Outsourcing your debt collection can be a great thing — if you do it correctly. Here’s what you need to know.
To you, outsourcing your debt collection duties may mean one thing — spending money. And, yes, you’re already missing out on money because you’ve got delinquent clients, so why spend more?
However, if you hire the right collection agency, the money you spend in fees can be money well-spent. That’s because you can expect these 3 great things from them:
1. Nationwide bad debt recovery services
When you’ve got a good commercial debt collection agency, they can work all over the place. That way, whether you’ve got delinquent clients in New Jersey, North Dakota, or Louisiana, you’ll be covered.
Why does it matter?
Remember, different states have different collection laws. If you hire a company that doesn’t specialize in nationwide bad debt recovery services, you could wind up inadvertently breaking the law — and losing out on the money you’re owed for good!
2. Legal help
A good commercial debt collection agency won’t just make a few phone calls and call it a day. Instead, they’ll have lawyers on hand to file suit to get your money back, if need be. After all, some people only respond when a judge gets involved!
By having your commercial debt collection agency handle your lawsuit for you, you don’t have to worry about finding a separate lawyer and getting him up to speed — and wasting all of that time. The process will move more smoothly, which means you can get ahold of your money sooner!
3. Internal help
In some cases, outsourcing your debt collection duties means eliminating problems before they start. That’s because some collection agencies will actually handle your accounts receivable duties for you.
Why is that so helpful?
First, you won’t have to worry about hiring (and paying!) a full-time staff yourself. Instead, outsourcing your accounts receivable duties is actually cheaper than having your own department — meaning your bottom line will be happier. (And remember, you only have to pay your collection agency when they actually recover money for you — as opposed to your own full-time staff that you have to pay rain or shine.)
Second, it makes for a more streamlined process. When you’ve got a commercial bad debt agency handling ALL of the bills, they can automatically take over the ones that go delinquent. As a result, you won’t have to worry about keeping track of the bills yourself and referring the past due ones out. Instead, you’ll get to keep your mind focuses squarely on all of your other responsibilities — and let your collection agency worry about what’s going on with your profits. Now THAT’S helpful!
The team at PSI Collect is here to make outsourcing your debt collection worry-free. Let them take care of your bottom line!
