At this point, you have done your best to collect a debt. You have defined billing policies; you state your terms of service clearly, and you’ve trained your staff to work patiently with customers while enforcing accounts receivable policies. But, still, some debts don’t get paid. This problem is common for all types of debt-credit card, medical, student loans, and personal loans. Before giving into frustration and writing off these bad debts, consider working with a professional debt collection agency. The help of professionals will move your balance sheet out of the red and into the black.
The following five reasons demonstrate the benefits of partnering with a debt collection agency to advocate on your behalf:
- You save valuable time by leaving debt collection to the professionals. Instead, focus on current accounts and avoid neglecting higher priority business. Debt collection agencies work with consumers directly to collect your past-due accounts. Working with your accounts receivable department, collection agencies remove an onerous task from your staff’s workload and transfer that function to collections professionals who are highly skilled at showing the consumer the merits of satisfying an outstanding account.
- You increase your chance of receiving payment. Debt collection professionals have the experience and programs in place to design and implement collection strategies specific to your needs. Each account is supported by a specialized team of trained professionals.
If you authorize it, debt collection agencies can report to the three leading credit bureaus — Equifax, Experian, and TransUnion. Credit bureaus keep the largest database of consumer credit information in the country. Since consumers understand that creditors use the consumers’ past payment history as an indicator of the consumers’ future repayment performance, reports to credit bureaus can often result in the recovery of your long-awaited payment.
- You save yourself the frustration of repeated and fruitless attempts to contact consumers with aging outstanding balances owed to your business or practice.
Today’s consumers are much more mobile than in the past. Unfortunately, this can lead to an inability to establish contact with the consumer by mail or phone. Debt collection agencies utilize the most up-to-date technology to locate hard-to-find consumers. Very few creditors have the expertise to locate the consumer nor can they justify the expense of a skip tracing service.
- You leave the paperwork of collections to the agency. Get updated reports on past due A/R without the need to maintain meticulous collection records. A good debt collection agency communicates regularly, responds to client needs, and will provide progress reports on a monthly, quarterly or on-demand basis to help you keep track of your A/R.
- You will collect a debt faster than you would on your own. Working with a collection agency increases the likelihood of accomplishing this goal more effectively and efficiently than relying on an internal accounts receivable department. Collection agencies focus on the collection of your delinquent accounts, leaving you free to focus on your business.
While the benefits of recruiting the help of a debt collection agency seem obvious, individuals and businesses of different sizes and industries frequently let revenue go right through their fingers without a fight. Delinquent consumer debt is a problem that impacts the U.S. economy; nearly 14 percent of all U.S. consumers have at least one account in third-party collection.
At AMCOLLECT, we offer a risk-free, no-collection, no-fee service to help you collect your bad debts. We are only owed a fee when our efforts are successful. With no upfront investment when working with us, you get the advantage of the latest technologies to collect delinquent debts on your behalf. Our automated processes use sophisticated artificial intelligence technologies in an effort to reduce human error while working in accordance with the various federal authorities that regulate the ARM industry. We approach debt recovery with integrity, diplomacy, and respect for the consumers we contact. This approach helps resolve outstanding debts in a positive way for both creditors and consumers.
Get started now or call 1-800-208-2234 to ramp up your efforts to collect a debt by consulting a trained AMCOLLECT professional. You can learn more about AMCOLLECT’s services by visiting our Services page.