If you have ever seen a sensational piece on the nightly news about collection agents tooth-pulling and browbeating their way to collection results, then you are familiar with the stereotype. Unfortunately, some companies do operate this way; perhaps it is something about the collection business that attracts cowboy types, or those willing to resort to unethical practices to get their client’s money.
That is decidedly not the way we at Summit A*R operate. Not only do we think this method of collection is ineffective, leading to lousy recovery rates, but it tarnishes the positive client relationship you spent time and money cultivating. Further, it treats people sub-humanly, as though they are beneath common dignity.
We believe in a diplomatic – you might even say compassionate – approach to collection. Understand that people want to pay for their bills; and, just like you, they also want to preserve good business relationships. Using an approach that combines respect, professionalism and integrity, we have been able to recover some of the most difficult debts. In this article, let’s take a look at why you should choose Summit A*R’s diplomatic approach to collection.
A Results-Based Approach
We collect over double the industry average for debt – that’s a statistic that we are proud of because it illustrates exactly how our approach is advantageous. As it turns out, skilled negotiation is more effective than tooth-pulling when it comes to collection. Over our twenty years in business, we have honed and improved this process, and we can happily say that our results are entirely based on our unique approach.
This confidence in our approach, coupled with our dedication to ethical practices, means that we like to remain fully transparent with our clients, which is why when you choose Summit A*R you have the ability to track our progress via a secure and comprehensive portal.
Preserving a Positive Relationship
While it might be impossible to quantify just how many hours (and, consequently, how much money) you have put into creating a positive client relationship, suffice it to say that the figure is probably high. Why, therefore, would anyone want to risk that relationship by hiring a commercial collection agency that uses unethical and intimidating tactics?
The fact is that you want a healthy, continuing relationship with your client. When you choose a diplomatic commercial collection agency, one that gets results while preserving the client’s dignity, everyone walks away happy.
Preserving Human Dignity
On a fundamental level, it is important to preserve people’s dignity. As mentioned, no one – barring some immoral outliers – wants to not make their payments. It might simply be that circumstances make it difficult, or flat out impossible, to do so. When this is the case (and it often is), bullying or intimidating them only causes them to put up defences, to retreat further from the payment.
At Summit A*R we offer many collection services including consumer and business debts, and throughout all of them, we like to say that we have earned a P.H.D (Preserving Human Dignity) in collections. No robocalls, threats or aggressive tactics – just experience in effective communication.
Freeing Up Time for Core Competencies
Your time and the time of the employees you work with is important. If the CFO, CFR, Credit Manager etc. has to pull themselves aside to resolve a collection issue, it withdraws from their core competencies. It means that they are not being utilized for more important tasks, tasks to which their talents are more handily deployed.
Summit A*R specializes in collection. It’s what we do well. It is – if you will – our core competency. Using us, instead of having to draft countless emails, make umpteen phone calls and try to collect the payment yourself, saves you time and gets you a better result.
Maintaining a Consistent Cash Flow
Cash flow is key for businesses, and it is absolutely essential for growth. When payments are inconsistent, late or irregular, your cash flow takes a hit, and therefore your business’ growth can be stunted. In order to maintain a consistent cash flow, it is wise to contact a commercial collection agency.
Trying to collect on your own, as mentioned directly above, drains resources otherwise suited to more important tasks. It is tough to put a dollar amount on the wasted time it might take you to collect outstanding payments, but it is significant enough that it can hurt your business financially. Further, our recovery rates are very likely going to be better than your own, so it makes good financial sense to enlist our services.
Also, betting on an unscrupulous collection agent can harm your client relationship and potentially give your business a bad reputation. Word gets around in industries, big and small, about bullying tactics, and it can be harmful to your brand to go with a collection agency unconcerned with image. Diplomatic, respectful collection allows you to collect the money owed to you without risking further loss of business.
So, to recap: diplomatic collection works well, and our particular knack for it has allowed us to collect over double the industry average. Diplomatic collection doesn’t fray the client relationship you have worked to hard to nurture and maintain. It preserves the dignity of your clients. It allows employees at your business to focus on their specialized core competencies, without diverting their energies to collection. And it frees up all-important cash flow so that your business can thrive and grow.
All that, and it is as simple as contacting us. You can call to speak with a live representative and they will have a collection expert discuss the specifics of your case, as well as how Summit A*R can meet your organization’s unique needs. Unlike other agencies, we only get paid if we are successful, working on a contingency basis. No upfront fees, and no specified number of accounts required annually or monthly.
There is no shortage of “gangsterism” and intimidation tactics in this industry, but at Summit A*R we will have no part of it. A diplomatic approach, we know, is the right approach, and it is the most effective one too.