Are debt collector companies all the same?

Debt collector companies

As we approach Christmas and New Year 2020, more and more business owners will be searching for debt collector companies. More often in a bid to collect as many payments as possible, particularly before the *long Winter break.
*believe me for some businesses the Winter break is a long time!

So its important that you keep on top of your cashflow around this time, but its also equally important to know which debt collector companies you can trust. Particularly, how professional they are.

On a few occasions this year we’ve had clients come to us to collect their debts after having had experience of other agencies. They enquired with us quite simply because they failed to collect their debts. They also provided hardly any feedback throughout the process, often charging a disproportionate fee to instruct them as agents, to never see them again.

Debt collector companies

When dealing with debt collector companies, we would always recommend you look for at least 4 things before choosing which one to go with:

1. Reputation – do they have an online presence (and we don’t just mean a website here, although that is a start). How good is their website, does it look like it took them 30 mins to put it together on a cheap do-it-yourself website builder? Do they have an active social media presence? Do they have testimonials which are NOT on their website (because these can be easily made up)? Or are the testimonials on external sites such as LinkedIn and Google? (these can’t be made up – or at least require much more effort!).

2. Professionalism – how professional do they sound when you talk to them? Do they give you multiple options for collecting the debt such as chasing by phone and letter, solicitor involvement, court proceedings, insolvency? And what happens if its disputed? These should all be considered when you are talking to debt collector companies. They should also have the answers instantly to any queries you have.

3. Coverage – are they located close to you and your debtors? Its imperative that debt collectors have a national presence so that they have the ability to collect debts UK-wide. Many collectors will only focus on the South East, or London as this can be a more corporate environment which will earn them bigger commissions.

4. Affiliations – are the debt collector companies highly regarded in the industry? Are they a member of a local business club, FSB, or Chamber of Commerce? Do they work with solicitors and how do they work with solicitors? Its crucial that you check who they work with and how, in order to build trust in that debt collector.

Its all about trust

The list is not exhaustive, but these are just some of the considerations you should give if you are looking for debt collector companies. Remember they will be representing your business in collecting debts, so you need to trust them!

If you are wondering how to find debt collector companies that can be trusted, check out our testimonials. Or to make contact, please email enquiries@tauruscollections.com or call on 01332 565 350 to see how we can help you improve your cashflow and debt collection rates.

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