Many small and large businesses follow the same practice for selling products and services and invoicing. This often involves selling now and invoicing later so they have more time to pay. This is a smooth process until a customer decides not to pay. Having debt is a headache; after all, you expect revenue from a business and not outstanding invoices. Interrupted cash flows, regular follow-ups, and stress are some of the consequences of debt.
One of the quickest solutions to this problem is letting a debt collection agency handle your debts. Still, most business owners don’t like the idea of hiring a corporate debt collection agency because of the common debt collection myths.
So, let’s debunk some of those.
Debt Collectors Threaten And Intimidate People Who Cannot Pay The Debt
False: There are very specific regulations that debt collectors have to abide by, and if they go against the rules, they can be penalised. Threatening, intimidating or harassing a debtor is in no way acceptable. Debt collectors would never use illegal tactics to collect a debt.
Instead, reputable debt collectors in Australia are trained to cooperate with the debtors and determine if they can pay them. A good commercial debt collection agency knows how important your customers are to you, so they make sure your customer relationship is not affected in any way.
Debt Collectors Are Tough Guys On Motorbikes
False: Debt collectors do not use their physical power to collect a debt from your customers. There are dos and don’ts of debt collection to which debt collectors have to comply.
Debt collectors are not someone who will knock on the client’s doors whenever they want and ask for a payment, but debt collectors are people who look like us. They are from different backgrounds with good communication, quick-thinking, problem-solving skills, they are trained thoroughly for their jobs and at eCollect, they are industry matter experts.
Hiring A Debt Collector Guarantees Return
False: Corporate debt collection agencies do not guarantee a return, but they are just the middleman between the creditor and the debtor. However, they may offer no collection, no commission warranties, which means you won’t have to pay upfront. Their income is part of the debt they collect and nothing extra.
Hiring a commercial debt collection agency is the best thing to handle your debts, but you have to make sure you do a good amount of research before you hire any debt collection agency.
eCollect is a credible and reliable debt collection agency in Australia that coordinates with your team and debtors and works by adhering to your business values and government regulations. Their philosophy is simple – they collect your money as if it were their own. They are equipped with high-quality software that makes the debt collection process simple ensuring regulatory compliance. Also, they have the best people to work for you. If you are struggling to collect your debt but hesitating to hire a debt collection agency – keep all your worries aside and contact eCollect or simply connect with them via Debt Terminator – a cloud-based debt assessment solution that offers an assessment of your debt.