Looking for the right debt collection agency?

Having a hard time getting your invoices paid?
The debt collection market is largely unregulated and there’s no authority controlling collection agencies. This means finding a reliable, results-driven collection agency or lawyer can be tricky. If you’re looking for the right professional to help you, there are some things to keep in mind.

Does the Agency Have a Third-Party Account?

A third-party account is a common tool of debt collection agencies and law firms. It’s a separate account into which debtor payments are placed. This is meant to keep the creditor’s money safe in case the agency or firm suffers financially. Even if the firm or agency goes bankrupt the creditor can still count on getting paid. The regulation rules for third party accounts vary significantly in each country. For example, in the Netherlands and France, third party accounts are highly regulated by the Dutch and French bar associations and need to be separate entities to the collection agency, whereas in Belgium, they are not.

Are Their Customers Happy?

Research is vital at this stage. Check whether the agency has positive references. External platforms such as Trustpilot, Kiyoh and eKomi, are good sources of information as customers often leave their reviews on these sites. Many organisations will also mention their successes on their website but look a little further. Reviews of a company are often available on social media. This can give you a better picture of who they are, what they do and how effective their service is. After all, would you follow a company you weren’t impressed with?

Does the Debt Collection Agency Have a Complaint Procedure?

A good company will do their best to serve and retain customers. However, there is no way to avoid complaints forever. Whether imagined or real, a dissatisfied customer must have a way to communicate their complaints. A reliable, professional agency will want to do their best work and maintain their reputation. They will also want to solve problems quickly and see if there is a way to improve their service. An agency that does not have a complaint procedure may care more about their bottom line than the client’s success.

Are They Socially Responsible?

What does corporate social responsibility have to do with debt collection? A reliable, professional and honest organisation should also be concerned with their community, their workforce and their client base. An active company should consider the impact they make, both inside and outside of direct business dealings. A firm that prizes responsibility and integrity is more likely to have similar business ethics. When it comes to debt collection it may indicate their respect and direct dealing with customers and debtors alike.

Still unsure? Get in touch. We will gladly assist you.