Top 10 Attributes of a
Successful Collection Agency
Presented by:
Mike Korte
The Affiliated Group
You know the feeling …
• Am I making the right choice? How do I know?
• How do I know they are right for my organization?
• Do they understand the values and philosophies of my
organization and can they mirror them?
• Did I check enough references?
• What do I track going forward to gain confidence that I
chose the right company to work with?
TAG’s Top 10 Attributes of an
Awesome Collection Agency
People
• Positive attitude
• Professional/Integrity
• Collections with Empathy
• ACA-certified collectors
• Problem-solving mentality
• Active in the industry
• Dependable, knowledgeable sales representatives
who truly know how to serve
• Involved ownership and management
• Do you like them?
Results
• Not the lowest fee
What kind of netback do you see?
• Better than national average recoveries
• Good, conservative legal council
• Does the agency share their work
standards? Do they ask for your input?
• Are work standards tailored to your kind of
debt and your philosophical views?
Technology
• Is your data safe?
• Does the company have an adequate disaster
recovery plan?
• Is redundancy built into their system?
• Do they provide a web portal to access
reports, review data, place accounts, etc.?
• Can they satisfy HIPAA concerns?
• Is predictive dialing important from an
efficiency standpoint?
Customer Service
• Do the CSR’s understand your business
and how you want things done?
• Are they available? Responsive? Accurate
in their information and advice? Flexible?
• Do they have the proper service
mentality?
• Do they care about your business?
• Are they easy to do business with?
Compliance
• Do they have proven processes that
abide by HIPAA, FDCPA, FCRA, etc.?
• Do collectors utilize specific scripts
while remaining conversational? Are they
monitored and graded on a regular basis?
Compliance … continued
•Are complaints kept to a minimum? How are
complaints followed through upon? Are you
allowed to view the complaint log?
• Does the agency behave in a manner consistent
with your service philosophies?
• Have you toured their facility to get a feel for
how things really get done?
Collection Processes
•Are all processes available in picture form so you can
see exactly what will be done with your accounts and
when?
•Are work standards created that are unique to your
debt when deviations from generic work standards
make sense?
•Do you get the feeling that your accounts are being
worked diligently or in the agency’s “spare” time?
Collection Processes … continued
• What skip-trace processes are utilized?
• How does the agency determine when legal
action might be required? Is there a specific
process employed? Are sound, conservative
attorneys used by the agency?
Reporting
• Are you able to get the information you
need it and in a timely manner?
• Can you get customized reports when
needed?
• Do they have an online web portal?
• Is their web portal easy to use and
capable of providing decision-ready
information immediately??
Auxiliary Services
• Is the agency experienced and talented at serving your
needs in other areas of the revenue cycle?
 Early-stage delinquencies
 First party outsourcing
 Credit policy review
 Purchasing debt
• The trend is to work with business partners who can
bundle several talents. In Accounts Receivable
Management, this starts when the customer walks in the
door and doesn’t end until you are paid.
References
Have you checked references that the agency
has provided?
•Gives a chance to probe on some of these
other attributes.
•Do the references like the agency people?
•Are the references similar in size and
scope to your needs, to demonstrate that the
agency is experienced in your needs?
Trust
•It all adds up to trusting that the agency is a
true business partner
•Are you confident of their honesty and
integrity?
•Do they do what they say they are going to
do, when they say they are going to do it?
It is better to under promise and over deliver
Trust … continued
• A/R is always the first or second largest asset
on the balance sheet … have they earned the
right to work with yours?
• Do you feel that their sales people are in
concert with operations people?
Does everyone understand the agency’s
capabilities … no more, no less?
Picking an Accounts Receivable
Management partner is not easy …
• There are thousands of them
• They all say they are the best
• They all collect the most money
• They all provide the best customer service
• You’ve heard every pitch in the book!
But, which ones have earned the right to serve
you? Following these guidelines will give you
confidence that you’ve found the right match.
Thank You …
… For allowing us to address this issue with you
today. Best wishes for continued success!
Mike Korte
Greg Young
mkorte@theaffiliatedgroup.com
gyoung@theaffiliatedgroup.com
The Affiliated Group
1-800-223-0290
www.theaffiliatedgroup.com