Important Business Debt Collection Services Information That Gets Results

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Business Debt Collection Services Information That Gets Results

When it comes to business debt collection services, there are a lot of decisions you have to make when it comes to recovering your lost profits due to unpaying customers.

There is a wealth of information available, so it can be difficult to know where to turn for advice.

Now that you've started to examine different business debt collection strategies, you need to consider and weigh a number of factors.

DebtCollectionSteps.com has created a checklist that any business owner needs to know when considering debt collection agencys.

Here is a list of debt collection guidelines you need to judge any company you're considering:

Licensed and Bonded

Make sure the collection service is fully licensed, insured and bonded in the state(s) you need. In fact, the more states the agency is licensed, the better. It can be very difficult trying to collect in different states and dealing with the differing state collection agency laws.

The agency needs to be fully compliant with all federal and state laws and regulations. The Federal Fair Debt Collection Practices Act gives guidelines on how debts can be collected, so make sure the agency fully complies with these statutes.

If you're talking about medical collections, they also need to be HIPAA compliant as well. HIPAA stands for Health Insurance Portability and Accountability Act, and is concerned with respect of debtor's medical privacy rights. Learn more about HIPAA

Success Rate

One of the most important things you need to know is a collection agency's success rate: how successful overall are they in recovering money for clients. Recovery rates average nationally around 14%. There are companies whose rates are 60%, 70% and even higher.

Obviously, the higher the number, the more money they'll be able to collect for your business.

Along with their success rates, you'll need to know what they charge. Many collection services work on a percentage; usually 20%-40%, with some as high as 50%. Others charge a fixed cost, flat fee.

Get all these numbers stated clearly upfront, so that you know your real costs for debt collection services.

Industry Specialists

You want to work with business debt collection services that specialize in businesses like yours. They'll know better how to interact with professionals in that particular industry. This can mean better debt recovery solutions, and more money to you.

Learn other important methods used by commercial collection consultants that mean recovering more of your money sooner!

Reputation

Go to the Better Business Bureau to see if there's a history of complaints against them. Note how they've resolved any complaints against them. Any company can have registered complaints, so its more important to notice how and if they resolve these satisfactorily.

Of course, beware if the company has a long list of complaints, its an indication of much bigger problems.

Again, make sure they're FDCPA compliant.

Communication Channels

After you've contracted for business debt collection services, what's the quality of their ongoing communications with you? This is essential, since you'll both need to share important information throughout the collections process. How detailed is their collection reporting to you? When and how do you receive payment?

Inquire if they offer a personal representative assigned to your account? Do they offer 24/7 online access to report monitoring?

Sample Letters

Ask to see sample letters they send to clients so you know the quality of their communications. You'll want to see exactly how they interact with customers. How many do they send, and what's the frequency?

If you have questions about business debt collection services, be sure to contact us. Our consultants will be more than happy to help you.

Fill out the brief form below to receive a business debt collection quote. One of our consultants will be happy to help you.

Collection Agency Quote Request

Please note that all fields followed by an asterisk must be filled in.

Company*
Company*

Your name, and position*
Your name, and position*

E-mail Address*
E-mail Address*

Web Site URL

Street Address*
Street Address*

City*
City*

State/Prov*
State/Prov*

Business Phone*
Business Phone*

Best time to contact

What services are you interested in?*
What services are you interested in?*

	Bank/Credit Union Collections
	Commercial Collections
	Consumer Collections
	Medical Collections
	NSF Check Collections
	Debt Portfolio Scoring Analysis

Total dollar amount of accounts?*
Total dollar amount of accounts?*

How often do you need these services?

Additional or Standalone Services

	Credit Reporting Services to 3 Bureaus
	Consumer/Commercial Credit Check Services
	Debt Portfolio Scoring Analysis
	Skip Tracing Services
	Electronic Check Deposit (eliminate bank trips to deposit checks)
	Check Guarantee Services (never get burned with another NSF check)
	e-Merchant Terminal (accept credit/debit cards online, and remotely with any cell phone)
	Lower your Visa/MC/Debit Card processing fees.....Guaranteed!

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