Is your current collection agency performing to your satisfaction?
If your current collection agency isn’t performing well a great way to improve performance is to create a little healthy competition, a “Champion/Challenger” agency performance challenge. Through this competition, you are assured that you are receiving the highest level of service and performance from your collection agencies.
Hire another agency and use them to gauge the performance of your current agency. When choosing an outside collection agency make sure they are accredited through the BBB (Better Business Bureau), bonded through their associations and members of the IACC (International Association of Commercial Collectors).
Don’t use more than two agencies, unless your company turns over $1M of six-month old or less receivables a month because that adds no more competitive benefit and increases your accounting problems.
Be sure to let your existing agency and new agency know they are competing for your business. They will be motivated to earn it, resulting in a higher return for you.
It is best to do an audit of your accounts in collections every 90 days. If one agency shows consistently poor results, respond first by giving more to the competitive agency/law center. If that doesn’t help, replace the weaker one completely with a new company entirely.
Please visit Dynamic Legal Recovery’s website or call us at 877-777-7564 for your complimentary evaluation.