Debt Collection is not for the faint of heart. It’s an industry that is often looked down upon and seen as an unnecessary evil. But at Viking Client Services, we view debt collection as an opportunity to help businesses succeed, and customers maintain their dignity during the debt collection process. If your company has noticed past due accounts growing, here are four signs that you need to hire a third-party debt collection agency.
1. Your list of slow or no paying customers is growing
It might have started as just a handful of customers who are slow to pay. But now you’re noticing that list growing, and you’ve also seen some customers who haven’t made any payments at all. There is a low chance of slowing this trend as your business grows, so you’ll need to call in the experts to help you get paid and keep offering your services or products.
2. You don’t have the staff to keep up with the volume
You might have been able to keep up with your growing debt collection list at some point, but now it’s putting an unnecessary burden on your team. Keep your employees doing what they do best and leave the collection management to the professionals.
3. You’re having trouble locating some of your customers
Without much information, connecting to your list of slow-paying customers can sometimes be challenging. With a broader database and resources to help find updated contact information, debt collection agencies can get in contact with those elusive people and get your payment collection back on track.
4. You’re not familiar with debt collection laws
Several laws dictate how debt collection can and should happen and vary from state to state. By hiring a debt collection company, you are leveraging the knowledge of professionals to avoid breaking laws that you might not otherwise know about. In turn, you won’t have to deal with lawsuits, saving you money in the long run.
If you’re facing any of these obstacles regarding debt collection, it’s time to reach out to debt collection experts. At Viking, we believe that people paying off debts should be treated fairly and justly, and companies extending credit for goods and services should expect to be paid. Contact us today to learn more about our debt recovery and claims management services that help move people and companies toward better financial futures.
