How to Maximize Your Returns from a Collection Agency
Do you struggle with nonpayment?
Considering using credit collection services in Michigan?
You will get maximum returns from a collection agency if you do these four things:
- Post in your credit office the 10 situations that require prompt collection agency attention.
- List collection agency accounts on special listing forms. The more information about the debtor means more collections. In all cases, the minimum information should be the correct name, address and telephone number of the debtor company; whether mail has been returned; contact name and email address address/phone number; trade references (important in the order stated); if there is a dispute, a summary of the facts; and date of last transaction (whether it is a charge, cash credit or adjustment).
- Having placed the account for collection, rely on the experience, diligence, and judgment of your collection partner for the best and quickest results. Promptly refer any developments on these assigned accounts to the collector.
- Since professional collectors’ services are personal in nature - with the debtor as well as with you - see that your collection partner is fully acquainted with the nature of the goods or services involved. This helps the collector handle the many complex situations that arise during collection. In addition, the collection service should be given a fair understanding of your accounting system so that the collectors can maintain mutually acceptable records and keep books in balance with yours. The better the collector knows your individual requirements and specialized field, the more fully they can serve you. The relationship can be mutually profitable.
Get Paid with Credit Collection Services in Michigan
Are you ready to maximize your return?
Ross, Stuart & Dawson can help! We’ve been collecting with empathy and kindness for over four decades. We can help retain your relationship with your debtor as well as help you achieve the best return.
For more helpful tips like these, sign up for our free creditor’s collection guide.