As a business owner, you’re always looking for ways to improve your bottom line. One area you may not have thought of is collections. Many businesses hesitate to use a professional collector because they think it will be too expensive or they’re worried about damaging their relationship with the customer. 

However, there are several reasons why using a professional collector can actually save you money and help you get paid faster. In this blog post, we will be taking a closer look at 7, in particular. Let’s begin! 

1. Professional collectors have experience and knowledge of the law.

This means they know how to work within the system to get you the money you’re owed without violating any laws. They also know how to negotiate with debtors so that everyone wins.

The Fair Debt Collection Practices Act (FDCPA) is the bible for debt collection regulations in the United States. States may have their own versions of the law, but all pretty much follow suit. 

The FDCPA aggressively goes after what it deems to be unfair debt collection practices, so you have to tread carefully around it when establishing communication with a debtor.

2. Professional collectors understand psychology.

They know how to talk to people so that they’re more likely to respond positively and make payments. This is especially important if you’re dealing with difficult customers.

Effective debt collectors are able to put themselves into the shoes of the debtor. This enables them to approach each situation in a firm manner that preserves dignity (and, more importantly, keeps the lines of communication open). 

3. Professional collectors are efficient.

They have systems in place that allow them to work quickly and efficiently. This means they can often get results in a fraction of the time it would take you or your staff.

Even something as simple as email templates and tracking software can make a tremendous difference in the speed with which you get paid. These are elements the average business hasn’t established for debt collection, but a collector makes it their business. 

4. Professional collectors are unbiased.

This is important because it allows them to be more effective at negotiating payment plans and getting results. It also means they’re less likely to take no for an answer.They’re able to separate themselves from the emotional components of debt collection and navigate any stories or excuses that delinquent debtors try to throw their way.

5. Professional collectors are persistent.

This is one of the most important qualities of a good collector because it’s what ensures results. They understand that some debtors may need multiple contacts before they’re finally ready to make a payment, and they’re willing to make those contacts until the job is done.

Furthermore, they have some idea of how many “touches” it takes to get results. And they’re organized and driven enough to know where they’re at in all those processes.

6. Professional collectors are available 24/7.

This is important because it allows them to work around the debtor’s schedule instead of being limited by office hours. It also means they can contact debtors in different time zones so that payments can be made faster.

7. Professional collectors have access to resources you don’t. 

This includes skip tracing services, which can help them locate debtors who have moved or changed phone numbers. It also includes legal resources, which can be helpful if you need to file a lawsuit or obtain a judgment against a debtor. 

No One Does It Like a Professional 

There are many reasons why using a professional collector can actually save you money and help you get paid faster than if you try to collect the debt yourself.. These include their experience, knowledge of the law, understanding of psychology, efficiency, persistence, and availability 24/7.

They also have access to resources that you don’t, such as skip tracing services and legal resources. If you’re having trouble collecting on past due debts, consider using a professional collector. You may be surprised at how quickly they can get results.

Ready to take the next step? Southwest Recovery Services is a company that’s been getting businesses like yours paid on delinquent accounts for years, and we’re here to put that expertise to use for you. Contact us today to learn more about how we can help.