Client Services. . .
As you know, the recovery of bad debts is an expensive proposition. Until now, you have either had to hire an in-house collection manager or utilize the services of a collection agency. Regardless of which one you use, the fact is that bad debt recovery has always been an expensive proposition.
Why collection agencies are a poor choice...
There are many problems associated with using collection agencies. In terms of the expense factor, they are the most costly entity available to you. Based on national statistics, they recover less than twenty-five percent of the monies assigned. Also, they are very expensive.. charging anywhere from twenty-five to forty percent of the monies they collect. Despite these high fees, the hidden cost of dealing with a collection agency is not the fees you pay, but in the monies written off due to non-collection. And sadly, these agencies are notorious for failing to communicate with clients.
Why in-house collectors are another poor choice...
In-house collectors present another set of problems. The fact is, they are very expensive. After factoring in salaries, vacations, health insurance, phone calls, down time, and incidental expenses, an in-house collection manager will cost a business in excess of $3000.00 per month. The real problem associated with in-house collection managers should be crystal clear...they never seem to quite get the job done. The fact is, if they truly did their jobs, they would put themselves out of a job. It does not take long for them to figure out that they must perpetuate their job or face becoming unemployed.
Why using Corporate Collectors is the intelligent choice...
We are not a collection agency, we are a management and employee leasing company. We provide companies like yours with both the personnel and expertise in the management and recovery of delinquent receivables. We are not in-house collection managers. We simply outsource highly trained personnel to our clients. Just think about it...no salaries to pay...no vacation pay...no overtime...no workman's compensation claims. Corporate Collectors will work your delinquent accounts based on either a small monthly retainer fee or a cornmission basis (depending on which you select).
We are the nation's foremost experts in our field. Our personnel are trained in many facets of law involving contracts, insurance, and collections. Additionally, we are well versed in dealer operations, accounting, and deal structures. We also employ the most effective and "user friendly" system in the industry. Our reports are simple, clear, and accurate.
As a result of our systems and training, our personnel have recovered over two million dollars in cash and judgment awards for over 50 clients in the past three years alone. We maintain the highest documented percentage recovery rates in the nation (averaging over 90% in cash and judgments awards). With the most critical element in debt recovery being that of "time", our "Rapid Recovery System" reduces losses, while sparing your business from having to pay the normally high costs associated with bad debt recovery. It is important to note.. all monies collected are paid directly to your business by the customer (we don't accept money). So you don't have to wait to get your money back. Your assigned collection manager can recover high payoffs, N.S.F. checks, deferred payments, and any other types of debts.
We will continue to pledge that every client will be assured of three things...guaranteed results, guaranteed satisfaction, and the lowest recovery costs in the industry.
Corporate Collectors Contract Services
Once assigned, your dealer collection manager will provide the following services at no additional charge:
- Accounts Reconciliation
- Ten-Day Demand Letters
- Telephone Collections
- Skip Tracing
- Small Claims Filings
- Small Claims Case Preparation
- Small Claims Case Representation
- Judgment Debtor Exams Ordered
- Payroll Wage Attachments Filed
- Property Liens Filed
- Field Calls (when necessary)
Program Benefits
Corporate Collectors is structured to give every business client the following...
- the highest recovery rates in the nation
- the fastest account recovery time anywhere.
- direct payment from the customer to your business.
- immediate response to your needs.
- accurate accounting and reporting.
- professional conduct with your clients and staff.
- routine communication between your business and our staff.
- easy accessibility to our senior management.
- comprehensive and specialized knowledge of...
- all business accounting systems
- sales, service, parts, & body shop transactions
- state and federal collection laws
- all small claims procedures
Under the terms of our consulting agreement, your business will bare no expense for employee benefits, travel expenses, or phone calls. The client will be responsible for advancing all small claims court related fees, as well as all process serving fees. The client will also be required to advance all filing fees associated with bank levies, wage assignments, and/or judgment debtor exams. These fees will be recovered by the client at the time of collection or will be awarded in any subsequent judgment. Clients will provide the corporate collector consultants with stationary, envelopes, and postage if necessary.
Comparative Analysis
Corporate Collectors vs Collection Agencies
| |
Corporate Collectors |
Outside Collection Agency |
| Direct payments to clients |
Yes |
No |
Personalized service to client |
Yes |
No |
| Small Claims Court Representation |
Yes |
No |
| High historical recovery rate |
Yes |
No |
| Rapid recovery time |
Yes |
No |
| Knowledge of accounting |
Yes |
No |
| Weekly contact with clients |
Yes |
No |
| Knowledge of client business |
Yes |
No |
| Work every account to conclusion |
Yes |
No |
| Average recovery rate |
90% |
25% |
Corporate Collectors vs In-House Collectors
| |
Corporate Collectors |
In-House Collection Employee |
| Dealer Paid Salary |
No |
Yes |
Dealer Paid Vacation Pay |
No |
Yes |
| Dealer Withholds Federal Taxes |
No |
Yes |
| Dealer Withholds State Taxes |
No |
Yes |
| Dealer Withholds Social Security Taxes |
No |
Yes |
| Dealer Matches Employee F.I.C.A. |
No |
Yes |
| Dealer Withholds S.D.I. |
No |
Yes |
| Dealer Participation in Health Benefits |
No |
Yes |
| Dealer Must Pay Employee Overtime |
No |
Yes |
| Workman Compensation Payments |
No |
Yes |
| Possible Workman Comp Claims |
No |
Yes |
CLIENT Q & A
Does the client have to sign a long term contract?
Not at all. Our contracts run on a month-to-month basis and are cancelable with a 30 day written notice.
How much does the service cost?
We offer our clients the best of both worlds. Clients can utilize our services for a pre-selected flat monthly fee or strictly on a commission basis.
Are there any additional fees the dealer must pay?
Yes, the client is responsible for advancing all fees associated with small claims court, process serving, and filing of levies. These fees are normally awarded to the client by the court at the time a judgment is entered. If the account is collected prior to court, your collection manager will require the customer to reimburse the dealer for all monies spent in connection with the previously filed legal action. Anaconda reserves the right to choose the process serving company that can provide our dealers with the high level of service required.
Who does the dealer pay for services rendered?
Payments will be made payable to Corporate Collectors, P.O. Box 5151, Orange, CA 92863.
How does the client receive customer payments?
In all cases, we instruct the customers to take the payment to your business and get a receipt, or to mail the payment directly to your business.
Are accounts ever settled for less than is owed?
Only with one exception...that being "only" if the client provides us with written authorization...otherwise, we never settle for less than the balance owed.
What information does the "dealer assigned" collection manager require in order to collect an account and how do we deliver it?
All that is required is a copy of the contract involved, copy of the customer application, and a copy of the supporting documentation such as an N.S.F. check or promissory notes. Simply put these together and fax them or mail them to our office. Should it make you feel more comfortable, simply call our office and we will pick them up.
What type of debts will the collection manager work on?
Your assigned collection manager will go after any legally owed debt. Bad checks, stop payment checks, high pay-offs, down payments, missed pick-up payments, promissory notes, etc.. any type of debt incurred by your clients. In the case of commercial accounts, we will assist you in the recovering unpaid invoices, unpaid vehicles, deferred down payments, and any N.S.F. checks.
When does the client pay for services?
Payments are due no later than the 5th of each month of the month service is being provided. If operating under a contract that specifies "commission only", the client will pay the center on earned commissions no later than 10 days from receipt of billing.
How often will we receive an account update?
Clients will receive a written account status report on the first day of each month, however, you may call for a current account status check at any time.
How many accounts may the client submit for collection?
Dealers may submit an unlimited number of delinquent accounts each month.
Are there any accounts that "Corporate Collectors" won 't accept?
Yes, we will not work accounts that have been previously assigned to collection agencies. In the past, we have found that too many customers complain that they paid the collection agency, only to find out that the money was never credited to the customer account or paid to the business that employed the agency.
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