If you need to collect payment from a non-paying or difficult client, a debt recovery firm can be helpful. Using a debt collection agency removes the stress and struggle associated with chasing unpaid invoices and allows you to concentrate on growing and building your business.
There are many vital reasons to work with a professional debt recovery agency like https://www.nightfoxinvestigations.co.uk. You gain the benefit of their skill, tenacity, experience and expertise – it can be extremely difficult to succeed when you don’t have these attributes. You also remove the stress from a complex and challenging situation. And you gain the time to do more important things with your business. Plus, you benefit from the result that matters: your money returned.
But not every debt collection firm is the same. Choosing the right company to support you and get the job done can be challenging. To help you make the right choice, here are some of the questions you should ask when you are shortlisting for your ideal agency.
1. Do You Know My Industry and Understand My Business?
There is a big difference between collecting the debts of a multinational company and an individual. Similarly, every industry is different and each poses varying challenges for debt collection. A debt collection agency should understand how your business operates; whether it is large or small, multinational or otherwise, and what industry you operate in. This specialist expertise can make all the difference between a successful claim and a false start.
2. Are You Experienced?
Most debt collection firms will have experience in this field. But some companies are better established than others. While time in the industry does not necessarily mean better service, the chances are high that a more experienced agency will deliver more effective results. Look at the track record, strengths, reputation, and how well the firm meets your needs as well as how long they have been in business.
3. What Are Your Fees and Terms?
This is an essential question to ensure you get the most for your money. Different companies charge different amounts, and they collect payment in different ways. For example, some may charge an upfront fee while others work on a success-based rate. The important factor is fairness and transparency. You should know exactly what you are getting before you sign.
4. What Are Your Methods?
The answer to this question determines the best fit for your needs. Some agencies rely on mediation, others go for court proceedings. Some agencies work using traditional doorstop methods of collecting an overdue debt. The best solution for you depends on your case and whether you need an aggressive way of retrieving money from a client or customer.
5. How Do I Get in Touch?
Some people want to be constantly updated on the progress of the case. Others require only a notification that the case has been completed. If you want to get in touch with the agency, how easy is it? Do you have a dedicated case contact? Is there a way of knowing how the procedure is progressing, for example, an online portal?