A collection agency like Business Professional Collection Services, Inc., has one focus—maximizing your return on late accounts in the most expedient and compliant manner possible. Sending someone to collections will almost always be more effective than your endless phone calls, automated email reminders, and invoices. But while the question of timing is often a concern for businesses, here’s why you want to have an agency in place before you have a problem, plus our tips for finding one you can trust.
Delinquent Accounts are Expensive
Here’s a startling statistic— the opportunity cost from late payments can affect a company’s profitability for up to five full years. Once you’re facing overdue accounts, the last thing you want to is spend more time researching collection agencies. Plus, the sooner that the collection process begins, the greater the chances of success.
Doing your homework upfront to vet a collection agency is a strategic business move, so get started with these tips:
• Look for a licensed agency and memberships with organizations like ACA International.
• Check for a user-friendly online portal. This makes it easy for your business to check the current status of a particular collection and will save you time and frustration down the road.
• Compare costs. Ask an agency about their fee structure so you understand what to expect
After gathering recommendations and referrals or looking online, contact the agencies on your short list to learn more about the tools, technology, and collection strategies they use. Inquire about their industries of expertise, and what exactly they can do for your business.
In Reno and Sparks, BP Collect has spent over 50 years offering experienced, compliant collections to get the job done. We’ll customize a solution to maximize your return while preserving your important customer relationships. Contact us to learn more about what makes our approach so effective.