Should your company use a commercial debt recovery service?
Doing commercial debt recovery yourself is time-consuming and not always very effective. This is why many businesses resort to hiring a commercial debt recovery service to help.
Is hiring a commercial debt recovery service the right choice for you, though, or are there other things you can consider in order to recoup the debts you are owed?
Why people hire a commercial debt recovery service? -- The main reason many businesses hire a service is because it is time-consuming to have employees do it for them.
As staff at a Commercial Debt Recovery service are also trained in debt recovery, they tend to be far more effective at recovery debt. This is why, unless you really do not have the money to hire a service, you really should hire one soon.
The cost of hiring a service -- Your company will have to negotiate the cost of hiring a company to do debt recovery.
This will often mean you either pay a set fee, or you negotiate to only pay when debts are recovered. The latter option tends to work better, as this is a motivation for a company to recoup your debts. It also means your company does not lose any money unless you are repaid a debt as well.
Where to find a good service -- Ask contacts at other companies if they have ever hired a commercial debt recovery service to help recoup debts owed to them. If so, and they were happy with the results, get the contact information and contact each company.
Just be sure you have two or three companies you can contact, as that will give you leverage when it comes to negotiating fees. That way you are more likely to be able to hire a commercial debt recovery service that is actually affordable.