How to hire North Carolina collection agency
Should you hire a North Carolina Collection Agency?
Attempting to collect on debt can be an overwhelming experience for a business owner or manager. While handling other daily duties such as marketing and customer service, collecting on past due accounts often get pushed to the side until time permits.
A company may attempt to collect the debt themselves. After making phone call attempts and sending past due notification letters, they are left wondering what other options they have? Give up on collecting the balance owed or find a collection agency who can work on collecting the debt.
When considering hiring a North Carolina debt collection agency, you should verify the collection agency is qualified to represent your business.
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Questions to ask a North Carolina Collection Agency:
1. Are you licensed to collect debt in North Carolina?
When selecting g a collection agency to collect for your company, this should be the number one question. In North Carolina, you must have a license to collect debt legally. Furthermore, are all of the debtors located within North Carolina? If not, you may need a collection agency that is licensed to collect debt in multiple states. By hiring a collection agency that is licensed in North Carolina, it could possibly limit any liabilities issues that may arise.
2. Do you specialize in my industry?
While collecting debt is similar across many industries, hiring a debt collection agency who has collecting debt within your industry can lead to better results. If a collection agency specializes in collecting medical debt, they may not be the best fit for a Pest Control business owner who has past due accounts. You would prefer to hire a Pest Control Collection Agency. If the collection agency has experience within your industry, they may even offer to provide references from companies who has had good experiences working with them.
3. What tactics do you use collecting debt?
This is a very important question to ask any North Carolina collection agency you are considering working with as they will be representing your business. When you had over past due accounts to a collection agency, those are real customers typically within your community who may interact with possible future clients. By asking the tactics they use, they will explain the type of letters they may send to the debtors or how often they will call to collect on the debt. You may want to mention to them the collection agency in NC that prefer to retain this customer relationship for the future which would require a soft approach to collecting the past due balance. In contrast, a business owner many realize the debt owed is more important to be collecting than retaining the customer in the future which would mean they want a collection agency who will be more aggressive.
Familiarity with the local economy of North Carolina
After you have a better understanding of the North Carolina debt collection agency you are speaking with, you can then hire them to collect on the past due accounts. After the contracts are signed and the accounts have been placed, you can move on to other businesses task while the agency is working for you.
North Carolina is a diverse business state with a growing banking and financial sector in Charlotte, the fastest growing city in North Carolina. Charlotte is now reported as the second largest banking center behind only New York City. This is beneficial as it provides a large base of potential debt collectors for Charlotte collection agencies due to the work experience within the banking and financial industries.
The research triangle park has helped fuel growth in Raleigh, NC. Created in the 1950’s, the park was instrumental in the growth of jobs in the information and technology fields. The state capital and surrounding cities such as Durham and Chapel Hill, have witnessed strong gains in employers from the tech sector investing in facilities within the area. This has drawn in many college graduates to the area who are finding that technology training can also translate in the financial fields such as debt collection agencies. Recent college graduates are securing jobs with Raleigh Collection Agencies who need individuals to implement new technology as the debt collection industry continues to involve.
North Carolina was ranked by CNBC as the Fourth best state to business in and the unemployment rate for North Carolina citizens are typically lower than the national average due to the friendly business laws the state has to offer to potential companies looking to invest in the state.
If you are business owner who has past due customers in North Carolina, hiring a North Carolina collection agency could be financial decisions you can make. Most collection agencies within North Carolina will work on a contingency basis, meaning if they do no collect payment then you do not pay a dime. This makes the decision easier to use a collection agency as it requires no upfront cost and shows that the collection agency in North Carolina that you are working with is confident in the skills they have to collect the debt successfully.
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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?
$100,000 or more
Roughly how many accounts are you looking to collect from?
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