Blog | 2022-07-01
Two common misconceptions when hiring a debt collection partner.
Engaging the services of an external debt collection agent can be an effective and efficient way to recover overdue invoices and money owed. Many small to medium sized businesses view debt collection agents as a vital and necessary extension of their own operation and if done correctly, a services that can add significant value to their business.
One common misconception about debt collection is that it is too expensive and when the service is completed, the cost to recover invoices or overdue accounts does not cover the funds recovered, rendering the process uneconomical. Many think that additional fees and service charges often end up in a net zero situation and whilst this can occur if the wrong agent is engaged, if partnering with the right agent, your business should see significant financial benefit.
At NCML we offer a set commission rate with no hidden fees or charges. These modest commission rates vary depending on the type of debt and desired collection process, however they all have a common theme, if we don’t collect you money there is no charge. All of NCML’s commission structures also guarantee that the client ends up with a minimum of 75% of the money recovered, ensuring that the process is not only economical but financially beneficial.
The next common misconception is that debt collectors can damage the client reputation and do more harm than good. This is a good example of why it’s crucial to partner with a reputable and proven debt collection company. The right debt collection agent understands your business and knows how important your customers are, even those who have overdue accounts. For this reason, the right agent should be seen as organic extension of your business and treat debtors as customers who will have the ability to continue being customers in the future. By engaging with the right debt collection agent, you actually ensure that you are not doing harm to your business by not actively pursuing overdue accounts and invoices.
NCML adopts a customer-centric approach to debt recovery with a focus of understanding each customer’s unique circumstances and working within those parameters to develop an appropriate and sustainable solution to resolve the customer’s financial obligations.
Blog | 2022-07-03