If you are one of those entrepreneurs who has a lot of business-oriented burden on his/her shoulders and has very less time to chase the debtors, then there are just two options for you. One, you can set up a separate team in your office that consists of debt collectors; two, you can seek help from a debt collection agency. Now you must be wondering, which option should you choose, right? Well, being an entrepreneur myself, I would suggest you hire a collection agency, instead of creating a separate team. Why? It’s because to create a team, you’ll have to pay them salary on a monthly basis, even when you don’t have any debt to collect. That is why; it is always wise to hire a debt collection company whenever you need to chase any debtor.
Wondering, from where can you find such an agency? Well, finding debt collection agencies is not a neck-cracking task at all. Here are a few ways in which you can find a couple of them. Take a look.
* Referrals: One of the most common ways in which you can come across a couple of commercial collection agencies is by taking referrals from your business partners (if any), friends or other relatives who own business houses and have faced similar situations like yours. So, give them a call and ask them to refer you a few/or any company that provides collection agency service.
* Browse the Internet: What? Your friends, relatives or business partners couldn’t suggest you any company? Worry not, because the internet is to your rescue. Browse the internet and I can bet that you’ll come across hundreds of debt collection companies in your city.
>> Additional Tip: Well generally, what most of the people do is that they type ‘debt/commercial collection agencies near me” in any of the search engines be it Google, Bing or Yahoo, and then come across a wide variety of options. But, there’s another thing that you can do to know about such agencies and that is, drop a question in Quora or any other social media site. I’m sure you’ll be flooded with numerous options.
* Go through Business Magazines/Newspapers: Lastly, you can purchase a couple of business magazines or newspapers and go through them. Wondering, how can this help? Well through these magazines/newspapers, you’ll surely come across a few adverts about commercial collection agencies and then, give them a buzz!
Now, when you finally listed down a couple of commercial collection agencies, the next thing you must do is compare them and then, choose the best among the rest. Things that you need to compare are as follows:
1. Experience: The first and foremost thing that you must compare is their experience. Yes, that’s right! The reason why you need to compare their experience is so that you can choose the one that has maximum years of experience because obviously, the one that has years of experience is bound to be the best.
2. Reputation: The next thing that you need to do is compare the reputation of the companies that you have shortlisted. How will you do that? Again, this is quite simple. You need to go through their testimonials, online reviews and ratings, compare them and then see which company has received the maximum number of positive responses from their previous clients.
3. Client List: The third thing that you need to do is check the client list of the companies that you have chosen. By checking the client list, you’ll get to know which agency has dealt with the maximum number of clients, as well as about the types of companies. It’ll be great if you opt for a company that has an experience of working with MNCs, Fortune 500 Companies as well as small or startup businesses.
4. Fees: Last, but certainly not the least, compare the fees of those companies and then, accordingly choose the one that fits your budget.
Important Tip: Try to choose a company that clearly mentions that there are no fees incurred if they fail to collect your debts.
So, now that you know how to find commercial collection agencies and what to compare before hiring one, what are you waiting for? Start your hunt today! And, thank me later for writing this informational blog.
Author Bio- Henry Martinez is a businessman who has written several blogs on choosing the best amongst the other debt collection agencies. So, if you are looking for a collection agency service, please follow his blogs.