Caveat emptor is the rule of the marketplace: let the buyer beware. Consumers should be wary when choosing a debt collection agency.
However, in such a marketplace, a unique opportunity exists for companies conducting their business ethically and professionally. These gems shine brightly, and they’re as sought out as any treasure. Customers who trust your company will spread the word on your behalf.
BBB and Consumers
One of the first resources consumers will use to research your company is the Better Business Bureau, or BBB. Customers use the BBB for many reasons. One of the primary ones is that BBB accreditation, which is voluntary, is centered on high standards for integrity, including:
- Honestly representing products and services
- Clear disclosure of terms
- A promise to abide by agreements (written and verbal)
- A willingness to address market place disputes quickly and faithfully
BBB and Businesses
Another reason consumers use the BBB is for online “Reliability Reports.” All BBB accredited business are included in a searchable list on the BBB site, including basic company information and their BBB grade. It also lists the number of complaints and number of resolutions. Finally, links allow a prospective customer contact the business for a quote. BBB accreditation can therefore help bring in business.
BBB and the Debt Collection Industry
When it comes to collections, BBB accreditation may be even more important. The industry has an unfortunate reputation, but that reputation can improve as agencies voluntarily adhere to high ethical standards. Besides the ones already mentioned, the BBB standards for trust also include an agreement to safeguard privacy, important for any business in the debt collection industry, to protect data against fraud, and to collect information only as needed. Complaints are common in collections and time-consuming to resolve – BBB accreditation shows commitment to resolution.
BBB accreditation is an opportunity to show current and potential clients (and employees and business partners) that a business has pledged to do the right thing: act professionally, resolve disputes, and safeguard private information. These are all part of a successful collection company’s mission and something our industry should herald. High standards are good for the consumer, the company, and industry in general, and they communicate respect for customers and staff. Optio Solutions is pleased to be an accredited member of BBB with an A rating.
For more information, download our free white paper: How to Choose a Collections Agency.