Our debt collectors take a custom approach on each account. They review all of the documentation provided by our clients before making the first call. A great commercial debt collector needs to understand how businesses work and the role of contracts (including sales orders, purchase orders, invoices, return merchandise authorizations, pricing discounts, sales tax laws, freight and shipping charges, returns and return policies, and other general contract terms).
They also try to develop an understanding of the company that owes the money and the individual they are contacting prior to calling. The more insight a debt collector has when performing the collection process, the higher the success rate.
There typically are two initial factors that are critical to success understanding the real reason the debtor has not paid and understanding the debtor’s personality to determine the best way to negotiate with the individual. When customers or clients refuses invoices and payment request.
SKIP TRACING:
Sometimes companies just seem to disappear. If we find that the mail has been returned or the phone is disconnected, we do not simply close the file like other agencies. We have collected numerous accounts which first appeared to be uncollectible. Our highly computerized system allows us to search over millions businesses and residential listings as well as social media outlets. We can also perform asset searches, judgment searches, lawsuit searches, corporate record searches, UCC filings and a number of other resource searches to obtain the most up to date information available on the debtor. We are also now online with the same database used by law enforcement and the FBI. We can usually find an owner, debtor in a matter of seconds and obtain their social security number, date of birth, current address and other vital information.
B2B COLLECTION CLAIM SIZES:
We handle claims of all sizes, from $1,500 to $1 million. The average size of claims must be at least $1,500 We have unrivaled expertise in large claims.
PAYMENT PLANS:
Unfortunately, in the vast majority of larger commercial collections the debtor does not have the financial ability to make full restitution in one payment. We will negotiate and enforce payment plans, which may have weekly, bi-weekly or monthly payments. These plans get documented and we strive to make them as automatic as possible so we do not have to chase the debtor for each payment. While we strongly prefer to get all of your money immediately, if we have to work over an extended period it is still superior to not getting paid and generally better than having to go to court. All payments plans are subject to client approval.
SETTLEMENT AGREEMENTS:
On occasion, there are disputes where the other party has some damage claim against our client. The end result may be that our client agrees to accept less than the full balance owed as part of settling the dispute. In other situations, a debtor may be delinquent with a significant number of vendors and only have a limited amount of funds available to satisfy old debts. While a long-term payment plan may get a full recovery, there is risk that the debtor goes out of business before satisfying the obligation in full. In this situation, it may be preferable to negotiate a settlement agreement where the debtor gets a discount but pays the full discounted amount immediately. Clients must approve in writing any settlement agreement.
