Deciding you need a recovery services professional is only the beginning of the battle against negative cash flow. Now it’s time to actually get out there and find someone that can represent you well, protect your clients and keep the cash flowing in the right direction at all times.
So, how do you know when you’re in a good relationship with your recovery services professional or a bad one? It’s not always obvious. In fact, many companies don’t know they’ve picked a bad company until they get a large number of complaints about the way the company is treating clients who have fallen behind on their payments. There are other clues to consider as well.
Do you get the feeling you’re just another number with your current agency? Do you feel like you’re getting run-of-the-mill services? This is often called the “cookie cutter” treatment. You should have a debt collection specialist on your side that values communication and provides you with customized services that fit the needs of your company and the preferences of your clients. Before you sign on with a collection specialist, ask them if they value transparency in their work; ask if they offer personalized services and ask them how they distinguish themselves from other companies.
As mentioned previously, you don’t want a company that practices collection techniques that garner complaints. If you are getting phone calls from clients who threaten to never do business with you becausee of the way your third party collection service has treated them, it’s time to move to another service.
You’ve likely got your eye on the bottom line; it’s one of the reasons you decided to partner with a recovery services professional. With that in mind, what is your return on investment with your current collection service? Consider that the average debt collection company can recover about 70-75 percent of debts that are less than 90 days old. Is yours underperforming? Every company is different, so the 70-75 percent on a 90-day debt can vary, which means you need to offer some flexibility and set some parameters. However, when you decide what’s reasonable and those targets aren’t being met, move on to a collection specialist that can give you the return on investment you deserve.
When you interview a collection specialist, ask them to explain to you how they stay compliant with the Fair Debt Collection Practices Act. They should have lawyers on staff that know how to train the agents that collect debt for you. They should be licensed and capable of doing business for you in every state in the union.
When you partner with Omega-RMS, llc., you get recovery services that offer you an excellent return on investment. You also get a firm that treats your clients with respect and keeps them coming back to you for more business. Contact us today and find out how our services will benefit your cash flow situation.