Collection Agency Selection
Frankly, given the legal and regulatory requirements involved in attempting to collect a debt, it makes as much sense to do it yourself as it does to try to remove your own appendix. A collection agency is, on the whole, much cheaper than a doctors - and lawyers. Do yourself a favor and let a professional collection agency handle this complex matter for you.
It is an unfortunate fact that the collections industry is not regulated much by the government. Absolutely anybody can set themselves up with an "office" and call themselves a collection agency. You don't have to be certified or accredited by anybody.
You don't need any kind of special degrees or anything like that to start a collection agency. So, while there are plenty of reputable, ethical collection agencies out there, are also plenty of con artists. It's a case of buyer very much beware.
Beyond making sure the collection agency is credible, you'll need to make sure they are right for your business. Each collection agency may have different specialties and, even if they don't, they might not have the specialized knowledge required to collect in your industry. A collection agency working in medical collections must be familiar with medical terminology and insurance requirements. Make sure the collection agency has the skills and knowledge needed to successfully collect on your particular type of account.
You will also have to consider the fact that the collection agency will have to be paid for their services. A collection agency usually charges you a percentage of the money they collect on your behalf; currently the industry standards range from 25% to50%, depending on the dollar amount of the account, the age of the account, how much overall business the collection agency gets (or expects to get) from you in the long run, and other factors. Some collection agencies charge a low flat fee per collection which may be a more affordable solution for some businesses.
What you really want to know about this collection agency, however, is what they quote as their average recovery rate. The collection agency cannot guarantee that they are going to collect the money you are owed, because their ability to do so will dependent on many unforeseen factors. But the collection agency can give you a percentage of approximately how much their collection agency collects of the accounts that are placed with them, in general and in your particular industry. That is going to be much more important than their commission rate.
Finally, you'll want to check your potential collection agency out with both the Better Business Bureau and your state's Attorney General's Office. Specifically, it is important to discover if there have been any complaints registered against them by disgruntled former clients, or if they have had to defend themselves against alleged violations of the Fair Debt Collection Act. Remember that this collection agency will be representing you and your business. You don't want the sort of collectors who threaten to break people's knee caps, or call their neighbors to harass them. Make sure you're dealing with real professionals.
With the right kind of collection agency, you will be able to develop a real working relationship with the account executive who is servicing your account. These guys can be enormously helpful, particularly when it comes to dealing with bad-tempered debtors. There are going to be distinct legal limits to the kinds of things you can say and do, no matter now nasty people who owe your money become, and consulting your collection agency rep is a lot cheaper than talking to your lawyer. As long as all parties involved recognize the fact that yours is a partnership, in which both of you treat each other professionally, you will be well on your way to a good, long-term working relationship.
Collection Agency Outsourcing offers you free information on collection agencies and debt collections issues.
Racing the Competition
What is the Big Race all about when it comes to creating relationships?
Get Free Payroll Forms Download from the Internet
Having a successful business means also having a good working relationship with your employees, and nothing more makes it sour than having problems with the payroll. You can't expect them to work gratis, employees expect to be paid and compensated fairly. If this is done, the working environment will be pleasant and the employees will be more productive. Many company's experience labor problems because they don't have a smooth payroll system. If that is the case, many complaints will arise. Salary is a form of payment for the services rendered provided by the employer to the employee for a certain period of time. This payment should be in accordance to what has been agreed upon by both parties prior to the start of work provided.
Small Business Credit Card Advantages
Obtaining a business credit card enables the small business owner to separate personal expenses from business expenses. Offering business credit cards to their employees eliminates the need for employees to use their personal credit cards or cash to make company purchases. Employees using a business credit card will not need to fill out expense statements, wait for approval and reimbursement from their company. Transactions are itemized and reported on quarterly statements that make it easy for management to make changes if needed. Business credit cards can be provided to the employees with preset spending limit and helps in controlling employee spending.
A Portable Trade Show Exhibit Makes for an Easier Show
You can make your trade show experience much easier by using a portable exhibit. Since you control everything related to transporting it and setting it up, you won't have to hire firms to for those things for you.
Setting Prices - Pricing Your Consulting Services
THE PSYCHOLOGY OF PRICING
Practical Money-Saving Tips For Small Businesses
One of the primary concerns all small businesses have is saving money. When it's time to trim the fat, most look for one giant expense to decrease or eliminate in order to stay within budget. More often than not, it doesn't work that way.
How Small Business And Nonprofits Can Afford Multimedia For The Web
Multimedia is everywhere on the Internet, whether in the form of floating ads at major websites, streaming video or animated presentations. Of course, there is a good reason why multimedia has become such an integral part of the web experience: it's an effective tool for capturing attention or provoking visitors to buy or contact the site owner. For these reasons, many educational institutions, businesses, and other organizations desire multimedia presentations. Unfortunately, at first glance multimedia, often appears prohibitively expensive for small businesses and non-profits. The following represent a number of ways to control the high cost that typically accompanies multimedia production without losing quality. We believe these suggestions will ensure that you save money but still feel good about your investment.
7 Cash Flow Secrets Your Accountant Never Told You
Looking for ways to boost your cash flow? As a small business consultant, I make these recommendations to my cash strapped small business clients:
Marketing Your Small Business with Success Stories
-- The One Pager Shortcut Series --
Definition of Security: Small Business Owner
Yes, that IS security when nobody can downsize you because you OWN that small business of yours! But preserving that special advantage is a never-ending job. In fact, do you know what needs to be preserved more than anything else?
How Your Habits Control Your Small Business Success
Habit: A consistent behavior you perform so frequently that it is automatic.
Pressure Washing Companies; Pricing Dock and Deck Cleaning
If you own a Pressure Washing Company and wish to get business at the local Marina there are a few things you should know. You need to be careful in bidding these types of jobs.
Bogus Investor and Consumer Complaints and Consumer Misrepresentation
Like most regulatory bodies in the United States, the Federal Trade Commission gets investor and consumer complaints. But how much of these are actually real? These agencies then act on such complaints and increase regulations. Let's look at the Franchising industry for example. The complaints of fraud are non-existent for the most part in franchising, yet the FTC franchise group is dead set on making more regulations which in turn stifle the industry.
Aircraft Washing Service Operations Manual
Anyone who is serious about washing aircraft as a full time profession should be prepared to write a manual, which will insure proper procedures are followed during the washing process. Each crew team leader and manager should be well versed and trained in washing each type of aircraft. Many surfaces of individual aircraft vary and within those specific aircraft there will be many types of surfaces. For instance de-ice boots, fabric, aluminum, Plexiglas, fiberglass, composite and even steel and wood.
How Micro Loans Can Mean Macro Success for Your Business
"Inch by inch, row by row...that's the way my garden grows" was a favorite saying of my grandmother's -- usually when she was trying to teach me something about patience!
Boston Suburban areas a good choice to run a business
BioTechs even with the latest news had shed over 1000 jobs two years ago, as it was reported by The Financial Times, WSJ, and Bloomberg that only 17 of the nearly 1300 BioTech firms were actually profitable. In 2002 the number of jobs were in the 30,000 range in Biotech. 600 layoffs came from Millennium Pharmaceuticals. And the VCs are were barely interested as they hardly even look at tech deals with all of them netting less than 3 Million in venture capital for computer software and less than 10 million in biotech in 2003. But that was then and this is now. Unemployment has dropped, money is flowing the fallout mortgage loans stopped bleeding and money is coming back for investment in all sectors. Nano and Biotech both good.
Are You Satisfied With Your Business Just As It Is?
Did you know that satisfaction is the number one emotionpeople want to experience about their life and business?Yes, fame and fortune are up there, but satisfaction isthe key. Satisfaction is about contentment, gratitude andpure joy. Are you satisfied with your business and yourlife? If not, read on and see how you can transform yourlife in the simplest method possible.
Pressure Washing Heavy Equipment
One of the best ways to make money in the pressure washer business is to power wash heavy equipment. It is not necessarily easy work and you will get quite greasy but it is steady work and there is lots of it. You will need to know the different types of equipment and the issues which are of concern to preventative maintenance technicians, operators and owners.
Small Business Marketing Series ? Choosing a Niche Market
Many smaller businesses choose niche markets for various reasons and these niche markets can be very lucrative. This article will look at ways to identify and assess whether they are right for your business?
Small Business Vendors; Getting the Best Service
If you are a small business you know that you must rely on your vendors to make sure you have everything your customers need. Lack of vendor support can lead to upset customers or even loss of your business. Be pleasant and courteous to all vendors and potential vendors. Try and treat vendors like your favorite customers treat you. Do you remember recently when you went out of your way for a customer, the whole time knowing you weren't going to make any extra money by doing so; yet you did, simply because you liked that particular customer. That customer; whether you know it or not, probably told five friends of your gallant effort; something you may not even have thought about. This type of extra concern and effort is hard to come by these days from local business people. You will, from time to time, need this type of gallant service from your vendors, so start now by being extremely pleasant to those you do business with. Remember, also to refer your customers to your vendors whenever the opportunity arises.
|© Athifea Distribution LLC - 2013|