Monthly Archives: March, 2016

Tips for Hiring a Debt Collection Agency from Paul Mackenzie Debt Consultancy

Accounts falling past due are a reality of doing business whether large or small. It can be difficult to collect money owed especially if the client will simply not pay. This is when an outside collection agency comes into play. Hiring a debt collection agency helps to recover owed debt with little hustle and stress on your part. It is recommended that you contact a reputable agency once payments are 90 days past due. Companies such as the Paul Mackenzie debt consultancy specialize in collecting debt with a track record of high performance and collection.  That said it is important to choose the right collection agency to increase the chances of recovering your money.
The first point to consider is your customer base. The agency you choose should have experience in dealing with exactly the kinds of clients you serve. If you deal with both commercial and consumer categories, it is a good idea to hire a company that has a mixed portfolio and performs effectively in multiple categories.
It is equally important that you choose a collection agency that employs high standards and integrity where consumer relations are concerned. This is especially the case if you intend to continue a working relationship with a client once the debt has been paid. The tactics that the collection agency uses directly reflects on your business. Ensure that the company you choose adheres to the rules and regulations stipulated by the Fair Credit Reporting Act and the Fair Debt Collection Practices Act.
Next, you want to hire a collection agency that has good experience in the business. Find out how much experience the company managers, executives and other company leadership have in the business. An agency that hires ACA and/or IACC certified staff is a big plus when considering external debt collection.
A good collection agency should also implement modern technology to streamline the collection processes and to give you easy access to important information such as collection portfolio, statistical reports and correspondents with debtors where necessary. This information should be easily accessible online especially if your business is dealing with multiple accounts.
Lastly, it is essential to look into the agency’s fee structure. Most agencies use contingent free structures. This simply means that the collector does not get any fee if he is unable to collect the debt. Some of the factors that may affect the collection fee include number of accounts, amount collected, extent of the collection portfolio and type of handling.
All these factors are important to consider when looking into debt collection. We meet these criteria and more, offering value addition including free webinars, educational newsletters and training programs. These add-ons demonstrate our commitment and expertise in the industry and our dedication to provide the best possible service to our customers.

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