Why Partner with a Debt Collector?
At some point, every business will have to address an unpaid invoice. When resending the invoice or invoking a late fee doesn’t prompt payment, what do you do? What if the debtor has moved, or just doesn’t want to be found? If you’re not in the business of debt collection, you might not have the best tools or processes at your disposal to track down the payment.
Have you considered partnering with a debt collection agency in Michigan?
You might be concerned about the cost involved, but you also need to count the cost of handling collections yourself. If your staff must take time away from your business to track down debtors, you’re losing money. Yet, many businesses will try to collect on their own first, before contacting a debt collection agency. They view an agency as an unnecessary expense, or a last resort, but by the time they call an agency they’ve already wasted more time and money than they can afford to lose.
Here’s how partnering with a debt collection agency saves you time and money:
Debt collection is their business. That means they’re experts at locating customers, are up-to-date on the laws, and have technology and processes in place for recovering debt. They understand the rights of the debtor as well as your rights, and already understand how to work within the constraints of the law.
Leaving debt collection to the experts allows you to focus on what your business does best.
A debt collection agency has the means to aggressively pursue debtors and the processes in place to support collections. Debtors know that, and know that you’re getting serious when a collection agency steps in. They know that the agency won’t give up. Collection is their business, and they aren’t going to get sidelined by other business needs.
Setting up an internal debt collection system can end up taking up more time and money then you think, and it can a big job to add to an employee’s to-do list. A collection agency already knows the best tools and practices to follow and already has systems in place. They can step in and get to work immediately. They also have the benefit of access to subscriber-only databases and know the tricks or lengths some debtors will go to in order to remain unfound.
Maintain Customer Relationships
Putting debt collectors on the job can save your relationship with your client. An impersonal third party doing the collecting removes any emotions between you and the debtor, allowing you to resume the relationship after the debt is reconciled. A good company will handle the situation in a way that supports your continued relationship.
Collection Agency Michigan
The bottom line is you’ll most likely save time, money, and business relationships by partnering with a debt collection agency rather than trying to handle collections in-house. Collections are more successful and more efficient when handled by an expert agency. Partnering with a debt collection agency in Michigan means you get efficient, expert handling of a sensitive topic and more money in your accounts while your employees can continue to do their jobs without interruption.
Contact RSD today to start collecting!