Debt collection can be a difficult process for all involved – the debtor, the company and the debt collection agency. A business owner often discoveries the difficulty of the debt collection process if she or he ventures into trying to recover the debt without the help of a professional team of debt collection specialists. Many business owners realize that those who owe outstanding balances on delinquent accounts can be hard to find, non-cooperative and combative. When eliciting the help of an experienced team of debt collectors such as the one at Abraham & Kevork, there are a few things a business owner can do and understand in order to assist in the process and make things go more smoothly for everyone.
Understand the Process
Before choosing a debt collection agency and embarking on the process to collect debt, a business owner should research the different types of debt collection and what type of services will be needed from a debt collection agency. Ask a debt collection company representative what their pricing structure is like, what percentage of the recovered debt will be collected as commission and what expectations you should have that your debt may be recovered. Since a variety of factors go into whether a debt can be successfully recovered, a debt collection company representative will likely be able to give you a general assessment of the likelihood that your debt is collectable. These factors include the length of time the debt has been delinquent, the amount of money owed in the outstanding account. Have the representative walk you through the company’s process and understand how the techniques and strategy used at each debt collection company may differ. Some companies lack a cohesive strategy and may provide a sloppy or slow service. Abraham & Kevork LLC’s debt collection specialists use a proprietary Collection Pipeline that always keeps the debt collection process in motion.
Know that Compromise May Be Necessary
As a business owner, it’s understandable to want a debt recovered in full, as this will maximize your return on investment and make up for the period of absent revenue. But business owners should not view debt collection as an all-or-nothing process. Many debtors have not paid the outstanding balance on their delinquent account due to the simple fact that they cannot afford it. During the collection process, debt collection specialists may offer to lower the amount owed or change the terms of the payment and enter into a payment plan if this will result in a debtor cooperating. As a business owner, this may be seen as negative, but the alternative is usually that the debtor prolongs the process and doesn’t pay at all. At Abraham & Kevork, our debt collection specialists work very hard to recover the full amount of the outstanding debt in order to provide the biggest return on investment for our clients. In the event that a debtor cannot pay the full amount, we can find ways to be sympathetic to their situation and find a compromise all parties can agree on. We hold the relationship between a business and its consumers as a priority and we are sensitive not to jeopardize it.
Trust the Experts
One of the best options a business owner has is to listen to counsel from debt collection experts who have a business’ best interests in mind. Abraham & Kevork LLC operates on a “No collection, No fee” philosophy that means we won’t get paid unless we successfully collect debt on your behalf. Abraham & Kevork is pleased to offer cost-effective rates for its services for business and business owners who require debt collection services on delinquent accounts receivable.
We also specialize in serving medical service providers in paid-to-patient or paid-to-subscriber debt collection. Our attorney backed team of debt collection specialists has more than 60 years of experience. Abraham & Kevork staff is compliant with HIPAA and the Fair Debt Collection Practices Act. Call us today at 888-788-0093 to see what Abraham & Kevork’s team can do for you.
