If you have a business that offers any kind of finance options for your customers, anything from loans to higher purchase agreements then you will know the difficulty non-payment can pose. When people fail to pay you it impacts your business and ultimately your bottom line and do you and your business really have the time to go after people who fail to pay? The hassle that is created by those who fail to pay is huge especially when you have more than a small number of them. To help in such situations you should be looking at outsourcing your collections department.
There are some brilliant companies out there who can handle this side of your business, companies like Brennan & Clark who have been fighting the good fight since 1980, they work closely with businesses and organizations like yours to achieve the best results in the shortest time frame. Companies like this work hard to look after your business and your profits. Here are just a few reasons why you should be outsourcing your collections.
Save Time
For any growing business, time is key and the last place where you want to be spending time is chasing up people for failure to pay. If people do fail to pay then you have little choice, you have to go after your money, save time by hiring a company to look after this side of the business for you and allow you to focus on what is important, creating a great business for you and your customers.
Save Money
Whilst outsourcing your collections will cost you money, you can often negotiate great deals with them and look at percentage payment of total collections. This price will differ greatly compared with the money you would spend setting up your own collections department. Non-payment from clients will be sporadic and if you have your own department then there may be months where they have little to no work to do, and others where there is too much work for them to complete. Collections companies are set up with all the resources that you and your company need to get your money and they will be ready when called upon. Saving money like this is crucial to your business, especially when people are failing to pay you.
Knowledge
When you outsource an area of your company such as collections, you are not just paying for someone to do the dirty work for you, you are paying for the knowledge that comes with it. Companies who specialize in collections are professionals who know exactly the right way to go about things to get maximum results. These companies also stay on top of the legal side of things, the law has changed a lot in recent years to protect consumers and help people in debt, collection agencies work with customers to reach their goals and have high success rates in doing so. If you were to take this on yourself then you would have to spend a lot of time learning the business and the methods, with an outsourced company, you will have this right away.