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Third Party Collection Agencies: Why Your Business Needs One

Feb 17, 2021

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Running a business comes with a lot of responsibility. Business owners wear many important hats: customer service representative, training supervisor, marketing expert, social connoisseur, and the list goes on. Third party collection agencies take over the management of customer debts, so you don’t lose time and your sanity.

What small business can afford to hire full-time help with delinquent accounts? Who wants to be weighed down dealing with debt collection? No business owner will be first in line for this task.  Find out why a third-party debt collection agency will be the shining light your company needs to make money matters right.

Third Party Debt Collection Does the Grunt Work for You

Consumer debt collections can be messy, especially when it involves customers and clientele you have established a great, respectful repour with. Under the guidance and oversee of a credible debt collection agency, the original creditor(s) (businesses) do not have to worry about tarnishing vital client relations. Don’t punish yourself or your hard-working staff of having to be a debt collector. Focus on quality customer care and selling services or goods. Debt collections will analyze your statements, following up on past due bills, and collect payments from overdue accounts for you. Did you know that on average it can take up to three months or more for a business to receive full debt balances?

A Third-Party Collection Agency Understands the Financial Bureau

The debt collection process can be a sludge if you are not versed in the lawfulness of it. Debt collection agencies are required by law to abide by the legalities and guidelines of the below systems.

  • Federal Trade Commission (FTC)
  • Fair Credit Reporting Act (FCRA)
  • Fair Debt Collection Practices Act (FDCPA)
  • Consumer Financial Protection Bureau (CFPB)

 Third Party Debt Collectors are Debt Experts

Most importantly, many businesses owners do not realize the damage that customer debt can have on their business’s credit. Loyal customers can go through hard times, although, businesses deserve to be paid for the services and goods they give. With the knowledge and experience to deal with debt collection in a stern and ethical matter, collectors are essentially experts in helping companies relinquish funds.

Using skip tracing and other non-threatening methods to track down a debtor, debt experts then send customized letter templates to outline a customer’s debt that owed to you. To highlight, a higher percentage of past due debts are paid by customers after being contacted by third party collections.

Top Collection Agencies are Here for Your Business

Third party collection agencies such as Capital Recovery Corporation (CRC) have decades of experience with debt collection. CRC is an extended business office. We deal with commercial debt collections, B2B collections, as well as small businesses. Why do all of the work yourself? Alleviate your staff from having to be the bad guy with our expert debt collection help.

Contact CRC today for help with statement service, AR management and much more. Get financial protection and help for your business before it’s too late. Take advantage of our skilled team of debt collectors now. Grunt work is our business, so you can run yours.