How often do you find yourself running around for debt collection from long lost debtors instead of calmly working on the established goals of your company?
How often do you lose out on money because the time seems to fail you whenever you try contacting your debtors?
How often do you spend half of your day reaching out to local debts receivables, especially when your company needs the money inflow?
Well, more often than not, when such situations arise, you drain your effort and time on the run of the field that isn’t your area. Time once spent can never be purchased back – then why would you chase the never-coming?
But then what would you do?
Here’s a Solution!
Outsource! Yes, you heard that right. Opt for the befitting corporate solutions by the experienced debt-collection agencies like Cedars business services. Such agencies specialize in debt-collection with expert knowledge and can be easily contacted during the time of crisis. However, to avoid legal trouble, you should always wait for at least 30 days after the debt maturity date, to hire a global debt collection agency.
Right choice?
There are multiple scams that operate in the name of debt-collection agencies. This not only makes your choice tougher but questions the integrity of the debt collection agencies. But you definitely can’t let go of the benefits that it can bring to your business provided the right one is making its way to you.
To help you pick the right agency like Cedars Business Service, we have prepared a checklist for you. There’s a lot on stake, the money, the goodwill and the future of your dreams.
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So before the final decision, you must check or skim a company with the following features or confirmations to ensure if the agency will prove to be an asset to your organization:
Contents
7 Things You Should Know Before Hiring
Goal Alignment
As a company, there are certain visions and missions that form the groundwork for your operations and values to function in the market. Most companies that make it big are the ones that stick to their values and follow them through. Hence, why would you compromise on your beliefs while making an important hire or deal? Various debt-collecting agencies have their own policies, values, and system of operations in place for the whole process of debt collection. For example – An agency like Cedar Business services is the best choice if your company always believes in putting people first, be it, clients or employees. So, choose an agency that has its beliefs aligning with yours, understands your requirements and does not go against your ground rules to collect the debt.
Past record analysis
Like every other company, debt-collection agencies also have their past failures and success stories. However, a track record of considerable failures can do more harm to your business than theirs and you certainly can’t afford to do that especially with a huge amount of debt still pending. So, check their growth, success record and extent of failures before making a choice. While, no businesses are error-free and some setbacks, it still crucial to keep a mark on their learning curve where improvement and success should on the rise, increasing over time. Visit websites of such companies to get a detailed insight into their operations and efficiency. For instance, the website of Cedars Business services has a fantastic track record and entails some customer’s feedbacks on its portal that will help you make the right choice
The empire of operations
As a company, you don’t want to be running around debtors in different locations hiring different debt-collectors every single time. Not only does this increase your workload of skimming an agency before a hire but also causes more time wastage. Hence, the best approach is to find companies with operations in multiple geographical locations, especially where most of your debtors reside. Agencies like Cedars Business Service that operate both locally and globally can be your best pick.
After this, you need to also look at the genre of your debtors and your business. Each debt-collection agency looks after a few specific domains as their expertise and backs it with a good track record as well. So opt for an agency that meets both the horizontal, geographic and vertical domain of operation requirements of your business. Cedars Financial, for example, not only has a global network, but it also dominates its field of expertise in domains like education for its clients.
Legal regulations
Debt collection is a regularised sector and hence, it is very vital that you avoid any scammers by ensuring if the debt-collection agency is under legal compliance and within legal boundaries. One such act is that regulates all debt collection agencies is the Fair Debt Collection Practices Act, which was drafted to ensure that nobody is harassed by wrongful debt-collection agencies. Agencies like Cedars business services put forward the ideology of fair practices by ensuring clients are approached in a timely manner, decisions taken with the permission of respective authorities and everything done is an effort to collect the debt as smoothly as possible.
Networking Channels
Mostly, the time for contacting a debt collecting agency happens when you actually can’t locate your debtor after months of efforts. So, now when you contact a debt collection agency, it becomes their responsibility to first locate the debtor and then focus on collecting the money. But how will they locate a debtor that you have been trying to discover for months? By using their networking channel. Agencies like Cedar Business Services have their own database of contacts of previous defaulters and debtors along with other relevant data. They use this data and other known contacts to securely locate a debtor and then use the right techniques to contact them for further processing.
Client’s Feedback
With goals aligning, you would not want an unprofessional, unauthentic or disproportionate company to work towards collecting your money on your behalf. Check about their employees and their head of operations first. Then dig up feedback about the company via previous clients, both from companies and debtors – since a debtor can explain the company’s approach and style better. You must know every little detail about the company, after all, you are going to concentre not only the fee that you owe to them but also your company’s goodwill into them. Cedar Business services have kept its doors open for constructive reviews from the clients, customers and everyone at large in order to keep the transparency on both the ends.
Collection Process
What after a company traces the defaulter? Will they force the defaulter to repay the debts? Will you want that? No! After all, you are losing a customer. It often happens, that the defaulter is deceased with some contingencies and is unable to pay back the debts. You will want to hire a legitimate agency which goes to every extent to help the deceased in repaying the debts. Here again, Cedar business services approach the debtors in a positive tone and do not force them to pay the debt all at once. Instead, they prevent you from undergoing any other loan and make a customized repayment plan, in which you can even pay in installments.
So, this must be your checklist when you are on the field to hire a debt-collection agency for your business. If an agency has it all, then congratulations, you are on the right track!
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Final Words: Privacy is everything!
A debt-collecting agency should honour your trust and reliance of your private information thus not allowing any access to your financial record books. While this should be the binding value of all the debt-collection agencies, more often than not it is found missing in a number of them. But of course, exceptions are always there – Cedar Business Services maintains strict confidentiality of your sensitive information by entering into non-circumvention agreements. They build their trust not just with words, but with legal documents. Simply put, you have a document enlisted by them that if done otherwise, you can sue them.
Follow these simple guidelines to always check on your desired hire and don’t buzz of your instincts if it speaks otherwise. Research and research more, and then make a final decision. You can also sell off your debt to an agency at a lower amount, but then why would you settle for less when you can look out for the corporate services offered by Cedars Business Service. Their corporate solutions are goal-oriented, cost-effective and result-driven.
So, now what’s the wait worth for? Contact them for all your international and local debt recovery. You will know why we call them the best!
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