Unpaid receivables are the bane of any business’s existence.
While there are many things you can do to reduce the likelihood of not getting
paid, there’s not a whole lot you can do to stop non-payments or reversed
charges entirely. As such, it’s smart to have a strategy in place to recoup
money you are owed. One of the best things you can do for yourself in this
regard is to hire a quality collection agency.
A lot of people are wary about hiring a collection agency,
and indeed, they should be. The wrong agency can do more harm than good. Even
if it recoups money, if its tactics are too aggressive, it
Don’t Do It Yourself
A lot of businesses make the mistake of thinking that they
can recoup lost funds and reach out to delinquent clients on their own.
Unfortunately, however, this often turns out to be a much bigger and more
complex process than they bargained for. Hiring and training inside people to
act as collections professionals is expensive and can often end up costing more
than it recoups. Furthermore, people who aren’t familiar with collections can
often end up being abrasive and offensive, costing you your money and your
reputation. It’s much cheaper, easier, and more efficient to hire an outside
collection agency that knows how to work with clients respectfully and
effectively.
Power Tools
You should also keep in mind that professional collections
agencies have access to powerful tools that you do not have. They often equip,
for example, a flow manager whose job it is to follow up with clients who have
already made payment plans, as well as power dialing tools to maintain
efficiency and privacy and connections with credit reporting agencies. It’s
costly to buy all these tools and services yourself and quite cheap to hire an
outside company to take care of these matters for you, thus making the choice
obvious.
Smart Hiring
It’s obvious that hiring a collections agency is the smart
thing to do. However, you need to make sure you hire the right one. You don’t
want an agency that is going to harass and belittle your clients because that
just ruins your reputation and keeps clients who get caught up from coming
back. Look for a collections agency, such as Kinum, that treats your clients
with care and kindness and that, no matter the outcome, will leave a positive
impression on everyone your business comes into contact with.
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