When your final notices are being ignored and aged debts are steadily accruing, seeking the help of a debt collection firm is usually the most viable option. Professional debt collectors are experts at soliciting payment from debtors. It’s what they are trained to do and they have the best tools and technologies at their disposal to do it well.
But does it really matter which debt collection agency you choose? And how can you determine the best firm to handle your debts?
Whilst ‘highest return for lowest cost’ is always a key consideration in choosing a service provider, a number of other factors must be considered.
Integrity and Professionalism
The firm you choose to collect your debts will be representing your organisation and dealing directly with your clients. Therefore it is of utmost importance that they conduct business in a responsible and professional manner. Firms that rely on unscrupulous, harassing and illegal tactics, will ultimately reflect badly on you and damage your client relationships.
Most states in Australia require some form of licensing for debt collection agents. A reputable firm will be duly licensed and will abide by all applicable laws and regulations in their jurisdiction. Ensure your debt collection firm is big on ethics and adherence to industry standards of conduct prescribed by the state they operate in.
Experienced in Your Field
The techniques, strategies and legal means employed to recover a debt will depend on the type of debt and debtor involved. A firm who has had experience recovering debts of the same type, size and industry as yours, will have better expertise to do your work well. For example if most of your debts are in the range of $5,000 to $10,000 and involve small businesses, choose a debt collection agency with a track record of results recovering minor debts from small business debtors.
Like any commercial partner, your debt collection firm must be able to communicate effectively. Choose a firm that is willing to work closely with you in the collections process and who is transparent with regard to their methods, reporting, fees and payment of recovered amounts. A firm that values their clients will be prepared to provide regular updates and reports on file activity.
If you’re looking for a reliable debt collection firm to partner with, do your homework and get to know the people behind the name.
Why not check us out? We have been in the industry for a long time and we know how ‘cut throat’ it can be, so integrity and professionalism are of the utmost importance to us. We take pride in our work and put our customers first.