If your company’s unpaid debts are slowly starting to build up into something much bigger than you imagined or if you can clearly see things headed that way, then your small to medium-sized business may need to partner with a debt collection agency.
A debt collection agency might seem like a big commitment, and it might be a step you weren’t planning on taking; however, these agencies specialize in collecting debt based on industry, type of debtor, and stage of accounts. They can take an account you may have given up on and turn it into actual revenue.
Let’s take a few minutes to cover 3 scenarios that might require a partnership with a debt collection agency.
You don’t have someone dedicated to unpaid accounts.
Unpaid accounts can pile up quickly, and it can be time-consuming trying to figure out how to best collect on these accounts. Even something as simple as tracking down just one debtor can seem impossible if you don’t have the correct information to go off of. If you don’t have someone dedicated to collecting unpaid debts (and you have more than a few of these accounts in question), then it might be time to find a debt collection agency. Collecting on these debts is obviously way more ideal than letting them teeter off into the abyss of uncollectable debt.
You don’t have a strategy to collect unpaid debts.
Collecting debt isn’t always a straightforward process. There are different strategies to employ based on how long the debt has been sitting there, who you’re attempting to collect debt on, whether or not you have the debtors’ information, what industry you belong to, and more. At HP Sears, we specialize in a variety of industries (including financial, retail, and healthcare), and we have different services available within each of these industries (including contingency-based, late-stage, and early intervention). If you aren’t using a proven strategy to collect unpaid debts, then it might be time to find a debt collection agency. Don’t spend weeks, months, or even years trying to collect a debt that may be uncollectible given your lack of a strategy.
You don’t have the skills to communicate with debtors.
Even though a debtor may once have been your client, customer, or partner, things change once they become a debtor. How you communicated or interacted with them back in the day typically won’t suffice now. If you don’t have the tact or proper communication channels available to handle a variety of debtors all at once, then it might be time to find a debt collection agency.
Is it time to find a debt collection agency?
At HP Sears, we have over 8 decades of experience collecting debt for companies all across the country. From SMBs to large medical facilities, we have the skill and expertise to collect debt effectively. Plus, we don’t require any upfront fee, and we don’t collect unless you collect.
If you’d like more information on debt collection services, give us a call or fill out our online form. We’d love to speak with you.