Working with an OCA
Originally published: April 2014
In the accounts receivable world, an older account has smaller odds of being paid. It can be very expensive to hold onto accounts that you will not be able to collect using the methods at your company. When concentrating on other aspects of your business proves to be a better use of company time and resources, using an outside collection agency (OCA) to collect unpaid debt is a great option that can actually help your business grow.
Collection representatives at certified commercial collection agencies are trained on current collection techniques, technology and compliance issues. They also generally have an understanding of business and collections laws and regulations. Therefore, using an outside collection agency will save time and likely provide much better results than you could achieve on your own.