How can I work closely with a debt collection agency

How can I work closely with a debt collection agency?

You will get maximum return from a debt collection agency if you do these four things:

(i) Prompt attention given when you identifying potential bad debts.

(ii) Provide more and better information about the accounts to a debt collection agency means more and better collections.

(iii) Having placed the account for collection, rely on the experience, diligence and judgment of your debt collection service for the best and quickest results. Promptly refer to any developments on these assigned accounts to the debt collector.

(iv) Since professional debt collectors’ services are personal in nature - with the debtor as well as with you - ensure that your debt collector understands with the nature of the goods or services involved. This will help the debt collector in handling many complex situations that normally arise during collection activity. In addition, the debt collection service should be given a fair understanding of your accounting system so that the debt collectors can maintain mutually acceptable records and keep books in balance with yours.

The better the debt collector knows your individual requirements and specialized field, the more fully he can serve you. The relationship can be mutually profitable.

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