When Should Your Business Consider Hiring A Debt Collection Agency?

When chasing overdue payments from delinquent customers, there are a number of situations where hiring an Australian debt collection agency will be the most appropriate option for your business. Collection agencies are acquainted with the best methods to legally coerce debtors to pay and they increase your odds of collecting delinquent debts.

But, how do you know when to hire the debt collectors in Australia? Well, let’s take a look at some of the occasions when you can call in the experts.

When Should Your Business Consider Hiring A Debt Collection Agency?

Inadequate In-house Team:

If your business is too small and don’t have an in-house team dedicated to credit management, you will probably need a collection agency to chase delinquent payments. With a very few employees to manage your business, it doesn’t make any sense to assign your workforce to make collection calls and recover the payment. In fact, assigning a person who doesn’t have the necessary skills in debt collection would not get you the successful result. However, the overall return will likely be larger if you trust a collection agency.

When Your Collection Efforts Failed:

If all of your in-house collection efforts failed, it could be the time to handover the delinquent accounts to the debt collectors. With immense experience in dealing with difficult customers, the professionals will implement appropriate collection methods and get you the best result.

When The Debt Is Considerably Overdue:

As a small business owner, you must keep in mind that the sooner you hire an agency, the more likely you are to successfully recover your money. So, instead of wasting your time and valuable resource chasing behind the delinquents, it is highly beneficial to pass those accounts to the debt collectors.

When The Customer Absconds:

If your customer avoids all methods of contact and absconds completely, it is strongly recommended to send the account to the collection agency. The debt collection agencies invest on the latest techniques that would help them find and track down the evasive debtors. After finding the customer, they implement appropriate tactics and encourage the debtor to make payment.

When Customer Denies The Liability:

If your customer denies the liability for the debt, or is attempting to avoid making a payment, getting external help can be beneficial. The debt collectors communicate with the customer and understand the reasons for late payments. Following this, they will work with you and deliver a personalised solution that suits you and your customer as well.

If you have been in any of these situations and looking for a professional debt collection agency in Australia, you can call our JMA Credit Control team at 1300 588 728. 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 MelbourneSydney & Brisbane.

Written by Richard Thompson

Richard Thompson is the Managing Director and owner of JMA Credit Control and has over 25 years’ of trusted experience. Richard has a wealth of knowledge in Credit Management and Debt Recovery ensuring client’s recovery bad debt quickly and cost effectively.

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