If you’re the owner of a truly small small business, you might think your business is too small to commercial collection agency. In truth, however, having these agencies to work with is smart no matter the size of your business.warrant hiring a
For very small businesses where the customers are often known by first name, having to collect on delinquent accounts can be awkward and uncomfortable. With an outside collection agency to take care of debts, however, the awkwardness is gone.
Another great benefit of having a third party collection agency is that you don’t have to spend your own precious time and money sending out statements and payment requests and making phone calls. More often than not, this just results in wasted postage and time, time you could be using to build your business!
Collection agencies also have access to sophisticated databases that can provide more information about customers and potential customers than you’d have access to on your own. With the help of a collection agency, you can stop yourself from doing business with those who aren’t likely to pay and track debtors down when their payments stop.
In addition to all of these benefits, collection agencies can take care of other important parts of the debt collections process, including sending that final demand letter to clients who are about to face legal action if they don’t pay up. Most commercial collection agencies are very skilled at making these letters intimidating enough so that clients pay but still keeping their letters well within the guidelines of the law.
In the event that the demand letter doesn’t work, your collection agency can handle the litigation process for you. Having someone else take care of the “last resort” for collecting your funds is invaluable; you won’t have to go through the hassle of hiring a lawyer or actually going to court, and you might still get your money!
As you can see, there are all kinds of benefits to working with a commercial collection agency. No matter the size of your business, hire one today to start experiencing these awesome advantages!