Is this your first time hiring a debt collector to help you recover some funds from clients who just won’t pay up? You might be a little bit concerned about the process of hiring these professionals or about the idea of allowing someone to take charge of your personal business matters. Even though the prospect of entrusting your financial matters with an ‘outsider’ can be intimidating, you will be surprised at the convenience and safety of the entire process. 

Our guide takes a close look at the steps for hiring debt collectors to assist your company in recovering funds.

Step 1 – Find the Best Debt Collection Agency

First, you will need to locate a good debt collection company to work with. It is very important to find verified debt collection services that are well-versed in all regulations that come with debt recovery. 

We highly recommend contacting our friendly team at Vic Collect. Not only are our debt collectors experienced and professional, but we also offer a streamlined signup process that is ideal for newcomers and offer debt collection solutions that are perfectly tailored to suit your company’s needs. 

Step 2 – Sign Up 

Once you locate a good debt collector to work with, you will need to sign up. This usually involves signing a service agreement with the company. Some business details will be required and we will need information on all of the debtors that you would like the recovery company to pursue.

Step 3 – Wait While the 5 Step Process Commences

Vic Collect use a 5 step process to recover the outstanding funds. It can take some time for the entire process to run its course but your company can continue operating as normal while experts take charge.

The debt collection company will first send out a letter of demand and will request the client to pay up within seven days. Thereafter, the client will be contacted by phone, text message, and email. If no correspondence is received or if the debt is still outstanding, the debt collection company will send out a final notice. 

Most debtors do pay up well before receiving the final notice. However, if they do not, then your company can decide on proceeding with legal action if warranted.

Step 4 – Receive Payment

After urging debtors to pay up, the client should pay their dues soon. This payment is deposited into your company account and not to the debt collection agency. The reason for this is so businesses won’t have to struggle under capital restraints any longer. The funds will be paid directly so your company can continue. 

Step 5 – Paint Debt Collectors

You will notice that our steps did not include a monthly payment plan to the debt collection agency or any upfront costs. The reason for this is that debt collectors work on a commission basis and only charge a small commission on the amount of money they help recover. 

The commissioning fee can vary for different debt categories. The greater the amount that is recovered, the smaller the commission payment the recovery team will seek. Commission rates are also usually a very small payment for funds that your company would have likely been forced to write off. 

Hire the Best Debt Collectors

Vic Collect is the best debt collection company to trust when you want to regain some of the outstanding funds that debtors are unwilling to pay up. Give us a call and you will be amazed at just how convenient, affordable, and professional debt collection services are.