Large Or Small.. Which Collection Agency Is Best

Large or small, collection agencies are only as strong as their employees

. Without a great support staff as well as professional, ethical, and experienced collectors, a collection agency can be headed for failure. There are some pros and cons for both.

A large collection agency 50 or more collectors, is more capable of handling high volume clients with ease. They normally have a dialer system that can generate hundreds of calls an hour, and have the collectors to handle the volume. Unfortunately it is harder to monitor those collectors to make sure they are in compliance with all federal and state laws. These collection agencies normally generate more money for clients with the high volume, lower balanced debts. Their support staff is trained to not only take care of clients, but also handle the collectors requests and issues.

Small collection agencies, less than 50, also have some pros and cons. The pros are, their collectors are normally handpicked for specific industries. They are able to be trained and monitored more on a one to one basis. This allows better results for clients that are placing under 500 accounts a month. Many times clients get more attention from smaller collection agencies. The collection agency is dependent on not only producing results for, but developing a strong relationship with their clients through immediate responses to emails and phone calls from a client. Customer service is high on their list of must dos. The potential problem with a small collection agency is their ability to handle high volume accounts at low balances. If a client has 500 or more accounts each month a small collection agency, even with a dialer, may find it difficult to keep up. This could mean less recovery and potentially losing a client due to lack of performance.

Deciding to go with a large or small collection agency is really dependent on what your needs are. If you are placing high volume low balance accounts, large will probably be the way to go. If the debts are larger and lower volume of accounts, it may be best to look for a smaller more focused collection agency. Either way, the decision is always up to potential clients to decide which sized collection agency they are more comfortable with.

by: Jim Brooks

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