As consumers, even in the B2B space, we spend a lot of time researching our options before making a purchase. For example, you rarely try out a new doctor without references, buy a new piece of technology like a laptop without reviews or purchase the new iPhone without hearing what new features are available. The same is true for choosing a new collection agency. It’s just as important to take stock on who will help you collect on your open accounts and what they stand for.
Below are steps you should take to better evaluate your future collection agency.
The best way to review a company’s reputation is by simply doing an internet search. Often times, if the company has a bad reputation this will show up in a search. By searching on Google, you can find star ratings on the right-hand side of your screen, along with additional company information. It is also important to check with the Better Business Bureau. If anyone has made a formal complaint against the company, this information will be made available on the Better Business Bureau website.
There are two ways to go about gaining client testimonials on collections agencies. The first, which may or may not be available, is client testimonials on the agency’s website. These may be in the form of success stories, quotes or videos. By paying attention and reading these, you can also get a good feel for whether the agency would be a good fit with your industry and your unique needs if they have other customers that are similar to you. Another way to obtain customer testimonial is to request references from the company after speaking with a sales agent. However, remember that in both of these instances, only the best customers with the most success will likely be made available to you.
Although this aspect may be the most surprising to some, it’s important to consider a company’s core values when looking for a partner in collections. These core values cover the overall philosophy of the business, what their strategy of collections involve and the overall experience of their collectors. It’s important to place emphasis on these core values because you never want to hire a collection agency who may use intimidation tactics on customers if that is not what aligns with your company’s core beliefs. Finding a collection agency that acts as more of an extension or your values and services makes a huge difference in customer retention and overall collections efforts.
Listed are a few other aspects to evaluate collection agencies on:
- How many years has the collection agency been in business?
- Is the collection agency involved in industry foundations or continuing education?
- Is the agency compliant with industry rules?