If you own a startup company in Houston, then it is understandable that you will have to shoulder loads of responsibilities in order to make your business a successful one among other companies. You need to look into every single matter related to the company because, unlike other big business houses, you won’t have many resources (money) to appoint experienced professionals for every department. Therefore, you must look into various departments, train the new employees and encourage them to fulfill every target as much as possible. So, since you will be so busy multitasking, will you be able to give time and a one hundred percent effort in getting back all your dues from other clients and business? If no, then you need to either take legal help from an attorney or hire a debt collection agency.
Finding a debt collection agency or an attorney won’t be a difficult task at all, especially in a well-developed city like Houston. But, before you hire any service or an attorney, you need to enhance your knowledge about both of them. Want to know about collection agency services and attorneys? Then take a look.
All about collection agency service
A debt collection service is basically a service that will help you get back all the debts from your other clients. They have a well-knit team of debt collectors who have immense experience in getting back debts from stubborn and fraud clients. If you don’t have a debt collection department in your office that has a well-knit team of debt collectors, then it will be better if you opt for debt collection agency.
The charge for collection services totally varies. It depends on many factors some of which are as follows:
- Factor 1: Average size of accounts.
- Factor 2: The existing age of the accounts.
- Factor 3: Last but not the least, the volume of accounts being submitted.
Some of the collection agencies also work on a percentage basis where they earn their fees only on what they collect.
All about debt collection attorney
Business collection attorneys are the ones who will definitely help you get back the money from the debtors but by doing so you will be stuck in unnecessary legal complications; and God forbid if you lose, your company’s reputation will be going down the drains. Why put so many things at stake, by taking the legal path? This is why most of the companies avoid hiring debt collection attorneys. But, if there is a serious problem and you have no other option, you cannot help but hire an attorney who will take legal steps against the debtors.
Most of the commercial collection attorneys collect at least one-third of the amount recovered or charge an hourly fee, or sometimes both. That’s not all; they even take upfront charges from their clients.
These were certain things that you needed to know before hiring a business collection agency or an attorney. But, if you ask me personally, I would always ask you to hire a debt collection agency over the attorney. Wondering why? It’s because unlike attorneys, debt collection agencies don’t take charge towering fees beforehand from you along with one-third of the amount recovered. So, choose to be smart and choose a commercial collection firm over an attorney. However, if you feel that legal action is needed, then undoubtedly consult an attorney.