Commercial Collection Consultants: Get Expert Advice From Professionals

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Commercial Collection Consultants:
Get Expert Advice From Professionals

Professional commercial collection consultants are experienced and highly skilled in recovering past due business debt and delinquencies. These commercial collection professionals use a number of techniques and methods to help businesses recoup their outstanding debt.

Using Private Investigators

While most commercial collection consultants will use tools, such as demand letters and telephone calls, still others make use of additional tactics to improve their success rates. For instance, when weighing the decision to outsource your business debt collection, you might consider agencies that employ the use of private investigators.

In this example, these commercial collection agencies would enlist licensed, bonded and credit trained professionals to make initial contact with the debtor. An asset and liability investigation would be conducted to ascertain the debtor's financial state, and their ability and/or willingness to satisfy the delinquent debt.

This investigation could also include contacting the debtor's bankers, other vendors, as well as trade references for valuable information about the debtor. The result of such an investigation can determine if non-payment of the debt is because of an inability to pay, or a neglecting to pay. More often than not, this typically proves to be a powerful incentive in getting the delinquent customer to contact the collection agency to satisfy the debt or make payment arrangements.

Most businesses, when told that they're about to be subject to an asset and liability investigation would rather save the potential embarrassment of being visited by private investigators, not to mention making this investigation known to their bank(s), other vendors and references. In a majority of cases, many delinquent business customers will opt to make some sort of payment arrangements to resolve the debt. As you can see, this method used by some commercial collection consultants can be much more effective than demand letters and phone calls alone, which can be ignored.

This method is also makes sense for businesses with debtors spread out in different cities, or over several states. Look for commercial collection agencies with access to a national network of private investigators, as they can be an effective extension of your business' reach being limited in one location.

Should the creditor later decide to pursue the matter legally and hire an attorney, the information gathered from an asset and liability investigation can prove quite valuable. It can also be much more cost effective going this route, since commercial collection consultants that use private investigators don't often charge additional for this service, other than their standard contingency fees, conditioned upon the successful recovery of money.

It is always a better practice to hire a collection agency before an attorney, as the costs for an attorney conducting a similar investigation would cost significantly more upfront, with no guarantee of recovering any money.

An Audit

There are some situations that require handling some debtors more "delicately." Some business to business relationships, particularly where in spite of a delinquency, you'd like to preserve the relationship for future business, might make use of an audit approach. In this scenario, no collection demand letters are sent, nor investigators. The debtor is simply contacted by the collection agency, as an extension of the creditor's business, to conduct an audit of the creditor's accounts receivable. Fearing that the matter might only grow worse with time, the debtor is often encouraged to take action to resolve the debt.

Aging of accounts:

An audit approach might also be used for accounts that haven't aged past 90 days to prevent these accounts from falling even further behind. Its not unusual, but many businesses wait to turn over past due accounts to outside collection agencies until they are 6 months old. Most don't turn them over until they're well over a year old. The statistics below should be sobering for any business sitting on still aging past due debt:

an account 90 days past due is worth only eighty-three cents on the dollar
an account 180 days delinquent is worth only sixty-seven cents on the dollar
an account one year past due is only worth forty-five cents on the dollar

At DebtCollectionSteps.com, we are expert commercial collection consultants, with over three decades of experience in commercial debt collection. We have access to many tools, including licensed and bonded private investigators, to help your business recoup your past due debts.

To get a free quote, fill out the brief form below. One of our consultants will contact you within 24 to 48 hours.

Collection Agency Quote Request

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