Over the course of a client-based business’s existence, it is exceedingly likely that they will need consult a debt recovery agency to collect overdue payments for services rendered. Improved Data Services recognizes, however, that many businesses do not know what exactly to look for when comparing agencies to find the best fit for them. Debt recovery can be a complex space, and there are multiple facets that contribute to making certain agencies stand out amongst the crowd. Here, Improved Data Services discusses a few surefire ways to evaluate the performance of an agency before making your choice to continue with their services.
Recovery Rate and Time
Companies are frequently interested in recovery rate and time a metric to evaluate the performance of debt recovery agencies, and for a good reason. Improved Data Services notes that a good way to get a wholistic idea of this KPI is to inquire about the agency’s recovery rate and the percentage of outstanding debts that they have been able to collect on. Recovery time is equally important as a KPI for debt recovery agencies. Many high performing debt recovery agencies will keep detailed reports on how long cases given to them are open and how long, on average, it takes to resolve outstanding debts. Reporting like this makes it easier to evaluate performance and leaves room to understand why some cases have taken longer to collect on than others. Sometimes, it can be a matter of what type of debt and how much information the agency was provided on the debtor to aid in their collection.
Quality of Working Relationship
One of the most relevant qualitative factors for companies to judge debt recovery agencies on is also the most simple- how they make you feel about the partnership. Improved Data Services recognizes that debt recovery agencies that truly deserve your business will consistently make you feel at ease with your working relationship. This includes qualities such as transparency throughout the process and showing the utmost respect to staff and debtors alike. The best agencies in the space will even make the process clear and understandable for individuals not particularly educated on the complexities of the industry. They will also have no problem accommodating simple adjustments to services if requested. In an industry as complex and prone to obstacles as debt recovery, the ability to be flexible and provide quality customer service during the process tends to be what separates top performing agencies from their competition.
How The Agency Approaches Fees
Related to the quality of the working relationship, how the agency approaches collection fees is an important marker for the trustworthiness and your personal satisfaction with services rendered. Some agencies are not totally upfront about collection fees, and any fees that were not outlined before the establishment of the partnership should be evaluated and questioned. Improved Data Services acknowledges that trustworthy debt recovery agencies will have no problem with discussing their fees and explaining them upon request.