Question:
Collection Agency Info
Has anyone had any experiences with either:
Mid Continent Agencies
or
Adams, Cooper & Marks?
I'm exploring new aganecies for my company, and would appreciate any
insights, good and bad.
Answer:
There are several issues you may want to cover when searching for an
outside, third party collection agency. For example, I am confident that
you would want to know what their level of performance has been while
servicing other clients. More specifically, clients that may be engaged
in similar type businesses such as yourself.
It may also prove fruitful for you to request a reference listing or firm
resume. The collections industry is extremely competitive inasmuch as
who can best achieve the "Highest Rate of Recovery."
However, be sure when making your selection that the agent in mind
collects money in a proper fashion. Most simply stated, you do not want
the third party collection agent costing you any future repeat business.
Often times, after a "debtor" (retail or commercial) has paid off
their deliquency, he or she will return to the original creditor looking
to revive the business relationship. Although this would be done on
different terms, by the customer coming back -- the result may be a
positive factor for your company.
Lastly, when negotiating agency fees, be sure that the pricing is
competitive and that there are no hidden, or up front costs. At any time
during the relationship, you should have the right to recall certain
accounts. Commonly, the only accounts an agency should be empowered to
retain are those that are either paying and/or litigation action has been
taken.
