Collection Outsourcing

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Collection Outsourcing

Collection outsourcing refers to passing your accounts over to a collection agency in an effort to recover bad debts. Often your accounts receivable office does not have the time to devote to concentrating on collecting the money from overdue accounts and as a result, just ordinary statements get sent out each month. Once the client realizes that you don't do anything more than this, they tend to ignore the statements and requests for payment. Outsourcing the account to a collection agency means that an agent will be assigned to your account and his/her primary job will be to collect the money you are owed.

How Does Collection Outsourcing Work?

With collection outsourcing you do pay a percentage of the amount of money that needs to be collected. However, you don't pay until it is collected, so if the agency is not successful, you don't have an added expense. The outsourcing company you choose takes over the accounts and frees you and your staff to concentrate on the business itself and getting more clients.

The staff assigned to your account is trained in all aspects of the Fair Debt Collection Act, so you won't have any clients complaining of unfair practices in the debt recovery process. When you use collection outsourcing for recouping your losses in bad debts, it is like having your own collection agents at your disposal. There is a difference you don't have to supply the office, the equipment or the staff.

The staff at the collection outsourcing agency know just the right tactics to use in convincing your client that it is in his/her best interests to pay the bill. The standard method of operation is to contact the client and request payment while still keeping a good relationship between you and the client, leaving the door open for possible business in the future. As time goes on without payment, the tactics get stronger letting the client know that legal action could result if he/she does not make the necessary payment.

What Kind of Service Do You Get With Collection Outsourcing?

You get personalized service when you use collection outsourcing for your debt recovery needs. The same person will handle your account from beginning to end and you can contact this person during the process if you need to. The person handling your account will also keep you informed about what is happening through mailed in reports, or by fax, telephone or email. You will usually get a report every thirty days or sooner if there are any developments. It doesn't matter if the account is a few months overdue or a few years - outsourcing the account to a collection agency will result in your getting your many back.

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