THE SECRETS OF EVALUATING CANNABIS AND CBD COLLECTION AGENCIES
If you are in the cannabis business and there are people owing you, collecting the debt yourself can be quite difficult. You will find that it does not mean task tracking down debtors and trying to recover the monies owed. The best option is to enlist the services of a debt collection agency. But how do you choose an agency that will ensure you recover the monies owed to you? Here are the best tips to consider when evaluating a CBD and cannabis collection agency.
1. Choose a collector with the right approach to collections. It is vital to take into account the approach that an agency uses in the collection. Ideally, you need a debt collector that is stern but polite, not those that use intimidation and fear to attain their collection goals. Note that the collection agency you choose is an extension of your business. A heavy hand may not auger well especially for customers who are good but are going through temporary difficulties.
2. Make sure the agency is licensed Another important consideration when evaluating a CBD or cannabis collection agency is licensing. If the agency you are interested in is not licensed, you are better off looking elsewhere. Before you commit to working with a debt collection agency, make sure they have all the necessary licenses and that they are up to date.
3. Learn about the past experience of the agency This is a nice way of judging whether an agency is suitable for you or not. It will enable you to know how the agency has been operating and how the past clients rate their services and the likelihood that they will provide value to you. At the very minimum, the agency that you have chosen should boast a history of success. Besides, ask them about the rate they are able to recover debts.
4. Go for partners, not collectors A collection agency will work with you in developing a system that helps you to manage accounts receivables to improve your bottom line. Collection agents specialize in debt recovery, which is why they should be able to help you boost your in-house collection attempts. For instance, many debt collection agencies will help to mitigate risk by doing credit checks on customers. Alternatively, they can help put in place pre-collection measures and practices that send out reminders at certain regular intervals.
5. Insist on an agency with appropriate capabilities Different debt collection agencies have different capabilities, and this is based on several factors like their location, history, size, and professional direction. Before you start working with an agency, it is important to learn what they can do. Preferably, you should select an agency that is approximately the same size as your venture. Also, make sure the agency is sufficiently large to handle the cases you have.
Final Thoughts The success of your cannabis debt recovery will depend a lot on the kind of agency you choose. Remember that not all agencies are equal. Ensure your agency is licensed especially if this is a requirement in your state. Another important thing that you do not want to overlook is the collection rate success. You want to be sure that you will be able to recover a significant amount of the debts owed.
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