Excerpt: What should you expect when hiring a debt collection agency like Fidelity Creditor Service for your business? And, why should you do it in the first place?
Hiring a Debt Collection Agency for your business to collect past due debts is a great way of incentivizing your debtors to get them to pay you faster and more often.
Beyond just accelerating the payment process though, utilizing a collection agency saves you money and energy, with the added bonus of being able to leave all the stress of collecting debts behind so that you can focus more on growing your business.
If you want to learn more about the debt collection process, continue reading!
WHAT IS A DEBT COLLECTION AGENCY?
In the words of Gary Davis, Manager of one of the most reputable debt collection agencies in the industry, Fidelity Creditor Service:
“Credit is the basis of our economy. Businesses and consumers rely on credit to function… And, regardless of the current economic conditions – the role of a collection agency is to safeguard the rights of the creditors.”
In other words, debt collection agencies are the third-party organizations that are responsible for protecting creditors (whether they be an independent or a business), from delinquent debtors that refuse, or are unable, to pay their debts.
HOW TO HIRE A DEBT COLLECTION AGENCY?
There is much to consider when choosing a debt collection agency, but say you do find the one right for the job, what do you do?
Well, as an example, let’s take a look at how Fidelity Creditor Service works.
Fidelity Creditor Service is what you would call a “full-service” collection agency. They service a wide range of clientele—including clients in healthcare, property management, banking and various other entities that extend credit to consumers and commercial accounts.
And, they offer not only standard credit collection services, but also have a diverse collection of professionals in their team—like private investigators and attorneys—with the expertise and the skills to locate missing debtors and, whenever necessary, file a lawsuit and enforce a court judgment.
In any case, Fidelity is based in Southern California. And, if you want to hire them for the purposes of handling your past due debts, you need only to call them at 1(818)502-1981, at regular business hours to get a FREE consultation.
During this call, Fidelity’s excellent customer service staff will discuss your options with you and determine how best to go about collecting your debts!
WHY HIRE A DEBT COLLECTION AGENCY?
There are plenty of reasons why you might want to hire a debt collection agency. However, in order to truly answer that question, we must first establish what a debt collection agency actually does for your business. In short though, they:
- Establish communications with debtors through mail and telephone
- Persuade debtors why it is important that they pay their debt
- Collaborate with debtors directly to create a payment plan if necessary
Depending on the debt collection agency that you hire, they may also be able to do other things for you. For example, as was mentioned above, the full-service agency, Fidelity Creditor Service, has people on staff that are able to locate missing debtors. And, should the need arise, they can also pursue legal action with the help of their in-house attorney.
As an extra note, if you are concerned about pricing, you’ll find that there are plenty of different pricing models available. Some ask only for a commission on the monies recovered, while others charge an upfront fee. So, if you’re worried about your budget, there are plenty of options out there. You need only to find the solution best suited for your business.
THE BOTTOM LINE
In the end, debt collection agencies, so long as you choose carefully, can be a reliable resource when it comes to ensuring that you receive the payments you are due for your goods and services. This is what they do, after all. And, they have the experience to back them up.
If you want to think of it another way, just like how you might need to delegate certain tasks between your own team, a freelancer, or a third-party organization, it is more than acceptable to find a collection agency to handle your debts so that you can focus on other—more important—aspects of your business.
