Debt collection outsourcing isn’t a particularly new idea, but it’s one that can definitely boost your bottom line.

Here’s how you can get the most bang for your buck out of a debt collection agency:

1. See if they have an attorney on staff

Unfortunately, some of your delinquent customers will ignore the efforts of even the most persistent debt collection agency. In these cases, the only way to get paid is to take legal action against them — or, at the very least, have an attorney write a strongly-worded letter. If it seems harsh, just remember that you’re missing out on valuable profits until your customers pay up!

If you want to streamline the entire process, you’ll need to work with a collection agency that also has a lawyer on staff. That way, cases can be passed off to him quickly, without you having to spend time looking for a lawyer and getting him up to speed on the case.

2. Look for a debt collection agency that offers reasonable rates

Remember, anytime you hire a collection agency to recover money, you’re going to have to pay them a percentage of the profits. Before you agree to work with any debt collection agency, make sure you’re comfortable with their rates. It’s also a good idea to shop around before you make a final decision, so that you can see what the “going rate” is.

If you plan on outsourcing a lot of business to your collection agency, see if they’ll offer you a discount. For example, some agencies will charge you lower rates if they handle a certain amount of cases for you every month, or if you give them high-value accounts.

3. Have the agency handle your accounts receivable management, too

Your debt collection outsourcing duties can become even more convenient when you have your agency handle your accounts receivable management duties, too. That way, your debt collection agency can be on the case from the very beginning. They’ll send out billing notices, and if accounts become delinquent, they’ll immediately start the formal collection process.

Outsourcing your accounts receivable management duties is a great way to save time and money. You’ll be able to cut back on full-time employees if you have to (along with the salary and benefits that come with having them on staff), and you’ll be able to devote your energy to your other customers — you know, the ones that pay their bills on time!

Dealing with delinquent payments becomes much easier when you have the team at PSI Collect behind you! Find out how they can help your bottom line by logging onto www.psicollect.com.