5 Ways To Host A Good Relationship With Your Collection Agency

 In News

It may seem easy to track down your debtors but when the debt begins to become unmanageable, it is important to get experienced debt collection professionals.

The following are ways that you can build a good relationship with your collective agency.

 

1. Relinquish Control

 

If your collection agency is “all over” the debt recovery process, the matter should be left in their hands. Your collection agency should understand your end goal and it should be understood that there is a process that is needed to be followed.

It is important to understand that once your collection agency has contacted the debtors, they exert increased pressure to pay, and therefore, the debtors may try and contact you in order to discuss the debt. This creates a challenge for the collection agency as it often confuses the situation with mixed messages being sent to the debtor, miscommunication regarding the settlement negotiations, or allows the debtor to manipulate the situation to their advantage.

In this case, if you have been directly contacted by the debtor, you do not attempt to negotiate or discuss the matter with the debtor but rather refer them back to your collection agency.

 

2. Communicating with Your Agency

 

It is imperative that your agent has full access to all the information in relation to the debt, especially any updated or changes. Your collection agency should be aware of anything that is relevant as this could support them during the process.

Ensure that your collection agency has direct contact with you at all times, either phone or email. Stick to a 24-hour follow up if the collection agency has not yet contacted you.

All relevant documents, as well as brief instructions, should be sent to your debt collector, ensuring that they have been updated with your situation.

As above, ensure that any updates from your debtors are urgently communicated to your collection agency, this includes, any payments made toward the debt or any further outstanding amounts that increase the debt.

 

3.  Educate

 

Collection agents deal with a wide variety of industries, therefore, ensure that your agency has been given a brief overview of your specific products or business. They as your agency, will do their own research but ensure that they understand your business as a whole as well as the structure, this will only be beneficial to you.

This can be achieved simply by providing marketing materials to your collection agency such as your website, brochures etc.

 

4. Do your Research

 

In order to make the collection process as easy and smooth as it could possibly go, your collection agency would need to get a background on your business and the processes.

This is also relevant to you and a client. Ensure that you have done your research on your chosen collection agency, this will encourage a smooth process as you will have a better understanding of their processes and the way the collection industry works, without unrealistic expectations. Ask questions, such as, how long the collection process would generally take, what would the time length be before they can expect a follow up on the situation.

 

5. Transparency

 

Collection agencies deal with numerous external factors that have an influence on the collection process. Different collection agencies also have different approaches to deal with debtors, ensure that you understand a realistic timeframe that your agency needs to work with. A good collection agency is transparent, with you, as the client.

Blake is based on the highest degree of integrity and ethical behaviour and guarantees you professional debt collection inline with all local business standards, codes of conduct and legal requirements.

Whether you are owed a small or large amount, whether it’s low or high volume, whether it’s B2C or B2B, the team here at Blake Collections have a debt collection solution for you.

Contact us today!