If you decide to enlist the help of a debt collection agency to help recover unpaid debts to your business there are several things you should take into consideration. Not only do you want to ensure that you receive an efficient service but you also want to maintain the reputation you have with your customers.

A good place to start is by visiting the website of the CSA, or Credit Services Association. This is the official body for the debt collections industry and all members must abide by certain principles and codes of conduct when dealing with customers. This ensures that fairness and ethical standards are met. Many debt collection companies take compliance very seriously. Wescot, for example, regularly undertake audits of their staff and have them take an annual compliance test.

Once you have chosen some potential companies there are a few questions you should ask them to make sure that they are right for your business and that their customer service is up to par. Firstly, you should check to see if the company has any existing customers in your sector. If so, this can give them a greater understanding and insight into the particulars of your line of business. Secondly, you should find out whether they operate on a no-collection-no-fee basis, although most companies do. It’s also worth asking about their remittance rules; it’s important to know how quickly you’ll receive your money once they have recovered it. In addition to this, find out if they offer online performance reporting. It’s a good idea to try and see a demonstration of this so you can determine its benefit to you.

While these may seem like rather basic requirements, if your potential collection company doesn’t meet these, then it’s unlikely that they will be the right company for you. Approaching a debt collection company can be an extremely effective way of recovering the money you are owed, as well as saving you the time and money it would take to recover it yourself. Finding the right company for your needs is imperative, so it’s worth taking some time to research possible companies thoroughly to avoid enlisting the help of a company which isn’t right for the job.