I am looking to the group for insights into the top 5 things you look for when deciding what collection agency to use for commercial accounts.
Insights on Collection Agencies
Answers
Sometimes it depends on who you are collecting from. If I'm collecting from customers I want to do business with again in the future, I make certain that the agents are highly educated, well-spoken and courteous. There are plenty of bills that go to collection from people you want to collect from AND do business with again. If they get a rude idiot on the phone pushing for payment, you've (potentially) just lost a customer, or at least really angered them. Ask for references and ask the references if they heard about the collection experience from their customers.
We require all collection agencies to be approved by the Commercial Law League in the US or applicable international licensing leagues. We always ask for references in and out of our industry and contract them. I am also interested in how long they have been in business, how many locations they have, and the size of their staff.
Filed Under:
Accounting