Accounts Retrievable Systems – Hiring A Collection Agency
Our goal at Accounts Retrievable is to provide fast and effective collection service at competitive rates. We have been providing fast and effect services to clients all over the United States for over thirty years. Our client base includes a broad range of industries. The client base at Accounts Retrievable includes retailers, wholesalers, manufacturers, banks, mail order companies, law firms and credit unions. We receive claims from clients all over the country against debtors all throughout the country. We specialize in international debt collection services.
When you choose Accounts Retrievable as your collection agency, you can take confidence in our skilled professionals and their decades of experience. Our skilled staff members are experienced in all aspects of debt recovery and know the ins and outs of debt collection.
Common questions that one will ask when hiring a collection agency are what types of accounts do we collect on, the minimum debt we collect on, if we collect on international accounts and many more. We collect on a wide range of accounts such as Judgments, Commercial and Consumer accounts and specialize in unpaid child support and spousal maintenance. The minimum debt that our collection agency will collect on is $1,500. We are your global resource for all international debt collection services.
Accounts Retrievable Systems – The Right Collection Agency
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.
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%).