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How to Hire a Collection Agency

hire a collections agency

When your company is tired of getting the short end of the stick and ready to take permanent charge of correcting no-pay and slow-pay customer behavior, it’s time to choose the right commercial collection agency. To be sure, there are lots of options out there, but very few that get it right virtually every time. Read on for more on choosing a proven commercial collection agency that will recover your company’s money almost 100% of the time.

Tips on How to Hire a Collection Agency

Here’s a breakdown of the top 3 considerations you should keep in mind when seeking the perfect collection vendor for your company:

Verify the Agency’s Credentials

Legitimate collection agencies are fully licensed, insured, and accredited. Companies with a broader geographic reach should be able to demonstrate specific regional expertise. Do a quick Google search to check for positive reviews on prospective vendors, and be sure your final choice is rated well and accredited by the Better Business Bureau (BBB). Commercial debt collection firms that offer reliable, strong performance have nothing to hide, so don’t be afraid to do some digging.

Determine Costs

Understand your company’s overall costs to outsource its past-due A/R accounts before you begin. Not every commercial collection firm offers the same performance value, so it would be wise to obtain “warm body” references you can actually speak to and learn about their experience. Get an estimate of the expected fees in writing and remember that you have leverage to negotiate when services are needed on particularly high-volume or large-balance accounts.

Act Fast & Trust Your Instincts

Your company has extended credit to a customer who has broken their word and breached your company’s trust, resulting in distressed A/R cash flow. The right commercial collections vendor will make quick business of ensuring that financial obligations to your company are met. Do your homework but don’t take too much time. Remember, the clock can statistically tick against you and the opportunity for a full recovery may diminish as past-due accounts continue to age.

Hiring a Collection Agency – The Bottom Line

Now that you’ve been equipped with the tools needed to make an educated vendor decision, it’s time to announce your choice and assign your company’s past-due accounts. A strategically successful commercial debt collection process may seem like an arcane art to those who aren’t in the business, but at Miller, Ross & Goldman, we fully understand how to quickly engage an effective, customized approach yielding the best possible results in the shortest possible time.

Miller, Ross & Goldman is a globally respected, top-tier commercial collection agency with a consistent 90%+ track record of performance and worldwide reach. Our breadth of successful experience spans all 50 states and stretches across more than 80 countries. Call us today to discuss your company’s needs at 512-687-3649 or fill out our form and we’ll get in touch with you at your convenience.