When it comes to debt, nobody enjoys having to chase for what is rightfully theirs. But when you choose to engage the help of a professional, persistent and persuasive debt collection agency such as Cobra Financial Solutions, we can make the whole experience as hassle free as possible. But why might someone need the help of a commercial collection agency you may ask? We’re here to shed a little light on the topic…
The primary reason most companies use a third party collection agency is because their internal efforts to collect the debt have failed. Whether the account has just fallen overdue or you feel like you’re now banging your head against a brick wall, help is often needed but many are too embarrassed, stressed or in denial that something has gone amiss. What’s more, (and quite rightly true!) management often believes that the company’s resources are best spent elsewhere. This includes making better credit decisions and focusing on the customers that are paying their bills rather than wasting their personnel’s time chasing accounts that are not going to pay, or are dragging their heels.
When it comes to B2B debt collection, a commercial collection agency is the embodiment of “third party psychology”. Once a third party agency debt collection agency becomes involved the debtor knows that the third party will do whatever is necessary to collect the money due. In such instances, it is essential that professional, persuasive and persistent tactics are used to get the best overall outcome possible.
What’s more, a collection agency focusing solely on B2B debts will not have any sympathy for the stall tactics and excuses employed by debtors. The “Third party psychology” previously referenced will motivate the debtor to pay because they want to avoid the additional costs. They will also want to avoid the potential embarrassment that comes with a prolonged collection effort and the possibility of litigation. This coupled together with negative information provided to credit reporting companies that may impact their ability to get credit in the future, is a big tick for successful debt collection.
Furthermore, a professional debt collection agency such as Cobra Financial Solutions has resources, methods and techniques for collecting delinquent debt that are not available to the average company. In particular, an agency has the ability to access databases that may be needed to assist in identifying and locating the responsible party related to the debt. This also helps in identifying and locating assets that may be used to satisfying the debt. Debt collection agencies also have clever software which keeps records of all collection history providing them with the ability to use this information to make better collection decisions.
Of course, the above examples are only some of the reasons to use a professional debt collection agency. If you struggling to recover outstanding B2B debts, get in touch with Cobra Financial Solutions today and see our debt collection agents can help you.