If you want to make debt collection a hassle-free affair then you should hire an international collection agency for the job. Involving an agency in collecting debt will keep your accounts department from the pressure of running after the debtors.
Let’s discuss the advantages of hiring a collection agency
1. Collect debt at minimum expense
A collection agency will charge a small amount for collecting the debt and if you compare the cost of hiring an agency with the cost of maintaining a team of collectors, you will find the former to be more affordable. An agency will charge either a fixed amount or a small percentage of the debt collector for service.
2. Timely collection
The biggest advantage of collection services is you will get your debt back on time. Your debtors will deposit their amounts in your account on a due date every month. And your collector will see that the debt is recovered on time. There will be no delay in collecting the debt after involving an agency.
3. Brand building
It won’t be an exaggeration to say that improving your debt collection will help in building your brand value. For example, the debtors won’t be unnecessarily harassed for repaying the amount. They will get continuous reminders so they can make payments on time. They will take your brand seriously.
4. Skip tracing
An international collection agency will keep track of your debtors so that don’t go out of your sight. In other words, they will keep the debtors tied to your business through phone calls, emails, and messages. And if a debtor goes out of sight, the agency will trace that debtor to collect the debt.
5. Protection from legal hassles
If a debtor tries to evade payments by taking advantage of the law that protects debtors from forceful ways of debt collection, your agency will give a fitting reply to such debtors. It will manage everything including the legal cases filed by debtors.
Documenting debt is an important part of collection services. Your agency will take the responsibility of maintaining documents showing which debtors are paying on time and which need reminders. The document will help make an opinion on who should you lend money to in the future.
7. Training for your accounts department
A debt collection agency can train your accounts department in the process of debt collection. The agency will show how to collect a debt and maintain a detailed document showing the debt collected.