Top 5 Tips for Selecting the Right Collection Agency For Your Business
If you are here because you realized that you need a collection agency to collect your customers’ debts but are unsure how to select the right agency for your business, you’re not alone. Deciding on a collection agency can be nerve-wracking for various reasons, primarily because your hard-earned money is involved. In this blog by Kinum, Inc., we break down a handful of the things you should consider when selecting a collection agency.
Located in Virginia Beach, VA, and Indianapolis, IN, Kinum, Inc. serves business owners nationwide with their debt collection efforts. Get started with us today!
What Makes a Great Collection Agency Great?
A collection agency must put their client’s needs before their own. A great collection agency knows its clients by their first names and encourages positive morale in the company so that success is inevitable and easily achieved. They have to be passionate about the work they do and up to date on all of the latest laws and technology to provide the best service for their clients.
Qualities of a Superior Collection Agency
1. They Have Experience with Your Industry
Of course, you don’t want to work with a collection agency that doesn’t have experience collecting debts in your industry. This is especially important in medical fields as there are many rules and regulations to follow. Ensure that the employees are provided training on the industry and that they stay updated on debt collection news and recent law changes.
2. They Use Updated Technology
When it comes to debt collection, it’s important that your collection agency uses up-to-date technologies and tactics. By not ebbing and flowing with new laws and technology, the collection agency and you could get caught in a legal dispute or face fines that could have been avoided.
3. They Are Licensed & Insured
Make sure the collection agency is licensed and insured nationwide. This way, if your customer moves to another state, the agency will not encounter any hiccups in collecting on debts. Luckily, Kinum, Inc. is licensed to collect on debts across the United States.
4. They Follow Federal Laws
It’s not that some collection agencies are knowingly breaking the law, but there is a chance that they have not kept up with the laws and are unaware of when things change. At Kinum, Inc., we are consistently ensuring that our team is updated on the current regulations, takes part in trainings, and is aware of what they legally can and cannot do.
5. They Are Transparent
Handing off your debt collection duties to a collection agency requires a level of trust and transparency. At Kinum, Inc., we strive to stay in contact with our clients and provide updates on their debt collection efforts. You will also have access to your accounts to keep track.
Bonus: They Have Raving Reviews!
Not all companies without reviews are bad news, but it can be risky to work with one that has none. At Kinum, Inc., you can have the peace of mind that hundreds of people have gone before and had a great experience working with our agency. Visit Google to see more than 500 great reviews!
Choose Kinum, Inc.
You must do your research when selecting a collection agency to work with. At Kinum, Inc., we understand the level of trust our clients place in us. We are honored to be the collection agency of choice and continually work to improve our process. To hand off your debt collections to a professional, reach out to us today.