Debt Collection Agencies Increase Profits for Businesses

Recovering Lost Profits

Businesses lose billions of dollars per year due to unpaid customer accounts. From medical expenses to car loans, Americans continue to default on payments as they struggle to make ends meet. People have been increasingly defaulting on mortgages, student loans, and more. Unfortunately, this means businesses are either just maintaining financial solvency or are sinking below the red. Debt collection agencies pose a viable solution to collect due payments and lift a business from marginal to high profits.

Business often do not have the manpower or resources to pursue debtors. Collecting debt is a specialized task that requires extensive knowledge about federal, state and local laws governing the process. For instance, the Fair Debt Collection Practices Act stipulates what practices are considered abusive, unjust or misleading. The collection of debt requires an understanding of the law as well as experience forming best practices to reach people who have defaulted on their loans. It takes time and training to learn how to work with debtors in a positive manner while working them through difficult life situations to ensure they pay one hundred percent of their debt.

Due to the efforts and expertise of debt collection agencies, the industry recovers 40 to 50 billion dollars for companies per year. These companies range from large hospitals and utility companies to small businesses. Whatever the size of your company, it is important to consider using a debt collection agency to increase your profit margins and continue growing your company.

Maximize Profits through Reinvestment

With more money flowing into your company, you can increase your profits exponentially through reinvesting the money in marketing, personnel, technology, and more. For instance, if your company starts making a few extra thousand dollars a month from debt collection, then you could invest these returns to improve your company’s website and start content marketing. Creating relevant content on your website will increase your organic search results as well as increase leads and conversions. Content marketing will also increase your brand’s visibility and reputation. It is a relatively low cost marketing strategy with a high Return on Investment (ROI).

By investing returns in personnel, your operational efficiency and customer service will improve. Small start-up businesses could hire extra interns to complete administrative work, thereby freeing up higher level management to engage in more customer interactions. A company could hire additional customer service representative to reduce wait time, deliver better service and develop a loyal customer base. Loyal customers increase sales by referring your company to family and friends.

Perhaps you realize that training needs improvement because there are inconsistencies in how your employees offer services. With extra money, you could finally invest in training, thereby increasing employee and customer retention. Employees view training and educational opportunities as investments in their future and are often more willing to stay with a company that believes in their future. As employees grow and gain experience, they perform better and increase sales.

Have you been dreaming of opening a second or third location? By spending a small amount of time working with a debt collection agency, the agency could return enough profits to open another location. It’s time to review your billing accounts and see how much money has been lost through unpaid payments. Start imagining the possibilities with money that you should already have!

Choose a Reputable Debt Collection Agency

Once you make the decision to use a debt collection agency it is important to select one with a reputation of success. Miller Stark Klein has over twenty-years of experience successfully recovering debt, building companies’ reputations, and treating those in debt with respect and understanding. Recovering owned payments means businesses thrive. However, if you a debt collection agency uses harmful collection tactics, they could be sued and create a negative brand reputation for your business. A business would not recover profits and may lose customers.

Miller Stark Klein has successfully recovered profits because of the financial solutions and the excellent customer service offered to debtors. MSK’s collection methodologies drive the performance of their associates. Associates listen to debtors, understand the challenges they face with paying their bills, and then problem-solve to find effective solutions. By problem-solving with the debtor instead of enforcing threats, debtors are much more likely to stay in contact with the agency and complete their payments. MSK focuses on the rehabilitation of the delinquent consumers, thus helping them to increase their credit rating. This is another reason debtors are willing to work with MSK and pay their debts. Through successful profit recover, your business experiences accelerated cash flow and could attract additional investors.

Miller Stark Klein purchases and sells debt for all types of industries. The agency specializes in medical collection, payday loans, student loans, credit card debt, retail card debt, auto loans, personal loans, consumer collections, and business loans. MSK serves corporations and small businesses. Read more today about how Miller Stark Klein retrieves payments for businesses to help them achieve financial growth.

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