Tag Archive for: small business debt collection agency

Signs You Need To Partner With a Commercial Debt Collection Agency

Are you a business owner with multiple outstanding debts? If so, your business could be at risk. Luckily, there’s a solution. Keep reading to learn why you should partner with a commercial debt collection agency and find out how ignoring outstanding debt negatively affects your business.

Common Signs You Should Hire a Collection Agency

Delinquent accounts can tarnish your reputation and your business’s success. But not every business owner knows when it’s time to reach out to a debt collector. If you’ve never had to deal with delinquent accounts or accounts receivable issues before, you might be unaware of some important red flags. These are the common signs that you should hire a commercial debt collection agency:

Bill Collections Take Up More of Your Time

If you’re a business owner who spends more time collecting bills than focusing on daily operations, it’s time to hire a collection agency. In order for your business to succeed, you need to:

  • Be present
  • Focus on daily tasks and future success
  • Build relationships with employees and customers
  • Maintain a consistent cash flow

You can’t do any of these things if bill collection keeps getting in the way of your day-to-day routine. Commercial debt collection agencies help you streamline your collection process, so you can continue focusing on your responsibilities as a business owner.

Your Administrators Are Overwhelmed With AR

Many business owners rely on administrative staff to collect outstanding balances and manage delinquent accounts—but that’s not what they’re there for. If your administrators:

  • Vocalize their need for AR support
  • Seem more stressed out than usual
  • Can’t sustain your delinquent account management

Then you need a commercial collection agency. Putting the weight of AR responsibilities on your admin staff is not only risky because they’re underqualified, but can also make your team stressed. They should be focusing on daily tasks, not taking on the job of a collection agency.

Debt collector calculating taxes

 

Decrease in Cash Flow

If you have too many clients with past due accounts or worry those accounts will become a write-off, it’s time to hire a collection agency. With multiple outstanding accounts and no knowledge of how to collect debt properly, your company is losing money. A debt collector has the techniques, tools, and tactics to successfully collect your debt or reach a different solution that works for you.

Don’t let your money get away from you. Partner with an industry-leading commercial debt collection agency today.


Reach an Expert

You’ve Given Up Collecting Outstanding Debts

If you’ve been overwhelmed with delinquent accounts for too long, you might just give up instead of hiring a debt collector. But doing so can significantly damage your organization. Maybe you haven’t hired a debt collector because you feel there’s no way they can do it if you can’t. 

Debt collectors are trained professionals and have the necessary tools to collect your debt successfully or reach your desired solution, whether that be:

  • Partial collection
  • A settlement
  • Filing a lawsuit

Which Commercial Debt Collection Agency Is Right For Me?

You deserve a commercial debt collection agency that:

  • Maintains positive relationships with your clients
  • Avoids threatening techniques like harassment
  • Represents your organization well
  • Leaves the door open for both parties to work together again in the future

Rapid Collections, located in St. Louis, Missouri, does all of that and more. With over 20 years of industry experience, we specialize in commercial and small business collections, managing accounts from midsize to Fortune 500 companies and maintaining a 95% success rate. Our effective debt collection services include:

How To Choose a Collection Agency

Are you tired of working with non-communicative collection agencies that don’t prioritize your case? If so, keep reading to learn about choosing a collection agency that suits your needs and how that can benefit your business.

How Do I Find a Good Collection Agency?

If you have outstanding accounts, you’ve probably asked yourself this question. It can seem difficult to answer when you don’t know what to look for. What should you look for when hiring a collection agency? Let’s break it down.

Collecting debt can be incredibly stressful, time-consuming, and can take away from your daily operations. Collection agencies exist to take the burden of contacting your delinquent accounts off your shoulders, so you can continue focusing on the success of your business.

A good debt collection partner should do the following:

  • Maintain positive relationships with your customers
  • Avoid threatening tactics
  • Represent your brand or business well
  • Leave the door open for both parties to work together again in the future

Choosing a Collection Agency That Suits Your Needs

When choosing your collection agency, keep the following criteria in mind to make sure the company is successful at what they do and suits your needs:

High Return on Investment

ROI is essential when choosing a debt collection partner. If an agency charges an initial low percentage, that doesn’t mean they’re making you more money. They may only take on small, easily collectible debts, or they don’t collect debts in full.

When choosing your collection agency, request access to an industry analysis so you can compare results and ROI of different collection agencies.

Supportive Services

If your collection partner’s only service is debt collection, they’re likely not well-versed in their industry. While debt collection is the primary service of a collection agency, many collectors offer supportive services that go beyond the initial collection.

These services include:

  • Accounts receivable support: By offering AR support, your collection partner gives you the tools you need to avoid delinquent accounts. Many other agencies have one goal: collecting money. They don’t offer solutions that help you avoid needing debt collection because they want you to need their services. Offering AR service support shows that your collection partner cares about what happens to your business after your transaction is complete.
  • Legal support: While legal support services aren’t necessary for all debt collection cases, it’s important to have them available to you, just in case. Some collection agencies hire legal teams to support you if your case ends in court. If an agency doesn’t provide this type of support, they aren’t prepared for every possibility.

Dependable, High-Quality Customer Service

Your debt collector should provide consistent and dedicated customer service. Many collectors pass your case around like a call center would and you never have a dedicated point of contact. This makes results unlikely because no one is committed to your success. Instead, multiple collectors attempt to collect your debt and fail, so they pass it on to the next person.

Another important aspect of customer service is accessibility. Are you having trouble reaching your collector? Does your collector send you to voicemail when you ask for updates? If so, it’s time to go somewhere else. Look for a collection agency that offers 24/7 connectivity with your case’s agent, so you always have access to case updates.

You deserve a collector that values your success and focuses on your experience. Always read agency reviews before closing a deal. That leads us to our next requirement—a positive reputation.

Well-Respected/Positive Reputation

Reviews and previous customers’ experiences indicate a collection agency’s capabilities, customer service, and success rate. If a collection company is recommended to you multiple times and you’ve read positive reviews, they’re likely a good partner for you.

Looking for a debt collection partner with a positive reputation and excellent customer service?

Connect With Us

Produces Results

Success rates are crucial when choosing a collection agency to work with because they mirror a partner’s results. If their clients aren’t receiving their desired results, whether that be a settlement, partial debt collection, a payment plan, or full payment, there’s a reason—either the agency isn’t avidly working to reach a solution or they’re incapable of doing so.

Always choose a collection agency that leaves customers satisfied and produces consistent results.

Effective Reporting and Communication Strategies

When choosing a collection agency, make sure it has effective reporting and communication strategies. How often can you get updates on your case? Does your collector regularly communicate with you? How do they communicate with you? Do they provide regular report collection rates and monthly statements?

Your collector should do all of the above because you deserve access to your results and reports whenever you want. Many collection companies offer virtual portals to view your case information at any time.

Do You Want a Debt Collector That Cares About Your Success?

We’re assuming your answer is “yes.” Partner with Rapid Collections, an industry leader in debt collection that handles over $600 million in collections every year and has a 95% success rate.

At Rapid Collections, we value the success of your business and find the solution that suits your needs. We offer:

  • Supportive services, including AR shared services and consulting
  • Legal representation when necessary
  • 24/7 access to collections software

We help improve the overall efficiency of your AR department so you can avoid working with delinquent accounts in the future. We communicate with your clients professionally and always represent your business well so you can maintain a positive relationship with your customers. If you want a collector that cares or need a small business debt collection agency, contact Rapid Collections today.