Making 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.