Category Archives: Debt Collectors

Debt Collectors – Selecting One That Works For You

Collections 4With more than 5,000 debt collection companies from which to choose, you’ve got some research to do if you want to partner with the right one. Before you make a decision, consider a handful of guidelines to follow to help you find the one that’s right for you.

One thing to consider is your industry and looking for collectors that have worked within that industry. If you’re in the healthcare field, you wouldn’t necessarily want to work with a collector that deals with collections related to the automobile industry. You can significantly reduce the field of finalists by simply choosing collectors who have experience with or deal exclusively with your industry.

Your decision to take on a debt collection agency to help you regain some of your receivables probably didn’t come easy. There is a stigmatism hanging over the collection industry, which is caused by collectors that don’t comply with rules and regulations that control how debt is collected. For this reason, you need to make certain that your finalists have clean records. You don’t want a disreputable agency to get anywhere near your clients.

You probably want to keep costs in mind, but if you’re simply shooting at the lowest bidders, you’ll get what you pay for. This doesn’t mean that the most expensive agencies are the best, but it pays to choose reputable collectors over the ones that save you money.

While you’re checking into the background of the collectors, look to see that they are fully licensed and can operate in each and every state. Also, make sure they’re bonded and insured. This protects your company should anything go wrong in the collections process.

Look at the age of your debt. If you have collections that are beyond 90 days late, you’ll need a agency on your side that can handle older debt as opposed to receivables that are only a couple of weeks late. These agencies operate differently and you’ll probably pay more for the one that can collect on really old debt.

Not all collectors are created equal. Some will only want to talk to you on very rare occasions, which might be fine if everything is going smoothly. However, most companies want to have an open line of communication with their collectors. Interviewing the firm will provide you with the type of communication you’ll be getting once you partner up.

Ask for audited financials. Leave no stone unturned when it comes to this part of the selection process because you don’t want an agency that uses its clients as its main source of capital; an audit will reveal this to you.

Omega-RMS, llc. has the kind of reputation that keeps companies coming back to them year after year for their collection needs. As a member of the Association of Credit and Collection Professionals, we are more than capable of representing you when we reach out to your clients to collect on debt. The mark of a good agency is one that makes the transaction positive for all parties involved, which is what Omega strives to do.

Debt Collectors: Three Things That Can Make an Agency Stand Out

Collections 5Making the decision to partner with a debt collection firm is not a decision that business owners come to without a good amount of thought. Taking an equal if not greater amount of thought and research is the process through which a business owner devotes to finding the right debt collectors to assist them.

Debt collectors are not made equally. One of the reasons there are so many regulations regarding the process of collecting debt is due in no small part to a handful of debt collectors that have tarnished the industry’s image. Business owners are looking for a firm they can trust with their customers.

One of the reasons it is difficult for a business owner to bring a debt collection solution into the mix is because of the perceived impact it might have on the clientele. The professionals behind every collection agency are very closely tied to the experience the customer has, which can and should be positive.

Considering the interaction, business owners need to have a very high level of trust that the collection agency will put its best foot forward and treat the customer with professionalism and respect as they arrange for repayment.

Debt collectors are often the target of customer complaints, which makes sense considering it is their job to go after unpaid debt – and nobody likes to part with money. A reputable collection agency is prepared to deal with upset consumers – conflict comes with the territory. However, when you consider which debt collectors you’ll be working with, make sure you know how they communicate with your customers when conflict arises.

What assurances can the agencies you are considering give you in regards to how you can track progress? The best collection agencies offer complete visibility into their processes, which means you should be able to check up on all of your accounts with them at any given moment and see how much has been collected and where each account stands.

Some collection agencies are slow to remit payment back to you once they’ve collected on debt. You should be allowed to set the stage for when and how you get your money back. Also, if you have debts that will need to go to multiple destinations, make sure your agency has the organizational skills to process your reclaimed funds as you see fit.

Finally, make sure the company you select is licensed and bonded in all 50 states. If you partner with a debt collector with boundaries, a portion of your debtors will be off limits and that debt will go unclaimed, reducing the return on investment.

Omega-RMS is backed by more than 40 years of experience bringing positive outcomes to businesses that need a debt collection solution. As a member of the Association of Credit Collection Professionals, Omega-RMS has proven its professionalism over and over. If you’re looking for a debt collection partner you can trust, you’ll find it in Omega.