customers and are looking for a professional to manage your debt recoveries, look no further than JMA Credit Control. As an accredited, licensed and insured debt collection agency in Australia, we have a competitive pricing model that suits your budget. Our debt collectors establish clear communication throughout the process to keep you informed of every aspect. For more details on our debt collection process, feel free to call us at 1300 664 223.
With extensive experience in the debt recovery industry, we can successfully collect your overdue payments and help increasing the cash flow of your business. We work with businesses throughout Australia and have offices located in Melbourne, Sydney & Brisbane.