Small Business Seeking Debt Collection Services Advice or Collection Agencies for Small Businesses.
by L Mccord
(Nashville, TN USA)
I am a partner in a small computer repair & gaming business in Tennessee. About a year ago, my partner and I decided to offer various payment plans programs that would allow customers to purchase new computer systems, individual components or upgrades to an existing system without requiring a large lump sum payment.
However, many of our customers are between 16 and 25 with little or no solid financial history or proof of income. Although the program was designed well and we consulted with more experienced professionals providing similar programs, my partner has "approved" customers without actually following through with all of the necessary paperwork and prerequisites leaving us in need of some form of debt collection services.
I have been searching for a suitable collection agency that would meet our needs, but to date, most collection agencies require a minimum or guaranteed amount or have fees so high that we are forced to consider establishing internal debt collection services. Most of our customers owe less than $1500 and there are consistently about 25 accounts that are now severely negligent.
As we are not a large company, most collection agencies are not practical. As I am new to the arena for debt collection services, I am unsure how to effectively and lawfully pursue our overdue customers. I would like to be able to find an advisor on debt collection services that meet our needs or information for a collection agency that will not cost us more than the debt owed to collect on owed balances.
