Businesses in Texas that face past due customers can feel like they are fighting an endless battle. If a business provides product or services on credit, customers will fall past due for various reasons so having a plan on how to combat this is essential to improve cash flow.
Customers will fall past due to financial struggles but also some will try to take advantage of the credit terms of a small business. Many bad debtors assume a small business will not pursue the debtor and definitely are expecting a business to hire a Texas collection agency.
When a business owner makes the decision to use a debt collection agency in Texas, they often wonder “how I can hire the best collection agency?”
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Is your business collecting debt from individual consumers or other businesses?
Collect from businesses only
Collect from individual consumers and businesses
Roughly how much debt are you looking to collect?
$1000-$10,000
$10,000-$50,000
$50,000-$100,000
$100,000 or more
Roughly how many accounts are you looking to collect from?
2-10
10-25
25-100
100 or more
On average, how long have the accounts been past due?
Two to six months
Six to 12 months
One year or more
Contact Information
Tell us about your company
Tell us where you are located
Below are some important items to considering when selecting a collection agency in Texas.
- State License– One thing to check off a list before hiring a collection agency is to make sure the collection agency is licensed. It is bad enough to have past due debtors, the last thing a business needs is potential lawsuits due to a collection agency not having proper state licensure. Trust but verify is a good mantra to follow.
- Proven Results– Use a collection agency that has a proven track record of collecting debt successfully. A collection agency that has been in business for less than a year is not proven to have positive cash flow and quality collection results. Find a collection agency that has been business for several years. This is a good indicator the agency has a successful debt collection strategy.
- Referrals and Reviews– Collection agencies in Texas that has gained reviews through websites such as Google and Bing is a good sign of how the agency does business. Look for clients who had issues with the agency not paying out the money owed to them after successful collections. Furthermore, check with businesses they have represented in the past for a honest opinion of what it is like to deal with the agency.
- Communication– This is another major issue for Texas collection agencies and it often comes up in reviews. While it does normally take a few weeks for a collection agency to successfully collect on a debt, the agency should provide updates every so often on the progress being made. If a collection agency is slow to respond to e-mails or calls from the start of a relationship, what will the response be like when they have your money a year from now?
- Customer Service– While the main goal is to recover as much as money as possible, a debt collector in Texas must follow the laws set forth by FDCPA. Over aggressive collection agencies can collect money, but at what expense to a company’s reputation? Finding a collection agency that is effective at collecting but also providing customer service to the debtors that treat them in a respectful manner.
Expertise in Specific Industries Equal Big Results
When looking for debt collection agencies in Texas you should ask what industries they have the most experience in collecting debt in. Often times, a collection agency will realize they have certain strengths that translate to excellent results within specific industries.
Finding a collection agency that has experience in your industry can be difficult. Most collection agencies will take on any client but that doesn’t mean the agency is successful within that niche. When locating a collection agency that extensive experience within a industry, they will a long list of referrals who provide glowing reviews.
For example, a daycare owner in Houston may set out to find the best collection agency in Houston. They may have to filter through several agencies before finding a collection agency that specializes as a daycare debt collection agency. The difference in results is typically dramatic and will affect the bottom line of businesses just by finding the right fit.
Luckily, we take the guesswork out for you. We can match you with a collection agency that will provide a free quote instantly.
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Is your business collecting debt from individual consumers or other businesses?
Collect from businesses only
Collect from individual consumers and businesses
Roughly how much debt are you looking to collect?
$1000-$10,000
$10,000-$50,000
$50,000-$100,000
$100,000 or more
Roughly how many accounts are you looking to collect from?
2-10
10-25
25-100
100 or more
On average, how long have the accounts been past due?
Two to six months
Six to 12 months
One year or more
Contact Information
Tell us about your company
Tell us where you are located
How Much Does a Collection Agency Charge
Most Texas debt collection agencies will work on what is called a contingency rate. This means the collection agency does not charge any upfront fees. The agency only gets paid when they are able to successfully collect on the past due accounts.
Here is a quick real life example of how a contingency rate works.
A doctor office in San Antonio has 10 accounts past due that owe a total of $12,000 combined.
The doctor office hires a collection agency in San Antonio at a 30% contingency rate.
The collection agency works hard and they are able to collect a total of $7000.
The doctor office receives 70%, which equals a total of $4,900.
The San Antonio collection agency keeps 30%, the remaining $2,100.
If the collection agency was unable to collect any money, the office would owe ZERO!
This motivates the collection agency to work harder as the reward is larger when more money is recovered.
The Benefits of Hiring Locally
A collection agency that understands the local economy of Texas and can connect easier with the debtors over the phone will typically generate better results.
A collection agency in Dallas will have the most experience in collecting for businesses within the Dallas metro area. They understand how to collect a debt in Texas in the most effective manner. While you can hire a larger collection agency in Austin or a surrounding city, the agencies may not have the local resources to provide the best results.
Furthermore, hiring a debt collection agency in Dallas when you are based in Dallas allows for easy face to face meeting and a closer business relationship.
Luckily, CollectionAgencyMatch.com has a large network to match you with the top collection agency in Texas.
Don’t spend hours looking through a Texas collection agencies directory; get a risk free quote now!
Is your business collecting debt from individual consumers or other businesses?
Collect from businesses only
Collect from individual consumers and businesses
Roughly how much debt are you looking to collect?
$1000-$10,000
$10,000-$50,000
$50,000-$100,000
$100,000 or more
Roughly how many accounts are you looking to collect from?
2-10
10-25
25-100
100 or more 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Is your business collecting debt from individual consumers or other businesses?
Collect from businesses only
Collect from individual consumers and businesses
Roughly how much debt are you looking to collect?
$1000-$10,000
$10,000-$50,000
$50,000-$100,000
$100,000 or more
Roughly how many accounts are you looking to collect from?
2-10
10-25
25-100
100 or more
On average, how long have the accounts been past due?
Two to six months
Six to 12 months
One year or more