What Are The Essential Steps Involved In Collection Services

 


Debt recovery, outstanding bill collection and credit collection are some of the common services that often a BPO voice process service provider includes in its service. Other than past record and experience, the best collection agency must also have requisite licenses and comply with Fair Debt Collection Practices Act that has been enforced to protect the rights of the customers.  

The payment becomes overdue when your customer or client fails to pay for the product or service that your business has offered. You wait patiently, invoice them the payment details and even convey a couple of polite reminders. But, when you see nothing is compelling the client to pay your debt, you worry about how to get your money back. In such circumstances, hiring the best collection agency with a license is of genuine help. They follow crucial steps involved in collection services that can help get back your outstanding payment on time without ruining the relationship with the debtor. B2B customer support services often include debt recovery service exclusively for B2B accounts. However, the steps for B2B and B2C debt collection remain more or less similar.   

Here are the steps involved in systematic investigation and collection services:

Initial assessment of your claim

The very first step involves evaluating your potential claim. The debt recovery firm will review the documentation to check how much the due invoice is for, when it was outstanding, whether the contract is governed by legal guidelines and whether the contract has any particular provisions to mediate or arbitrate. If there are any disputes involving the debt, the agency looks into all the merits and demerits, then advises whether that claim is worth chasing or not.

Send a document of claim

The second step involves sending a letter of claim, alerting the debtor that legal proceedings may be brought against them and giving out a time span within which the debtor should respond. A written communication followed by a telephonic reminder is given by the outsourcing firm with proper BPO voice process set up.  

However, litigation is the utmost step when everything else fails. Otherwise, it is encouraged to try to solve the dispute without going to the court. A letter of claim often pushes the debtor to respond which might bring in the possibility of negotiation or make a proposal to pay the debt in installments. Back office support services from debt collection agencies ensure legal documentations and communications are well taken care of on the client’s behalf.

Issue proceedings to the court

If you are determined to continue with the claim, the next step is issuance of proceedings to the court by sending a claim form and particulars. After which, the court provides a claim number, giving them nearly two weeks time to respond. Court proceeding is an important step in debt recovery that greatly impacts customer support services. If the customer files a complaint for harassment citing apt reasons, there are risks of damaging the company image, let alone the relationship with the customer.

Attend court to present evidence

If the debtor is an individual, he or she may have to attend the court to present evidence of what they are capable of paying and the court has the authority to issue order to deduct money from their wages. In case the debtor is not an individual, but a business entity, a representative of the business has to attend court and present details of the company’s finances. The court can freeze the debtor’s bank account and may decide to pay the debt from that account.

Final hearing

If no agreement has been reached within two weeks or the 14 allocated days, a final hearing will be conducted at which a judge takes into consideration all the facts, decides the result and gives the order, including for interests and costs.

If you have outsourced back office support services, it is better to check if it covers the legal aspects of debt collection so that things get easier and faster for you. Usually, most outsourcing debt collection services are mostly limited to virtual contacts, which is even more important today in the times of COVID-19 crisis. Therefore, the demand for BPO voice process debt collection services have increased over the past six months.   

Reach agreement whenever possible

You are required to take more time out because alongside running your business, you also have to provide detailed instructions at every stage; attend court and be present wherever required. But, when you outsource, a debt recovery agency will try to lessen your stress by shouldering essential services, do negotiations and try to reach an agreement whenever possible. 

 

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