Accounts Retrievable Systems – Debt Collection Services
It is never good for a business or client to have an invoice past due. It can be embarrassing and frustrating for the client when they are going through financial issues, as it can be frustrating for the business owner when trying to collect money owed. If you are a business owner and are trying to recover money owed to you, try using a collection agency, there is no risk.
A collection agency is an organization that you hire to help collect on past due accounts. The longer you wait to place an account with a collection agency the smaller the chance of your account being collected on. Of course we put in every effort to collect on your past due invoices, but there are no guarantees that we can always collect on your past due account. The sooner you hire a collection agency, the greater the chances you will get the money that is owed to you. When you hire a collection agency it saves you a lot of frustration with writing collection letters and making phone calls.
There is a fee that all collection agencies charge upon collection, and every agency has a different rate. The average rate is fifteen to twenty percent of each account collected. The advantage of hiring a collection agency is that when you think your account can not be collected on, there is no risk placing it with an agency. If a collection agency does not collect on your account then they do not collect a fee. When you hire a collection agency it is important to check the agencies credibility.
It is important to hire a collection agency that follows all debt collection laws and regulations. Collection agencies are allowed to reach the debtor by fax, phone and mail but not in a threatening manner. There are also regulations on what time and how you can contact debtors. When calling a collection agency representative has to identify themselves and be direct about the purpose of their calls.
A collection agency is a business that pursues payments of debts owed by individuals or businesses. Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed.
There are many types of collection agencies. First-party agencies are oftentimes subsidiaries of the original company the debt is owed to. Third-party agencies are separate companies contracted by a company to collect debts on their behalf for a fee. Debt buyers purchase the debt at a percentage of its value, then attempt to collect it. Each country has its own rules and regulations regarding them.
Accounts Retrievable Systems -New York Collection Agency
A collection agency is a third-party agency, called such because such agencies were not a party to the original contract. The creditor assigns accounts directly to such an agency on a contingency-fee basis, which usually initially costs nothing to the creditor or merchant, except for the cost of communications. This however is dependent on the individual service level agreement (SLA) that exists between the creditor and the collection agency. The agency takes a percentage of debts successfully collected; sometimes known in the industry as the “Pot Fee” or potential fee upon successful collection. This does not necessarily have to be upon collection of the full balance; very often this fee must be paid by the creditor if they cancel collection efforts before the debt is collected. The collection agency makes money only if money is collected from the debtor (often known as a “No Collection – No Fee” basis). Depending on the type of debt, the age of the account and how many attempts have already been made to collect on it, the fee could range from 10% to 50% (though more typically the fee is 25% to 40%).
Some debt purchasers who purchase sizable portfolios will utilize a Master Servicer to assist in managing their portfolios (often ranging in thousands of files) across multiple collection agencies. Given the time-sensitive nature of these assets, many in the Accounts Receivable Management (ARM) industry believe there is a competitive advantage in utilizing this technique as it gives the debt purchaser more control and flexibility to maximize collections. Master Servicing fees may range from 4% to 6% of gross collections in addition to collection agency fees.
Some agencies offer a flat fee “pre-collection” or “soft collection” service. The service sends a series of increasingly urgent letters, usually ten days apart, instructing debtors to pay the amount owed directly to the creditor or risk a collection action and negative credit report. Depending on the terms of the SLA, these accounts may revert to “hard collection” status at the agency’s regular rates if the debtor does not respond.
In many countries there is legislation to limit harassment and practices deemed unfair, for example limiting the hours during which the agency may telephone the debtor, prohibiting communication of the debt to a third party, prohibiting false, deceptive or misleading representations, and prohibiting threats, as distinct from notice of planned and not illegal steps. . In the United States, consumer third-party agencies are subject to the federal Fair Debt Collection Practices Act of 1977 (FDCPA), is administered by the Federal Trade Commission or FTC.
In the United Kingdom third-party collection agencies that pursue debts regulated by the Consumer Credit Act must hold a Consumer Credit Licence and work within the framework of the 2003 fair debt collection guidance; licences are issued and regulated by the Office of Fair Trading.
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Accounts Retrievable Systems – Why Use A Collection Agency
Our mission at Accounts Retrievable is to provide and deliver high quality, effective and innovative debt collection solutions to our customers. We also strive to be a leader in the industry through superior client service, accounts management and innovative technology integration. If this is your time working with a collection agency you can be sure that you will be working with a collection agency that provides customer service that is second to none.
There are certain things that you should look for in a collection agency. It is important to find a collection agency that is fully compliant and adheres to all Federal and State Collection practices regulations. Accounts Retrievable has the highest standards for compliance, confidentiality and privacy. You can be sure that our collection agency follows all laws and is fully up to date with the current laws and regulations regarding debt collection. We know that although you are trying to collect on money that is past due, you still want to retain good relationships with your clients.
There are many reasons why Accounts Retrievable is superior to other collection agencies. Accounts Retrievable has over three decades of experience and integrity in the collection industry. Most claims collected by our collection agency are done so without forwarding additional legal costs. Our commitment is confused on building quality relationships with creditors of all sizes and industries which results in higher customer satisfaction. We offer competitive rates that are based solely on results, if there is no collection, there is no fee! There are many more reasons to choose Accounts Retrievable collection agency. If you need help recovering money owed, give us a call today! Most debtors are contacted within 48 hours of us receiving a claim.
Accounts Retrievable Systems – Hiring A Collection Agency
The Accounts Retrievable System is a national collection agency that serves a broad base of respected clients. We serve clients such as retailers, wholesalers, law firms, banks and universities, along with other types of industries. Since ARS collection agency is national, we receive claims from creditors all of the United States against debtors all of the country. The company is staffed with skilled professionals who are experienced in every aspect of debt recovery.
Our goal is to collect your money as fast and efficient as possible. We want to provide our collection services to you at competitive rates. Our collection agency works on a contingency fee basis, which is a standard in the debt collection industry. What this means is that if we collect on your accounts, we will earn a fee from the money that we collect. This also means that if we do not collect, there is no fee to you for our efforts at collecting. This is why we suggest that an account of any age you should submit to us for collections, because even if we do not collect there is no risk for you.
Accounts Retrievable Systems – Debt Collection Services
A common question creditors often as is when they should place an account with a collection agency. Generally you would place an account with a collection agency when it is 90 days past due or 120 days after the invoice date. If there has been no contact with the customer then you should definitely consider placing your account with a collection agency.
If an accounts is 90 days past due you have probably sent out several statements or collection letters to your debtor. If you have tried bring attention to your customer and there is no response or you have received a response that they won’t pay it is time to place your account with us. There are a few instances where you might not wait the full 90 days after the due date, one being if the customer has already broken two or more promises of payment.
Sometimes it is not the best to hire a collection agency with the lowest fee. Every collection agency has a different fee for collection. Our fees are on a contingency basis, we do not collect a fee if we do not collect the money owed to you. If you need help collecting on the money owed to you, give a us a call and we can help you out.
Accounts Retrievable Systems – Hiring A Collection Agency
The Accounts Retrievable System is a collection agency that works with both international and domestic accounts. ARS has over 30 years of experience in the debt collection industry, and has provided clients with highly effective results on a worldwide basis. Clients of the ARS collection agency benefit from a variety of collection solutions that are designed specifically to increase cash flow, reduce expenses and to improve operational efficiency and maintain positive customer relations.
Every collection agency has a different success rate, and it is dependent on the experience of the staff and the age of the account at its time of placement. The staff at ARS collection agency will tell you that their success rate is largely depends on the age of the debt at the time of placement and always varies depending on the industry. There is no guarantee that a collection agency can always collect on past due accounts, but ARS provides a guarantee that each and every placement is worked thoroughly.
There are many variables that are found in every claim that is placed. Such variables include time past due, backup documents, signed credit applications, personal guarantees and previous collection efforts. ARS has clients in which they collect 70% of the accounts places, but also represents industries, and even companies within the same industry where the recovery rate is less. The longer a customer delays in paying a vendor, the lower the chances of recovery on that accounts. It is always worth placing a past due account with a collection agency because whether the collect the money or not there is no risk to you. If the money is not collected, you are not charged.
Accounts Retrievable Systems – How A Collection Agency Can Help You
Accounts Retrievable collection agency has delivered professional, highly effective results for clients since 1986. With three decades of experience with both domestic and international accounts, Accounts Retrievable serves a broad spectrum of industries. While being recognized as a leader in Judgment Collections, Commercial Collections, Consumer Recovery, ARS also specializes in collection of Child Support and Spousal Maintenance.
The minimum debt that we will collect on is $1,500. There are no upfront fees when working with our collection agency. Our fees are contingent upon successful collection of your accounts. Whether it is one account or a large volume, placing an account for collection with ARS is very simple. You can place a claim through our website, e-mail, or by fax. The placement process is completely customizable – whatever is easiest for you. For those clients that may require assistance in establishing an automated process, we can provide the technical expertise to help extract and transmit your data securely.
Determining when an account should be sent for collection may differ for different companies and different accounts. There are no set parameters, but a good guideline would be 90 to 150 days from date of invoice or last payment. Circumstances such as loss of contact, broken promises, mail returns or lack of response would be signs that the account should be forwarded sooner. The sooner the open items are sent to collection, the better chance for recovery. This chart shows that the longer you wait to collect your receivables, the less likely it will be that you collect those receivables.
Accounts Retrievable Systems – Debt Collection Services
Our goal is to provide fast and efficient collection services at competitive rates. We work on a contingency fee basis, which is standard in the collection industry. That means that if we collect, we earn a fee from the money collected. If we do not collect, there is no charge to you for our efforts.
Accounts Retrievable is a national collection agency that serves the collection needs of clients. Our client base includes both wholesalers and retailers along with manufacturers, banks, universities and mail order companies. We receive claims from all over the United States against debtors throughout the country. Our collection agency is staffed with skilled professionals that are experienced in every aspect of debt recovery.
We use different remedies to collect on judgements that are ruled in your favor. A judgement ruled in your favor will entitle you to certain remedies under law. These remedies covered by law allows us to collect the balance due. Some remedies may include, garnishment of the debtor’s bank and brokerage accounts and garnishment of wages. Also in exceptional cases we the levy and execution on real estate and business assets may be necessary. The levy and execution of personal property including automobiles, boats and equipment is more common.
Accounts Retrievable is recognized as a leader in Judgment collections, commercial collections and consumer recovery. Since 1986 our collection agency has delivered professional and highly effective results for our clients worldwide. We also specialize in collection of Child Support and Spousal Maintenance. If you are considering hiring a collection agency, give us a call to find out more about how we can help you recover money owed to you.
Accounts Retrievable Systems – Dealing With Debtors
If you are concerned about money owed to you by an individual or a business, employing a collection agency can help you recover it. Collection agencies are equipped with the knowledge and skills that are needed when figuring out which methods will be most effective when collecting debt from debtors. As a business you should focus on current operations and other way to increase revenue and leave collections to the professionals.
Depending on the size of your business, you may not have the manpower to collect debts. A collection agency has the right amount of manpower that is specially trained for debt recovery. This is a highly specialized skill because of how complex it is to collect on money that is owed. Debt collectors have studied consumer behavior and know the ins and outs of their excuses to not pay and how to get around that. Debt collectors have mastered all the moves the a debtor will do to avoid paying. If you have money that is owed to you and have had trouble trying to collect it or if you just don’t know where to start, consider hiring a collection agency. When you hire a collection agency if they do not collect, they do not charge so there is no risk!
Accounts Retrievable Systems – Information About Debt Collection
Are you a business owner and have several debts in your accounts that have gone beyond and “normal” time frame for collecting? You might want to consider hiring a collection agency. There are different time frames for different types of businesses, and different accounts. Whether it is 60, 90 or 120 days overdue, and you have reminded your client to pay, and they haven’t yet, you might need to hire a collection agency to get this money that is owed to you.
If you have tried collecting on the debts by yourself, you may have already wasted time and efforts that you can’t get back. Stop wasting your time and money on collecting debts, only to fail, hire a debt collection expert. While debt collection agencies are not always successful, they have tactics of collecting debts that you may never have thought of and always show better results than a business owner with not debt collecting experience.
The thought of using third party collection services may have never occurred to you, but it is not too late. The only cost of hiring a collection agency is a percentage they take of the money if, and only if they collect the money that is owed to you. Instead of you wasting time and effort on collecting money only to fail, if you hire a collection agency and they do not successfully collect your money, you have wasted no money, time or effort. Hiring a collection agency is a simple process and will greatly relieve stress that you were experiencing over collecting money owed to you.
