What should you look for in a credit collection services firm?
There are many choices for credit collection services. Small “Mom and Pop shops” are battling large enterprise organizations for your business. Some have a robust web presence and make use of cutting-edge technologies, while others are simply lagging behind. How can businesses make apples-to-apples features and benefits comparisons when each of the credit collection services appears so different?
Here are five characteristics of the best credit collection services.
#1 No hidden fees – fixed-price credit collection services.
Rocket Receivables illustrates what to look for in this area. We offer a fixed-fee price point for our Stage One services. Our clients’ pay upfront at a per-account rate that is clearly defined with no hidden fees. This fixed price service includes:
- Fully compliant, respectful, yet firm demand letters to remind your clients of what is owed and when it was due.
- An automated thank you letter after the amount is paid.
- You keep 100% of what is collected.
- You stay in control by using our web-based dashboard to start or stop campaigns and approve partial payments. The web portal has a dashboard so you can track successes in real time.
If your current credit collections service cannot match these features, perhaps you should consider a change.
#2 Contingency collections targeting more difficult A/R.
Can the credit collection services company you select also handle the more difficult accounts, typically aged past 120-days? These accounts require a more personal touch with experienced collectors to work with seriously delinquent account holders. Look for skip tracing to be an important part of this service to track down more elusive account holders. Rocket Receivables also uses technology to score accounts and prioritize them according to their likelihood of payment. All of these services are offered under a pre-determined payment percentage fee based what we collect.
#3 Free consultations and a flexible service offering.
One size does not fit all in credit collection services. Look for an A/R partner that has multiple strategies for collecting past due accounts, as well as different payment options designed to fit your business. Rocket Receivables understands that accounts at less than 120 days should be approached differently than those more seriously past due. We also use powerful predictive data analytics tools to determine which accounts are more likely to pay. If your credit collection services company cannot offer this flexibility, you should walk away.
#4 Debt collector regulatory compliance.
Look for a credit collection services firm that has documented compliance with regulatory rules. Ask about their work with hospitals and government organizations, two of the most heavily regulated industries. Ask how the firm keeps track of changes in compliance laws and if you’re not satisfied, speak with Rocket Receivables. We are an industry leader in compliance, including PCI DSS 3.2, HIPAA, FCDPA, TCPA, UDAAP, and all other regulatory rules. If your credit collection services firm isn’t compliant, you are at risk.
#5 Data security.
A top concern of many companies is data security. Your credit collection services firm should invest heavily in next-generation security techniques to protect your clients and corporate reputation. This should include data encryption at rest and in transit as well as multi-factor authentication, and more.
Rocket Receivables meets all five categories for our customers. Our easy-to-use web portal is perfect for the smallest of companies while offering the same tools enterprise organizations use every day. Click here to buy now.