The latest “Global Collections Review” survey, lets us see a new trend amongst businesses when selecting a debt collections agency. Unlike in the past year, companies put more attention on the agencies’ success rate, less the cost.
This trend can be seen amongst numerous major European countries and shows a mindshift in European businesses seeking support from outside agencies when collecting outstanding debt. The success rate of a debt collections agency easily allows comparison between collection agencies’ performance. The success rate is defined as the value of collected payments of the total debt received and expressed as a percentage. The amount excludes insolvencies and withdrawals.
Successful debt collections and ensuring solvency is fundamental to business. The study has made known the choice of a collection agency is made based on its quality, meaning the way it performs and ability to succeed in collecting, and not cost.
The ability of external debt collection agencies to deliver results is the key factor for businesses to employ a debt collections agency.
With the economy picking up and staff busy focusing on incoming business, collecting debt can again be seen as a task that is more frequently handed over to external agencies.
Leader in usage of external debt collections agencies is the Netherlands where 65% of the surveyed businesses have used this service and is considerably higher than in countries, such as Spain which continues to be at a low 20%.
Broken down by sectors, companies operating in the financial services sector usually use a debt collections agency more often while in the other sectors, such as manufacturing, wholesale and retail trade and distribution, services, companies have a preference towards collecting internally.
Overall, European attitudes pertaining to the selection of debt collection agencies were remarkably alike, which indicates that the requirements, expectations and high standards required of agencies are persistent factors irrespective of business size, location or type.
i need help finding, http://tinyurl.com/dktx98. im looking for Business Collections.. This article, Success Rate Valued Than Pricing When Selecting A Debt Collection Agency has free reprint rights.
Related posts:
- How To Hire A Collection Agency: Turning Your Accounts Receivable Into Cash
- How to Collect a Debt Making use of an International Debt Collection Agency
- Purpose Of A Debt Collection Agency
- Put An International Debt Collection Agency To Work For You
- Hiring A Collection Agency
- Should I Use A Debt Collection Attorney Or An Agency?
- Locating Debtors: Collection Triggers Will Drastically Maximize Debt Collection Success
- Why Your Business Should Choose An International Collection Agency
- 3 Very Important Things To Consider When Hiring A Debt Collection Agency
- Reasons For Using A Commercial Collection Agency
Tags: bank, business, business collections, collection agencies, collection agency practices, Debt, debt collections, Debt Consolidation, debt recovery, finance, Financial Debt, money, skip trace