Tips to Hire Best New York Collection Agency

Small businesses in New York will at some point encounter past due paying customers. Understanding how to deal with delinquent customers by hiring a collection agency in New York could save a company big losses.

When customers fall past due, a natural reaction of frustration overcomes most business owners as it seems like a hopeless situation. Most small businesses will attempt to call and collect the money or even send reminder invoices but these efforts often go ignored.

When a business determines the customer is likely not going to pay them, hiring a debt collection agency in New York is the best decision to make.

Most businesses owners have never hired a collection agency and it can seem like a overwhelming task at first but here are some tips below to make sure a business hires one of the top collection agencies in New York.

1. Results Driven– A collection agency that is results driven and can show specific data of recovery success rates will help make the best decision. Most collection agencies will be able to estimate how much money they would expect to collect for a small business based upon the amount of debt placed, the age of debt, and the industry a business operates in.
2. Licensed– Any debt collection agencies in the state of New York must have state license to legally collect debt within the state. If an agency is not licensed to collect debt in New York, continue looking until finding an agency that is to avoid potential legal issues.
3. Communication– Does the collection agency return phone calls and e-mails promptly? Look for a collection agency that excels at customer service as it will make for a smooth business s relationship in the future.
4. Referrals– A collection agency that has worked for other businesses within the same industry or within the same city is a plus. It will be easy to obtain unbiased opinions of the agency and get insights into how the collection agency operates from someone who has actually worked with them.

If the New York debt collection agency checks all of the boxes above then a business can expect the agency to be trustworthy and effective.

What Does a Collection Agency in NYC Charge?

Most collection agencies will work with no upfront fee involved. The collection agency will keep a percentage of everything successfully collected. This is typically referred to as contingency rate collections.

For example, a Doctor Office in NYC may have 10 past due accounts that total up to $10,000.

The debt collection agency in NYC may agree to contingency rate of 30%.

The collection agency has extensive experience in helping with medical debt collections.

The agency works diligently and collects a total of $5,800.

The Doctor Office will receive $4,060 while the agency will keep the remaining $1,740.

The Doctor Office gets $4,060 from accounts that were not paying them and it required zero effort.

If the agency is unable to collect any money, the Doctor Office owes them ZERO.

In business, this is considered a rare “win-win situation”.

Local Agencies can Deliver Big Results

A business in New York will have the option to hire a collection agency from anywhere within the US as long as they are licensed to collect debt in NY.

Hiring a collection agency in NYC when a company is based within the city themselves is the best move to make for many reasons.

The benefit of hiring a New York City collection agency is the ability to meet face to face with the collection agency. Furthermore, debt collectors located in New York will have a better understanding of the current local economy and the debtors will also be able to communicate more easily with them.

For example, a Dental Office in Buffalo NY who have customers past due will be best fit hiring a collection agency in Buffalo NY as long as they have experience in dental collections.

The Dental office may also speak to a collection agency in Syracuse NY that offers lower rates but the collection results could suffer. Remember, the lowest rate does not always equal the most money back to a business.

Collection agencies in Buffalo New York will have the natural “home field advantage” due to all the reasons mentioned above but sometimes it can be challenging to find the best small business collection agency to represent your particular business.

We remove the time consuming and often frustrating hurdles of finding a solid collection agency. CollectionAgencyMatch.com will match you up with a collection agency based on the type of business you have and the location of your company.

Get a risk-free quote now from a New York Collection Agency!