If there’s anything people get understandably sensitive about, it’s money. Whether you owe someone else or have funds coming your way, people track money carefully as it arouses strong feelings.
Businesses owed money can’t sit back and let it go uncollected, but recouping it can be a tricky tightrope walk. On the one hand, they need the revenue to pay staff and grow the company. On the other, raising a sensitive issue can potentially alienate customers, clients, and partners.
Thankfully, leading debt collectors get excellent results while maintaining positive relationships all around! Let’s check out some of the ways they get you the revenue you’re owed without burning any bridges.
No Unethical or Demeaning Treatment
For industry leaders, recovering lost revenue doesn’t come at the expense of mistreating people. The best debt collection agencies can exceed and even double industry standards while emphasizing dignified, kind treatment for all!
They’ll never use unethical or demeaning treatment while interacting with people who, after all, could be future customers or clients. Get the money you earned back into your accounts, where it should be, without having to stress about upsetting partners and clients.
Even if you aren’t concerned about pushing the people who owe money away, nobody should ever have to face the aggressive tactics some debt collectors use. Being in debt is a difficult enough situation as it is without facing angry phone calls at odd hours or threats.
Other tactics are also wrong and sometimes illegal, like pretending to be someone else rather than identifying yourself immediately as a debt collector. Calling third parties to have them pressure the debtor is also a misguided and hostile approach.
Leaders in the industry treat everybody with dignity, not only because it’s the nice and right thing to do but because they can put a kind foot forward and still get substantially better financial results.
Skip-Tracing Done Right
When someone owes you money and seems to be avoiding you, there’s a strong urge to drop what you’re doing andgo find them yourself. You might not welcome the confrontation, but you can’t let the revenue go unpaid, and it needs to get thrashed out. But how do you find them? Can you devote this level of time away from your core business?
The best debt collection agencies have a fully licensed private investigator to track down people who aren’t exactly running to pick up their phone or show themselves face to face. Their niche skills and experiences are what you need. Sit back and let the specialists locate the people who owe you money and recoup it.
No matter how badly you want to drop everything, abandon your work, and find the people who owe you, you’re better off at home doing your job while the people with real detective skills get to work for you. They’ll get better results than you would, and they free up your time.
Most debt collection agencies lack a private investigator, but agencies that do have one bundle their services at the standard rate. Hiring a debt collection agency that goes the extra mile is the surest and quickest way to maximize what you recoup.
Employee Drain
Sometimes, your employees drain revenue. It could be a misunderstanding where they accidentally file a personal expense as a business expense on a trip. Maybe they’re exploiting the situation on purpose, using a company card to pay for things for themselves.
Perhaps they take free job training or ongoing education, only to abruptly quit the position and potentially work for a competitor. You aren’t paying for them to become a better employee only for them to stop working for you, or even work for your direct rival.
Companies rightfully pay for work-related expenses because they help the core business, and employees shouldn’t pay out of pocket for that. However, it’s a two-way street, and companies shouldn’t be exploited, either.
If your current or ex-employees drain revenue, it needs to be handled as deftly and sensitively as any other case. Nothing can harm a business like having the source of revenue drain from inside.
Transparency
Nobody likes staying in the dark about money-related issues. You should be able to check a dashboard to monitor the state of your debt collection and keep apprised about how it’s going.
You’ll feel more confident and assuaged. This level of transparency also helps companies do more reliable forecasting and planning when they can track debts and know when money is coming in.
Download custom reports anytime you want and keep in the know whether you’re an international conglomerate or a small, local business. Tracking and transparency here give you comfort, reassurance, and the necessary knowledge to make sound business plans.
The people who owe you money aren’t touching base with you to keep you updated, so it’s essential to stay connected with the people who will.
Full Suite of Services
The best debt collection agencies have support for various situations you may run into while trying to recoup a debt. For example, sometimes, when an account is really difficult, it makes more sense to pursue legal action. Even then, the best debt collection agencies have qualified attorneys. Using one company is a good option because you won’t need to fill them in on the details as they’ve been there all along.
Debt collection agencies may also have specialized accountant receivable management professionals whose insights help you increase cash flow while reducing bad debts. They’ll help you get the money back soon and help you in the meantime before it arrives. In other words, debt collection agencies help you while you’re owed money any way they can — they do more than just help you get the money back quickly.
No business leader wants to be looking backwards, trying to get money into the accounts they’ve already earned. Don’t just hire any debt collection agency. You need one that delivers on all the above points.
Disclaimer: This article contains sponsored marketing content. It is intended for promotional purposes and should not be considered as an endorsement or recommendation by our website. Readers are encouraged to conduct their own research and exercise their own judgment before making any decisions based on the information provided in this article.
