A guide to help properly vet your institution’s collection agency

review_time.jpgThink of the last time you chose a new restaurant, picked a hotel room or made an online purchase…I’m willing to bet that before making a final decision on any of those items, you read some (probably multiple) online reviews. TripAdvisor, Amazon, and Yelp were purpose built for these type of reviews and comment features, and with them, life will never be the same again. We can research almost any decision, and get the opinions and feedback of our peers prior to making any choices- gone are the days of purchasing and pursuing blindly!

What about those bigger jobs?  A kitchen remodel, a new roof, a new car purchase…The higher the stakes, the more research you do to try to ensure the best results.

It only makes sense that if you are going to put time and effort into ensuring you are getting the best deals and working with the best partners for items in your personal life, the same type of scrutiny (and then some) would be placed on the partnerships you have through your business.

Collecting funds is an integral part of the financial success of your company and for this type of action, many schools turn to the experts. A job well done is usually done best by someone in the know…so, how do you choose the right, most experienced collection agency to fit the needs of your school?  What are the key factors to look for? It’s important to scrutinize the agency you choose to work with - and evaluate them against industry standards as well - to be sure they align with your school’s desired outcomes and are following your formula for successful business practices. Collection practices can put your school in the spotlight, so you want to be sure you are working with a partner that understands your school’s core values and uses collection tactics approved by your business. In addition, the company you work with should work in concert with your school- reducing workloads and creating efficiencies in the collection process, not headaches!

So, how do you vet your collection agency? View the following slide share for some tips on completing a comprehensive appraisal to help you find a suitable collection partner. 

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