What Businesses Should Seek Out when Choosing a Collection Agency

September 14, 2020

Debt collection isn’t a new business. It has evolved dramatically since IC System’s founding over 80 years ago. With regulations, technology and a changing economy, organizations need a debt collection partner they can trust. Bryan Campbell, Business Development Manager of IC System, shared his expert advice for those that need help with receivables.

“A partnership focus where the agency is an extension of your business is key. It’s also important that they have a strategic and clear understanding of your needs and put together a solution to meet them. It’s not cookie-cutter,” Campbell said.

Companies typically engage an agency when their internal processes aren’t working. An uncertain economy and businesses not being able to keep all staff on the job contribute to the issues, especially in healthcare.

“Cash flow is critical right now. Providers and businesses are understaffed, or those in the office aren’t trained to collect. An agency helps remove this strain and bring in the money needed,” Campbell added.

Another important aspect of choosing a provider is technology and its ability to make things easier. IC System offers full capabilities on an online platform. They’ve also improved workflows by integrating with management software used by physicians, dentists and other organizations.

Campbell also noted that credibility and licensure matters.

“The U.S. population is very transient. You need an agency that can legally collect in all 50 states,” he stated.

He also urged businesses to think about how to measure success in the industry.

“Have they been doing this for a long time? Do they have endorsements? Like clients? Technology innovations?,” he said. “These are all good questions to ask.”

Follow us on social media for the latest updates in B2B!

Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Recent Episodes

Venture Fund Valuations
View episode

In this episode of The Alternative Edge, a Weaver: Beyond the Numbers Podcast, host Becky Reeder, an audit partner and co-leader of the alternative investments practice at Weaver, engages with Sindhu Rajesh, an Alternative Investment Services Partner with Weaver. They unpack the complexities of venture fund valuations, offering critical insights into industry dynamics and best […]

entrepreneurial mindset
View episode

  Adopting an entrepreneurial mindset is increasingly essential in today’s diverse professional world. This approach, emphasizing resilience and innovation, is applicable in various careers, encouraging individuals to see opportunities in challenges and to think beyond conventional methods. SkillPointe recognizes the importance of aligning this entrepreneurial spirit with career aspirations. The organization assists individuals in transforming […]

earn and learn programs
View episode

  Faced with a significant workforce training gap, America is seeing a rise in innovative solutions, notably the earn and learn programs. These initiatives are pivotal in addressing the disconnect between available jobs and the skills of the workforce, particularly benefiting those without a four-year college degree. SkillPointe emerges as a key player in this […]