By Dean Kaplan+
If you are responsible for debt collection in your company, you may be wondering if there is anyone out there who can help when all your efforts to collect lead nowhere. In fact, there is a way to obtain help with these debt collections. You can hire a commercial collection agency. Commercial collections are business to business debt collections. That is, when one business does not pay for products purchased or services rendered by another business.
A commercial collection agency uses a variety of methods to pursue debt collections, including gathering information under the auspices of an audit, hiring a private detective, or keeping track of collection deadlines in order to maximize collection efforts.
When common collection methods such as phone calls, sending repeat notices, and threatening the debtor with a lawsuit fail, an agency may contact the debtor and claim to be auditing receivables for your company. While talking to the debtor, the collector may mention that the audit has uncovered some overdue invoice amount that is owed to your company. They then can present the debtor with payment options. Oftentimes, to avoid the possibility of an audit, the debtor will choose to pay the debt off quickly.
For debtors who are more difficult to collect from, your agency may hire a private detective or may even have private detectives on staff. Private detectives know lots of ways to locate debtors who no longer answer their phone, have changed phone numbers, or have no known forwarding address. Once located, the debtor may be motivated to pay the debt in order to escape further inquiries. Private detectives may also determine if the debtor has any assets such as a house or any other businesses.
This information will enable your company to decide if the debt is worth the time and money required to go after payment. At the point when a suit must be filed and a lawyer hired, the cost of collection must the weighed against the probability of payment. The bottom line is if there are no assets to recover, there is no point in making expenditures to go after payment.
A commercial collection agency is well-versed on when successful collection of debt is most likely to occur. How much money is recovered on each dollar owed drops significantly at 90 days past due, 180 days past due and dramatically after twelve months. To get the most recovery from your agency, don’t wait too long to turn over delinquent accounts.
The Kaplan Group is a commercial collection agency with a proven record of success. With state of the art computer software and a fully trained staff, all of your collection needs can be handled with maximum efficiency and results. Our clients are from a variety of industries with claims of all sizes. Whether your claim is a few thousand dollars or several hundred thousand dollars, we can help you get the results you want. Our personal approach coupled with plenty of experience enables us to collect where others have failed. We do all of own detective work, and have thoroughly researched each claim before any contact is attempted. When we can’t initially locate a debtor, we have great success is finding even those debtors who are trying not to be found. Feel free to call the Kaplan Group to find out more about our services.
The Kaplan Group is a boutique collection agency specializing in large (over $10,000) debt collections due from businesses. Founded in 1991, the company has a stellar reputation (A+ rating with the Better Business Bureau) and is recognized as one of the leading collection agencies for results on large and complex matters.