Member Links

IACC Blue Book

IACC Logos

Scope

IACC Listserve

Benchmarking

Members Only Resources

Bylaws

	Home About .

PRESS RELEASE

Contact: Noelle Schaffer, Public Relations Specialist

(952) 928-8000, ext. 753, or schaffer@acainternational.org

FOR IMMEDIATE RELEASE

International Trade Association Offers Four Steps in

Selecting a Professional Collection Service

(MINNEAPOLIS, JULY 15, 2003) You’ve just tapped your last resource dry and still the account sits unpaid. Recent figures show that the longer an account sits collecting only dust, the harder it will be to recover the unpaid balance. Therefore, choosing a professional collection service to manage your delinquent accounts can be a wise alternative.

“Credit grantors shouldn’t just look for the lowest bidder when turning over accounts, but rather a collection service that will represent your organization in a professional and ethical manner while providing a satisfactory rate of return,” said Jim Bessenbacher Jr., president of the International Association of Commercial Collectors (IACC).

When selecting a professional collection service, IACC offers these four steps to help businesses determine the quality of an agency and help increase its success in the future:

1. Compare Capabilities: When reviewing agencies’ resources, make a list of your needs and evaluate which one can best meet those needs and the needs of your clients. Does the agency have technological services to allow for the electronic transfer of data and information? Does the agency provide pre-collect services, consulting, telemarketing, billing services and data processing?
2. Market Knowledge: Make sure the agency’s staff has the skills and knowledge needed to successfully collect on your particular type of accounts. Are they familiar with terminology and industry jargon? Are they aware of the regulations governing your market segment?
3. Review Policies and Procedures: Become familiar with the agency’s policies and procedures, including when it begins working an account, the collection letters it uses and whether it has trained employees to handle these accounts. Most collection agencies are more then willing to allow clients to observe business operations.
4. Check References: Make sure to also check professional references. Try to contact at least two creditors in your industry currently using the agency’s service. Also, try to determine if the agency has a good reputation in the community by contacting your local Chamber of Commerce, the Better Business Bureau or the Federal Trade Commission.

With 215 collection agency members and 142 attorney members, The International Association of Commercial Collectors Inc. (IACC) is the world’s largest international trade association for commercial debt collection professionals. Headquartered in Minneapolis, IACC serves members throughout the United States and in 24 other countries worldwide. Members of IACC recover millions of dollars annually for their clients and provide valuable assistance to credit departments in controlling mounting debts. To learn more, visit the IACC Web site at http://www.commercialcollector.com.