Business leaders tend to get aggravated at the very idea of collecting debts. Why waste resources trying to secure money that should already be in their accounts? They resent having to deal with the issue at all.
But once they accept that some level of debt from B2B partners or customers is inevitable, they focus on the best course of action. The wise ones consider what separates one professional debt collector from another. Here’s what they look for.
In-House Private Investigator
Most professional debt collectors don’t have their own fully licensed private investigator running their skip tracing. Others, like Summit Account Resolution, have exactly that and offer these services to customers at no extra charge.
Some debtors go to extreme lengths not to be found, and recovering these debts poses a vexing problem for companies. Is it worth the investment in time and money to try to find a business that relocated or changed names so as not to be found? What if they go to the effort of trying to locate them but can’t? Then they’d be out the initial debt, plus the additional time and money.
On the other hand, they can’t simply let debtors walk away; companies count on receiving that money, and it sets a terrible precedent for future customers and partners. Having a private investigator in-house changes the calculus because they will find debtors without requiring any extra fee.
Private investigators have access to resources that skip tracing departments relying on freebies don’t have.
Reputation Intact
Movies, and sometimes real life, have helped to create a negative perception of debt collection. Some of the tactics used can be aggressive, harsh, and underhanded. The best debt collectors never do anything that would negatively affect your reputation if it were publicly known.
For example, they will never use threatening or aggressive language on the phone, or make robocalls or late-night calls. Instead, they are helpful professionals who use a friendly tone to help both sides move forward by reaching a mutual understanding sooner. They treat everybody with dignity instead of judgement and hostility.
You’ve invested much in your company’s branding and reputation. Don’t let aggressive debt collection undermine these efforts. Thankfully, there’s no financial reason why debt collection should be aggressive, as the friendliest debt collectors manage to recoup nearly double the industry average.
All Niches
Debt recovery looks different depending on the sector involved. For example, collecting an outstanding payment from a B2B partner is not the same thing as collecting medical debts, residential or commercial rents, or money overpaid accidentally to employees.
The leading debt collectors know how to pivot given any situation and have the proper training and experience to handle all cases.
Business leaders tend to look forward and anticipate new directions their industry is taking, so they won’t get caught unprepared. They don’t want to look backwards and fret about money they should have already. Look for a professional debt collector that fits the above description and you can stern your company’s ship without looking over your shoulder.