When people or businesses owe you money, the debt collection process can often be tense or awkward, especially if you’re managing it yourself without professional assistance. You want to keep your working relationships intact, but it’s also essential to collect your outstanding debt to keep your business running.
The best way to handle the debt recovery process is to engage a professional debt collection agency. Not only are these agencies experts in collecting your unpaid debt, but they can also provide in-house legal services to make sure the entire process is completed properly.
If you require debt recovery services, here are three reasons why you should hire an agency to offer a professional approach to debt collection.
At agencies such as Boston Commercial Services, debt collectors are highly trained and understand the best practices for recovering overdue money from your debtors. They receive training upon their initial hire and participate in ongoing training programs throughout their employment.
First, they will work with you to understand the tactics you have already employed in pursuit of your money. After gaining this knowledge, they will then use effective, industry-standard debt collection strategies, such as escalating phone and letter demands.
Importantly, they will always maintain a professional but firm approach when interacting with your debtors. It’s important to have confidence in those who are working on your company’s behalf, and professionalism is guaranteed.
Regulatory and Legal Compliance
Top-tier debt collection agencies have high standards when it comes to regulatory compliance. Boston Commercial Services has its own internal and external auditing committee, who are tasked with overseeing collections processes on a bi-annual basis. We also hold ourselves to the high standards of our clients, who periodically audit our services as well.
Agencies must hold a special licence to engage in debt collection services. These licences are administered by several governmental bodies, depending on the region in which the business operates. Boston Commercial Services holds a Commercial Agents and Private Inquiry Agents (CAPI) Licence and belongs to the Australian Institute of Credit Management (AICM).
Our compliance training also encompasses anti-money laundering, consumer protection, and national privacy principles. With our regular call monitoring, our debt collectors’ practices are frequently audited, so compliance is assured.
Our business has vast industry experience, but we know that each client has different needs. We offer commercial and consumer debt recovery services, and we have clients of all sizes and in many industries. We will work with you to get an in-depth understanding of your debtors and your relationship with them, to create a tailored approach to collecting your money.
Based on your needs and challenges, we will create a customised approach to recovering your owed debt. We understand how vital it is to collect the money that is owed to you, and we can structure our fees to fit your specific budget.
If we need to pursue legal action, we can engage our in-house legal team to offer our clients affordable, first-class legal advice. Our legal services cover areas such as:
- Corporations, trusts, and commercial transactions
- Corporate governance and compliance
- Negligence and insurance litigation
If you’re struggling to recover debts that are owed to your business, it may be time to work with a professional debt collection agency. These experts can manage the entire debt recovery process, reducing your stress and leaving you more time to focus on other key business functions.
Companies like Boston Commercial Services are highly trained, licenced and regulated, with a strong emphasis on compliance. Our professional approach will help you recover your money quickly while maintaining good working relationships with your clients.
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