There are many misconceptions about collections agencies and the work we do. For many consumers and businesses, collections agencies are cast in a negative light. Because of this, businesses are often wary of hiring a collections agency, and customers may dread receiving calls for payments.
We wanted to dedicate a post to debunking some common myths about the collection industry and the benefits of working with a company like Kinum, Inc.
For Businesses
Myth: A Collections Agency Will Drive Away Clients
Seasoned debt collectors will tell you their job is dually focused on helping their clients recover debts while maintaining good customer relationships. The right collections agency will work with you to determine why your clients have delinquent payments and then help you devise strategies to help close unpaid accounts. Here at Kinum, we focus on connecting with your existing clients to encourage early debt recovery and foster strengthened relationships.
Myth: Debt Collectors Will Ruin My Brand
You and your staff have worked hard to build a positive reputation and image for your company. Your collection agency should work with you to make it even better. While a debt collector’s primary focus is helping you recover missed payments, they can also help you identify ways to improve your accounts receivable and communication with your clients.
With Kinum’s Connect & Collect System, you are in control of the initial communication and outreach to your clients. We focus on building connections between you and your clients, so if your needs elevate to traditional collection methods, the transition is seamless and does not affect your reputation.
Myth: Debt Collectors Use Shady Tactics To Recover Debt
Under the Fair Debt Collection Practices Act (FDCPA), it is illegal for debt collectors to harass a consumer. Our debt collectors are trained to listen to what your clients have to say and help them find a way to pay their past-due bills. A key part of our services is learning what motivates consumers to pay and maintaining open, honest communication between our clients and their customers/patients.
For Customers
Myth: Debt Collectors Will Come To Your Home Or Business
It is rare for a debt collector to go to your home or place of work to collect. For starters, it isn’t efficient, since modern technology allows collection agencies to make hundreds of contacts a day. In addition, it is often misconstrued that collectors are mean and immediately demand money. While our goal is to help our clients recover their debt, we also want to help consumers find a way to pay their debt.
Myth: My Problems Don’t Matter to Debt Collectors
While recovering a debt is the number one priority for collection agencies, effective debt collectors are also able to connect and relate to consumers. It is important to not only motivate consumers to pay their debts but also determine the underlying cause for why they did not initially pay the bill.
Myth: Making Partial Payments Will Stop Collections Calls
As a consumer, your obligation is to pay your debt in full. If you make a payment on your debt, it may stop collections calls temporarily, but eventually, the calls will resume. On the other hand, if you make payments according to particular arrangements, it may stop collection calls completely as long as you keep up on your payments.
Myth: Debt Collectors Only Target The Downtrodden
Debtors come from all walks of life, and there are many reasons why they did not or cannot pay their bills. In some cases, the consumer did not understand the associated costs of service and the payment process. For other consumers, they fell into a time of hardship and are unable to pay their bills. Whatever your situation, a debt collector will work with you to make the repayment process as easy as possible.
Have Questions About The Collections Process?
Kinum, Inc. has answers. It is our goal to offer our clients a smarter way to collect. We focus on maintaining positive relationships between businesses and consumers. To learn more about our services and how we can help you, please contact us today at (888) 471-0280.
