Collections

Outsourcing Commercial Collections

The standard credit system used globally by businesses, whereby services or products are provided and payment is made according to a monthly schedule, is not without its problems. Many businesses struggle to elicit payment from certain debtors, and it can be especially difficult to collect payment from debtors where there are logistical obstacles involved, such as debtors being situated in another country. Outsourcing commercial collections to a collection agency can be helpful in successfully collecting money from debtors.

The Key to Successful Collections

Some collection agencies rely on written correspondence alone in attempting to extract payment from debtors, yet this is not an effective measure, as debtors may simply throw away correspondence without reading it, and in some instances, debtor might not be able to comprehend correspondence if it is not written in their first language. The key to successful collections is to use a combination of telephonic, written and face-to-face contact – face-to-face contact is often found to have a high success rate.