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As a business, you are always looking for the most effective and cost-friendly route to handle your business needs. When it comes to account dues, knowing when to use in-house resources vs. specialized collection agencies is crucial. Some factors that need to be considered between the two are:
- Cost & Time to Set-Up: It is a significant investment for companies to establish their own Collections department. Account balances may be long overdue by the time collection representatives are hired, trained, and develop the knowledge and experience to be successful collectors. Additionally, there are also related expenses that need to be considered, such as hiring, management, and compliance costs. At RMC, we provide professional debt collectors that have been working in the industry for over 25 years.
- Tools: Third party agencies have access to collection tools so you don’t have to! Agencies utilize specialized collection tools that require time and money to set up. This can include access to skip-tracing and credit bureau sites, in-house collection software, customized reporting tools, and website interfaces. RMC is committed to providing its clients with the most up-to-date technology and resources to deliver successful collection efforts.
- Brand Perception: It is important to consider a collection agency that is committed to supporting your company’s brand and reputation. Professional debt collectors often serve as an extension of a company’s workforce and are trained to provide a service that meets, and often exceeds, client expectations. At RMC, we pride ourselves on providing high quality customer service.
- Procedures & Programs: Collection agencies typically have procedures and programs in place that are intended to drive collection efforts. They are also designed to best serve its client’s needs. RMC’s services include custom programs and procedures such as revenue cycle analysis, free demand period, and insourcing and outsourcing projects.
- Attorney Relationships: The goal of any Collection agency is to recover accounts due without the involvement of an attorney. However, if legal services are required, Collection agencies often have established relationships with debt settlement attorneys. Attorneys whom have the experience to assist with the final stages of collection efforts.
It is important to take the above factors into consideration when deciding which collection route is best for your company.