Home » Finance

For Business Owners: Tips On How To Choose The Right Pro Collection Business

Aug 17, 2007
As a business owner, you must be very careful in selecting a professional collection agency for your collection needs. Remember that the agency you would choose will be a reflection of your company.

It is imperative that you hire the professional collection agency that possesses the expertise and experience in collecting your particular type of debt account. Your account can be service debts, medical collections, child support, student loans among numerous types of loans and debts. It is a must for creditors and agencies to understand clearly that that each type of collection market is handled uniquely.

It is also important that you and the collector discuss percentage in recovery as well as the rates. The commission's percentage rate might be less important than the collection agency's return percentage on the total amount of dollars you stated for collection.

Likewise, make sure that the collection agency you choose is one that really works. If you provide the agency many accounts to work on but it does not collect or act on them, then you are dealing with the wrong agency. Even if this agency charges a much lower percentage rate, you may not be getting enough result for your money.

An effective way of knowing more about your prospective collection agency is to try contacting other creditors in your field or industry that are presently using the services of the agency. Try and find out if these creditors are satisfied with the agency's services. You can likewise contact the Chamber of Commerce, the Better Business Bureau, or the groups or organizations that the agency might be a member of. Oftentimes, the website of the collection agency lists all the organization and affiliations it belongs to. You could contact anyone of them and ask for a reference.

You must make sure that the professional collection agency complies with all state bonding and licensing laws. It is also important to know how long the collection agency has been in operation, the current number of its clients, if it has been given any awards or recognition for their accomplishments and if it has insurance.

It is also very critical to know if the agency that you will choose complies completely with the Fair Debt Collection Practices Act. What is the Fair Debt Collection Practices Act? This is the law that regulates the debt collection industry. Basically, the act helps in prohibiting and preventing debt collectors from doing abusive practices.

Indeed, as a business owner, you would really like to choose a collection agency that is capable of representing your business in a very professional manner. You want a satisfactory, if not excellent, rate of recovery, and at the same time are able to maintain your public image. A very systematic way of selecting and hiring a collection agency strengthens your business sense and helps your company to retain existing customers and become more profitable.
About the Author
Tristan Andrews writes useful articles about debt collection agencies. Find out how using a collection agency can expand your financial horizons at http://www.collectionagencyservices.net
Rating:
Please Rate:
(Average: Not rated)
Views: 101
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources