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Collection Letter
Send him our toughest collection letter, threaten him with legal action, and subliminally suggest some type of bodily harm. But put XOXOXO under my signature to show that we still love him as a customer
Funny, right? But this happens more often nowadays. You may need the service of a third-party commercial collection agency or have in-house debt recovery. Whichever one you choose, debt recovery is an important part of your business. Here are pros and cons of the two.
In-House Debt Recovery
Pros: Your business has total control over the debt recovery process.
Cons: The time and resources you will expend on collecting bad accounts instead of running your core business
Collection Agency Services
Pros: A third party knows the collection laws and has more experience dealing with your debtors and reduces your back-office load so you can concentrate on your core business.
Cons: Hiring a debt recovery service involves some fees, so before you place your accounts with a collection agency, ask for a collection price quote on your biggest accounts.
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