Collections agencies do not all operate with the same systems and business practices so it’s important to find the right fit for a particular business that can offer the most value and expertise to that operation. Some tips include the following:
Ask about cost: Traditional collection agencies offer what’s called a percentage or contingency based system. While other agencies such as American Profit Recovery offer a flat fee collections system. A flat fee can very advantageous to a business of any size but even more valuable to a small business. Ask up front about costs and what is offered with that fee. http://www.youtube.com/
Results: If there was ever a business that was based on results, it may be the collection business. Results come in different ways including getting a business paid for their efforts and keeping the customer after the collection process. When interviewing the agency, ask how they measure results and what they do to help you keep that customer relationship intact.
Ease of use: In this day and age it’s important for a collection agency to make communications and interactions as easy as possible. Ask the agency if they use an online system or are they still using fax machines to conduct business. An online portal allows businesses of all sizes to assign accounts and monitor activity and results at anytime during the day; an attractive feature for smaller businesses that have ownership also serving the customer.
More on what to ask a collection agency before hiring them and the qualities that should be evident can be found here in this educational video; http://www.americanprofit.net/
About American Profit Recovery:
American Profit Recovery (APR) is a collection agency with offices in Massachusetts, Michigan and North Carolina. Founded in 2004, APR specializes in the collection of third-party debt in industries such as medical/dental, banking, trades, lawn care and other professional services. With early intervention and a strong focus on ethics and diplomacy with consumers, APR works hard to preserve the relationship between client and consumer with an ultimate goal of keeping the business relationship intact. The firm serves approximately 3,500 clients nationwide. American Profit Recovery and their team have earned many awards including Best Places to Work in Collections, The ACA International Foundation Fellow Award and Banker and Tradesman’s Gold Readership Award. 800-711-0023 http://www.americanprofit.net/