Hire Virginia Collection Agency

Any business based in Virginia that provides product or services on credit runs the risk of customers falling behind on paying invoices. When this unfortunate event occurs, knowing the next steps to take and the benefits of hiring a debt collection agency in Virginia is essential to any small business.

Why Should a Company Hire a Collection Agency?

A company will hire a collection agency if they have customers who have been past due and are not responding to collection attempts via phone calls or invoice reminders.

If the customers have not showed any effort to bring the account back to a current status, hiring a collection agency in VA could be the best alternative to get paid quickly.

Benefits of Using Collection Agencies in Virginia

1. Cash Flow– The most obvious and largest benefit of hiring a collection agency is money recovered. This money can help increase revenue from past due accounts that once seemed impossible to get money from. In return, a company can invest these unexpected payments into other parts of the business to help it grow.

2. Time Management– An employee’s time is typically the biggest expense on the books for most small businesses. How a company chooses to utilize that time is the biggest investment they will make into the success or failure of the company. Hiring a sales rep to attempt collections is a mismanagement of resources. Focus the sales rep on bringing in new business and hire a Virginia debt collection agency to handle the past due invoices.

3. Legal Protection– Collecting on past due accounts with the many federal and state laws can be a recipe for disaster. Clients who are past due are known to bring lawsuits against collection efforts due laws such as FDCPA that provides consumers protections against aggressive collection efforts. The worst case is facing a potential lawsuit from someone who refused to pay for your services to begin with. Hiring a licensed debt collection companies in Virginia will help reduce your legal liabilities.

Hire a Local Collection Agency in Virginia

If a company is looking to hire a collection agency, they will notice they are many to pick from. Each collection agency will have strengths and weaknesses and weighing those out will help make the best hire for a company.

Local collection agencies in Virginia will have an edge of national agencies due to the knowledge of the local economy and the regions in which the debtor resides. For example, an HVAC company based in Roanoke would probably have better results hiring a Collection Agency in Roanoke VA due to how familiar they would be with the debtor’s situation and the type of services the HVAC Company provided for them.

The same company who may do great in represent the HVAC company could struggle to collect for a Foot Doctor in Richmond. The Foot Doctor would be best served to find a collection agency in Richmond VA who has experience in collect on medical debts. Someone who defaults on a heat pump tune up compared to a individual who got foot surgery is two completely different debtors.

The benefits of hiring local are also the ability to meet with the collection agency in person. If you have questions or concerns about the collection agency in Virginia Beach who was getting great results but then disappeared, you can meet them easily. If they are located in Texas, what are your options?

How much do collection agencies charge?

Most established collection agencies will work on what is called a contingency rate. This means the agency charges zero upfront and will keep a percentage of every payment successful collected.

If the agency is unable to collect any payments, the company it represents owes zero.

Are you ready to hire a Virginia Debt Collection Agency?