What do you love about owning your own business? You could, most likely, list 100 things that are fantastic about running your own company and your answers would be unique and fascinating. What could derail such positive reasons to be your own boss? We all know that one of the most exasperating experiences of doing business is when we have to deal with customers that don’t pay their bills. This is where a debt collection agency can make a world of difference to a business whose morale might be sagging after running up against clientele that will do everything in their power to avoid paying their debts. These debtors must be convinced that settling their accounts would be in their own self-interest. Here are a few of the many reasons to hire the services of a debt collector to get the job done after creditors have had no luck collecting unpaid invoices. 

Part 1:
9 Terms To Know

Debt collection is a tough field. It takes a robust spirit to see the matter through. Though we have a clear objective, the road is not level and smooth. As there is both money on the table and resistant debtors in the chairs, to be successful, we as collectors need a careful strategy. When approaching each account before the journey even begins, we are reminded of the words of Gene Kranz, the flight director of Apollo 13; “Let’s work the problem, people.”  

From Over-Dunn to Well-Dunn:

A Win-Win Consumer-centric Approach Rooted in Compassionate Communication

Even though not everyone may have a favorable view of debt collection agencies, the fact is, they perform a vital service that keeps costs down and maintains client relationships. Before you take inventory and decide whether hiring an agency is the right move for your business, consider all the ways in which using collections is the smarter and more efficient move for you and your business.

Have you ever asked yourself, just what exactly does a debt collection service do and how does it work? Well then, you’re in luck! We’ve outlined the most common topics about how agencies operate, why we need them, to the evolution and future of the debt collection industry.

Any business that can’t adapt with the times is going to suffer. Technology has revolutionized how consumers and companies communicate and conduct business. The old standard of phone calls and paper bills has become a relic of the past. It’s time to get current and streamline your operations as well as increasing customer satisfaction. Using email to communicate and collect payment is a win-win that empowers consumers as well as increasing collection revenue and positive outcomes.

At some point you may have asked yourself exactly what debt collection agencies do and how they work. A debt collection agency is the entity that employs debt collectors tasked with recovering late or missed payments. Often these agencies are the “middlemen” who recover funds for the original creditors and lenders. Their overall objective is to legally recover debt while abiding by federal and state laws. There are different types of collection agencies which specialize in different amounts and types of collection.