What are the best practices when a small business enters into a partnership with a collection agency? How and when should a small business submit debt to their debt collection partner? Small businesses often have little to no experience in working with a collection agency, and it is often something that businesses are hesitant to pursue without the proper knowledge. To discuss this in-depth, podcast host, Tyler Kern, welcomed guest Bryan Campbell, Business Development Manager at IC System, onto the show.
Campbell states that businesses will typically “look for some nationally licensed agencies” to start this process or when looking to switch agency partners. “Oftentimes, [businesses] are looking to change because something hasn’t exactly gone right with [their] first agency…or [they] thought [they] could do it all internally.”
Campbell added collections agencies need “basic demographic data…to get going” and that anything pertinent outside of that basic data is vital to the success of a partnership with a collection agency.
Campbell explains that “from a small business standpoint…we have an online business portal that is available to small businesses” that will provide the necessary information to IC System and allow them to start collections immediately following submission.
Timing is essential in streamlining the debt collection process. The sooner you can tackle the unpaid accounts the more likely you are as a business to find success in finding those collections. “If you employ a collection agency, I can’t stress enough, using them in the most appropriate manner possible because the longer you wait it is just much more difficult to have those conversations.” Campbell adds.
“Our whole aim is to make sure that those interactions are fruitful for the consumers out there as well.” Bryan concludes. “Let our professionals who are trained take care of it and make sure that everybody has an equal and successful outcome”