Collection Agency
- Start-up cost: RM3,000-RM10,500
- Potential earnings: RM30,000-RM60,000
- Typical fees: 25 percent commission
- Advertising: Phone solicitation, networking, writing articles for local publications, public speaking
- Qualifications: Good communication skills, patience, high self-esteem, budgeting skills; clear understanding of the Debtors' Act and Small Claims Courts procedures, any relevant state laws and health insurance policies and billing practices if working with the medical field
- Equipment needed: Computer with modem, printer, fax, word-processing and spreadsheet software, specialized collection software and phone with optional headset
- Staff required: No
- Handicapped opportunity: Yes
- Hidden costs: Organizational dues for networking purposes; state and city licenses are typically required; fees for on-line services
- Lowdown: Are you an addict of Unsolved Mysteries? Collectors are often put to the test as they track down elusive debtors. Using special collections software and a PC, a collection service becomes very efficient as it reduces the time and labor for handling mail and accounting. Additionally, on-line services cut the cost of tracking debtors considerably.
- Start-Up: It is essential that you take advantage of the many high-tech devices that will make the collection process easier. A computer and modem is essential, as is customized collection software. Costs ranging from RM3,000-RM57,000 for these basics are average. Don’t forget to shop around for the best fee on phone line usage.
- Bottom-Line Advice: The collection process is often frustrating. Keeping your self-esteem intact in the face of rejection is necessary. Although confrontation of unpaid bills can be emotionally draining, the work never ceases to be challenging and rewarding. In some cases, you are able to solve debtors’ financial problems and keep them from bankruptcy. When all parties agree on a suitable payment plan, everyone wins.
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