Collecting on unpaid invoices can be time-consuming and demanding, especially for small businesses who may not have a dedicated accounts receivable staff. With their tools and expertise, third-party collection services can increase revenues and reduce the stress of bringing delinquent accounts current. If you’ve never worked with a collection agency before, the tips below will help maximize your results and prevent unnecessary delays.

A Guide to Working With a Collection Service

1. Research Agencies Carefully

Many third-party collection services are committed to professionalism and understand that they represent their clients in every transaction. Others, on the other hand, often employ unscrupulous or blatantly illegal methods to collect on unpaid debts, which can tarnish your public image with potential clients. Before hiring a collection service, check their professional certifications and conduct thorough research into their methods and the quality of their agents. The best collection agencies offer business owners a mostly hands-off process, with streamlined methods for submitting accounts and other information.

2. Assemble Your Paperwork

To begin collecting, an agency will need information from you. Collect any contracts you may have, a detailed accounting of your clients’ payment histories, the balances due, and a record of every effort you’ve made to collect on a debt.

3. Report Payments Promptly

It’s not uncommon for delinquent clients to pay the creditor directly, rather than the third-party collection service. Many small business owners aren’t sure whether they should accept the funds or have the client pay the agency instead. If your agreement with the collection office states that you’re free to accept payments directly, notify the agency as soon as possible to avoid them taking action on a fully paid account.

If unpaid invoices are impacting your revenues, turn to Joseph, Mann & Creed, a global leader in debt collection and accounts receivable management. For nearly 20 years, they’ve helped businesses on the East Coast and in the Midwest to get the money they’re owed and offer a streamlined, fully digitized process for submitting information and monitoring accounts. Visit their website to learn more about this third-party collection services, connect with the company on Linkedin, or call (216) 831-5626 to speak with one of their highly trained agents today.