5 reasons why you should entrust your bill collection to a professional

Sometimes debt collection can be a very stressful task and many businesses simply lack the expertise, time and skills to effectively collect debts. Lately, we have seen a drastic increase in the number of businesses choosing to outsource their debt collection to debt collection companies. However, entrusting the management of your unpaid debts to a professional is efficient and profitable. It also helps you reduce money lost and the time your employees spend on the collections process.

As a debt collection specialist since 1993, we share with you below 5 advantages of outsourcing your collection efforts:

1- to reduce your costs

Debt collection can be a costly and complex process because it requires highly trained personnel. Extensive training is essential, unless you want to compromise your recovery success rate. By outsourcing your debt collection, you will avoid recruiting an internal collection team, as well as its salary costs and training. Very often, internal collection employees receive a fixed salary regardless of the amount of unpaid debts and the result obtained. In general, debt collection companies are paid by results, which means that you will only pay their commissions if they succeed in recovering your outstanding debts.

2- to save time

Debt collection agencies have experts who can devote all their time and effort to collect your bills as quickly as possible. These determined teams trained in ad-hoc methods to obtain regular and timely payments will ultimately reduce the time needed to collect your invoices.

Additionally, outsourcing your debt collection frees up your time. This ultimately allows you to focus 100% on your customers, providing them with the products or services you promised them and ensuring that they are satisfied with them.

3- to increase the recovery rate

Another benefit that goes hand in hand with saving time is an increased collection rate. By outsourcing your debt collection, you will have access to a fully dedicated team of experts dedicated to recovering your invoices for you. They will take care of your unpaid debts quickly, following processes that have been validated and proven for a long time, but also adapted over time and as the habits of your debtors evolve. These structured and followed recovery steps will de facto lead to an increase in the recovery rate, and therefore your overall profits.

4- to increase your productivity and income

The time you spend collecting your unpaid debts is time you no longer have to sell and generate new income. When your business outsources its collections, it frees your staff to perform other tasks that improve your services. This allows you to devote more time, resources and effort to achieve strategic objectives such as providing a better customer service experience, growing your brand or improving your availability in the market. The time saved by outsourcing your collection allows you to concentrate on what you do best: your job.

5- to maintain good customer relations

Good relationships with your customers are essential to the smooth running of your business. Outsourcing your debt collection to a third party will ensure that your conversations with your customers are limited to the goods and services you provide, rather than worrying if they are late on payments. You will also avoid any negative interactions with your customers. This will ensure that a positive relationship with your customers is maintained, which will promote greater loyalty. A debt collection company must always keep in mind that a debtor remains above all a customer of its customer.

By working with a debt collection company like INTERNATIONAL RECOVER COMPANY®, you no longer have to worry about overdue invoices. This stressful and time-consuming task being entrusted to collection experts, you will then be able to calmly devote yourself to developing your business.

Are you still hesitant to entrust your unpaid debts? Contact us and we will answer your last hesitations.