Operating a small business can be overwhelming, even on the best days. Unfortunately, the best days have been few and far between for most businesses across the country over these past few years.
Between economic fears limiting consumer spending and rising costs leading to shrinking margins, almost everyone feels the pinch today. That means every little thing you might do to save money, time, and effort could be significant, and removing the task of managing your collections accounts from your plate can go a long way toward making things easier.
Let’s jump in and take a closer look at five reasons you might want to consider partnering with a commercial debt collection agency to handle your collections, given the current economic climate.
Exceptional Experience
One of the most significant factors in determining the success or failure of any collection scenario is the amount of experience the person attempting to collect has under their belt. The more times you’ve been through the process, and the more things you’ve seen over the years, the more likely you are to maintain composure and collect the amount owed.
Because commercial debt collection agencies spend ALL of their time working collections, they will naturally have a significant experience edge over anyone attempting to collect their accounts with the tiny sliver of time they have available while also trying to move their overall company goals forward.
Proven Process
With experience comes process, and having a solid collection process is another factor that contributes directly to the success rate. Working with a competent commercial debt collection agency will give your company access to proven processes that get results from all kinds of consumers, regardless of the current economic environment.
Compliance & Legal Details
The rules and regulations that govern the debt collection industry are constantly changing. Simply attempting to keep up with all of the legal details can be a full-time job in itself, but partnering with a qualified commercial debt collection agency will give you access to an entire legal team to make sure that compliance is at the top of every aspect of your collection process.
Improved Cash Flow
Many commercial debt collection agencies work on a contingency fee basis, which means that your company isn’t going to owe them a dime until they bring in some collections, so they are always going to have a positive impact on your cash flow.
On the flip side, when you attempt to manage your collections in-house, you are going to be expected to compensate your employees for any time they invest in the collection process, regardless of whether they bring in any money or not.
Focus
The first four reasons to partner with a debt collection agency all make plenty of logical sense, but the one reason that always puts this idea over the top is that taking debt collection OFF of your plate will allow you and anyone else handling collections to focus on more important matters like growing your company’s revenue or cutting costs to become more efficient in this challenging economy.
No matter what industry you operate in or the size of your company, partnering with a commercial debt collection agency can be what you need to bring your business to the most efficient operating level. Let’s set those wheels in motion today with a simple call to discuss the options Direct Recovery can provide for your operation. You can also send us an account by filling out our dedicated form.
