What should a business do when a client isn’t forthcoming with a debt payment? Asking them to pay up may impact their relationship and jeopardize future deals.
Tasking HR personnel with collecting debts takes them away from the work they were hired to do.
On the other hand, you also can’t be without the money that should already be in your accounts. Thankfully, the best professional debt collectors can solve all these problems.
Please read on to learn how.
Article Contents
Dignity and Respect First
When it comes to understanding what debt collectors are really like, don’t believe the movies. In Hollywood films, debt collection can be aggressive, harsh, and sometimes even violent.
In real life, the leading debt collectors treat everybody they encounter with respect and kindness.
You can get support for commercial debt collection efforts that don’t alienate clients, but you need to find a professional debt collector who genuinely values respect.
Whether they’re talking to you or the debtors themselves, the best debt collectors are always professional and respectful. Their kindness will reflect well on you as a business.
It may be surprising to learn that the most respectful debt collectors are also the most economically effective.
The country’s leading debt collectors putting dignity at the forefront of what they do also recover nearly double the national rate.
Thankfully, you don’t need to choose between kindness and your bottom line. Get the best of both worlds by hiring effective debt collectors who value dignity and respect.
Private Investigators For Skip Tracing
If someone goes to extreme lengths to avoid paying a debt, businesses are put in a bind.
They can invest more money into trying to track them down, hoping they can convince them to pay all or at least some of the debt. But they may spend more money only to risk not finding them.
If they cut their losses, they don’t get the money in their accounts, and they set a precedent that people can do business without them without paying what they agreed to.
It’s rare to find, but the best professional debt collectors have a licensed private investigator in-house whose services don’t cost anything extra.
They can locate the debtor and their assets, and they know which buttons to push to get them to pay up.
Even the most respectful debt collectors understand that treating people with kindness doesn’t always make them forthcoming with payments.
Even if people change their names, move, rename their companies, or do any other trick to avoid getting found, the best investigators can track them down and get to the bottom of things.
It’s even better when you don’t need to pay extra for this service, so try to find a debt collection agency offering it inclusively.
Specialized Services
The nuances of debt collection may considerably change depending on the industry.
For example, medical debt collectors need to follow all relevant HIPAA laws, or they could face serious consequences, like bad publicity, fines, and lawsuits.
Debt collection in these industries may also require special sensitivities and tact. Look for a company that employs collectors with over 10 years of experience in the industry, as they’ve seen it all and know the right approaches.
Whether you need debt collections related to dentistry, medicine, education, rent, or whatever else, the company should be able to handle everything under one roof.
No Hidden Fees
When a debt collection agency treats everybody with respect, that means the debtors, but it also means their clients: you. They should be upfront about what their services are and how much they cost.
The leading debt collection agencies never hide their fees or try to upsell or mislead clients. They should be clear throughout the entire process so they can track your debts and you can get back to work.
Look for a professional debt collector with a perfect A+ rating from the Better Business Bureau, along with an impeccable compliance record with all regulating agencies.
Consulting
The only thing better than recovering a debt is not having one in the first place or reducing its frequency and size as much as possible.
Many of the leading debt collection specialists offer consulting services. Their seasoned account receivable professionals will help you increase cash flow while reducing bad debt write-offs.
If it will help your business profit while improving its operations, an ounce of prevention will be worth more than a pound of cure!
Don’t feel stuck if clients and vendors don’t immediately make payments. Even the best customers and businesses sometimes run into payment problems, and hiccups can always arise.
If you hire professional debt collectors who treat people with dignity and get results, your business will always be prepared for any bump in the road.
