5 Questions to Ask When Hiring a Debt Collection Agency

5 Questions to Ask When Hiring a Debt Collection Agency

When outsourcing key business processes like debt recovery, it’s crucial that you find the right people for the job. You need not only highly skilled and experienced professionals, but also individuals you can trust to represent your company and deal with your customers. However, there are many debt collection agencies out there and finding one that fits your needs can be a challenge.

To help make this task easier, we’ve gathered a list of questions you can ask to narrow down the candidates and choose the best debt collection firm for your company.

1. Which industries have you worked with before?

A debt collection agency that specialises in your industry is perhaps the most ideal choice. This is because their experience and knowledge of your field’s intricacies gives them an advantage and increases the chances of successful debt recovery.

Find out if your prospect has worked with companies in your industry or those closely related to it before. If they have, ask what their average recovery rate was for those clients.

2. What other industries have you worked with?

This question is especially useful if your debtor is from a different industry or niche than you are. In this case, the debt collection agency’s connections in that particular field will help speed things along and increase recovery rates. But generally, a firm that has worked with many different industries before is also beneficial as this means they are highly experienced and can easily adapt to various situations.

3. How much are your fees?

Different debt recovery firms have varying fees and payment structures. Some require joining or administration fees that must be paid upfront, while others only charge after the debt is successfully collected. Find out exactly what fees the debt collection agency charges and when you need to pay them. This way, you can prepare your budget accordingly.

Here at Slater Byrne Recoveries, we do not require any administration or joining fees. We have always maintained “collection first” policy, which means you only pay us when we have completely recovered your debts. This way, we create a win-win situation for all parties involved.

4. What is your debt collection process?

Ask about the specifics of the firm’s debt collection process. What kind of techniques do they use? How long does the process usually last? How will they communicate with your clients? What actions will they take if an account remains unpaid after a set period of time?

These questions will help you get a clearer understanding of what’s going to happen if you decide to hire that particular debt collection agency. You can make sure that only methods that only professional and ethical collection methods are used. This way, your business reputation will not be harmed in the process.

5. How will you maintain communication with me during the process?

Find out how often the agency will update you about the progress of the debt collection. Will they stay in touch with you throughout the process? Or will they contact you only when the debt has been collected? It’s important that you establish how and when you’d like to be updated, so there is no misunderstanding or confusion.

At Slater Byrne Recoveries, we understand the importance of consistent communication, so we make sure that our clients are always updated on the status of their accounts. For more information on our debt collection services, give us a call at 0800 445 870 or send us an email at [email protected].