Debt collections from businesses are dramatically different than debt collections from consumers. When hiring a debt collections agency, look for this type of experience and training:
This expertise will provide peace of mind when collections agents are speaking to your customers.
In most B2B collections situations, the fees are a percentage of the debt and contingent on the amount collected. If the collections efforts are unsuccessful, your business owes nothing. Collections efforts can also be documented and available to your business at any time so you can measure how it's going. Transparency provides you with details on collections tactics, how much you can expect to recover, and what you'll be charged.
When sharing client data with a third-party collections agency, the information must be kept secure and confidential. One way to ensure this is true is to ask questions about data security and licensing. Some states or cities require licensing in order to collect debt for others and to ensure they're a legitimate authority to collect on behalf of your business. Ask your potential collections agency if they're licensed and/or insured or if it's required in the cases they're working for you.