Monday, June 22, 2015

What to Look for in an AR Firm

As a business owner, you have to hire, work with, and rely on a number of professionals to help you run your business effectively and profitably. Some of the most important of those professionals are the people who make up your (AR) accounts receivable team. These are the people who stand
between you and the money you are owed, so it makes sense that you would hire them selectively. Here’s what to look for when choosing an AR firm:
Respect and Courtesy
Dealing with clients, especially clients who won’t pay up, can be frustrating. As frustrating as they can be, however, they have to be treated with kindness and respect at all times, even when they aren’t being very nice themselves. Cool, calm, and collected debt collectors can restore a relationship with a client, instead of ruining it beyond redemption. Also, as the old saying goes, “you can catch more flies with honey than with vinegar,” meaning that kindness and compassion are often the keys to getting payments.
Furthermore, never forget that the AR professionals you use say something about your business. If they give customers, even delinquent ones, a bad image of your business, they’re likely to write bad reviews and spread the not-so-nice word about your business all over town, which can impact you negatively. To avoid these problems, hire AR professionals who can keep their cool and be kind and polite no matter what.
There are many laws that govern debt collection, how customers must be treated, and other related matters. If your business hires a company that goes against these laws in the name of debt collection, your business could be held liable and could face litigation and fines. To avoid these serious problems, make sure your AR firm knows the laws related to debt collection forwards and backwards and that it obeys them at all times.
Concern and Dedication
Finally, understand that there are two types of AR firms out there. First, you have the firms that just want to make money. Their only goal is to collect on as many of your delinquent accounts as possible so that they can turn a profit. These are not the types of AR professionals you want to work with! The other kind of AR firm, the kind you do want to work with, are interested in collecting debts; however, that’s not their main focus. These companies look at your business as a whole and always try to do what is best for it, not just in terms of profit, but in terms of reputation and longevity as well. They care about your business, understand it, and want to make the best possible choices for it, no matter what.

If you can find an AR firm that has all of these qualities, then you and your business should be in good hands!

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