We are here to answer your questions and pave a clear path to the best recovery solution for you.
Ideally, you should choose an A/R solution like CollectCo if your accounts receivable is growing faster than your internal processes can handle. It can be at an early stage to prevent further losses or when your capacity is maxed out and you need to hand over the entire collections process to professionals and free up your internal resources to focus on core competencies. CollectCo is agile enough to handle collections at any stage.
Based on the age of your debt, there are three different collection strategies that can benefit you.
If your accounts are 1-60 days past due, that is a relatively early stage of delinquency. If you are at this stage, you should opt for an early intervention program, because early action at this time allows you to take control of your accounts receivable before they become restricted and create cashflow challenges. At this stage your customer relationships are vulnerable and acting early will ensure that your customer’s lifetime value is not compromised. Using our early intervention program at this stage will help you recover your accounts before they are 31 days past due and can cause more issues for your AR management.
If your accounts are 60 to 90 days or 120 days old, this is where your cash flow is really in trouble, and you will face issues with streamlining your revenue. In this stage you should opt for a collection strategy at a fixed rate and pay per claim to recover your accounts. In this stage, strategic collections are carried out including communication with consumers through omni channels such as SMS, emails and calls and engaging consumers through communication channels that they are comfortable with to maintain a positive customer relationship. Using our Flat fee collection model at this stage will increase the likelihood of collections for you and retain your customers without causing major issues for your AR health.
If your accounts are above 120 days past due, your accounts receivable are in serious trouble and recovering accounts becomes challenging which requires targeted and persuasive collection techniques to persuade customers to pay their dues. In this stage you need a collection strategy that involves an assertive approach with collection professionals that use negotiation techniques and empathetic collection techniques to reach out to customers and persuade them to pay. Most people will turn to a collection agency at this stage, but by then the damage has been done and most of the revenue that is stuck in collections has a lower likelihood of being recovered, hence endangering your revenue stream. If your accounts are above 120 days past due, you should opt for our contingency model where we will carry out dedicated and assertive collection strategies to recover your outstanding debt.
You should always consider kickstarting your collection efforts as early as possible to avoid reaching this stage of days past due where collection becomes more challenging.
CollectCo has a comprehensive model for collections at every stage of your accounts receivable and deciding to use CollectCo as early as possible within your collection journey will help you maintain a healthy A/R.
We have decades of experience exploring the ins and outs of collections, and our experience has resulted in creating the CollectCo solution. Wherever you are in your AR process, we support you; it’s a natural process and we can do it at any stage. Not only do we provide comprehensive collection strategies with innovative technology, but we also ensure that we have experienced and agile people aiding you’re A/R recovery. We have designed CollectCo to make your life easy as a collection specialist with seamless integration for you to focus on what’s important.
CollectCo allows you to manage multiple claims at once with batch processing and seamless integrations, through your client portal. CollectCo also allows you to handle single claims just as easily. You can upload your claims in an excel file template that is provided within the portal and process them together. Multiple claims can be uploaded at once to cut back on manual processes and provide you with a holistic view of your accounts receivable.
Yes, ideally you should have separate accounts for B2B and B2C accounts, since you have separate relationships with other businesses than you do with direct customers that purchase your goods or services. The accounts vary in repayment terms and require different strategies. Additionally, the KPI’s for B2B are different than B2C and ideally you should have different dashboards to keep track of all the processes for each of them, and each of the KPI need to be measured separately. CollectCo treats B2B accounts differently; our internal processes are for B2B accounts than B2C. This is recommended to empower you to be more in control of your collection process for B2B and B2C respectively.
CollectCo allows you to view all your invoices in one place, through an automated process. Secondly, it also enables you to download your invoices and audit them so you can keep track of all your invoices and audit them to check for errors. Additionally, CollectCo uses RPA and automation processes, allowing for less errors within our system. You have real-time access allowing you to audit the errors on run-time.
CollectCo offers a portal that is designed to provide transparent and straightforward review of all your claims and collection efforts to your consumers. You can access a portal to view the dashboard that has real-time updates of all efforts made, including an updated status of amounts recovered, pending and a complete record of all communication efforts made on your behalf. The CollectCo portal dashboard has important KPI’s of how the collection efforts are made as well as access to each account. If you want to see the details of any account, you get it, we have built it so. If you want to dive into each one of them, you can do those too.
Our entire processes are built in accordance with laws and regulations that govern collection processes from third party debt collector aspect and first party collection aspects such as FDCPA, UDAAP, FCRA as well as state and local laws. Our professional agents are trained at a top-tier facility and are familiarized with collection compliance in all sectors to service a wide range of industries and sectors. Our automated collection efforts are designed for cordial, amicable communication with strict policies to ensure maximum customer satisfaction and success.
Yes, CollectCo is designed to handle disputes in a more constructive way. A special model was developed that can communicate between consumers, agencies, and creditors. When a consumer has an issue, the CollectCo consumer portal allows the consumer to look at their debt details. If they still dispute the validity of the debt, it moves into our system, and we will review the dispute. We will try to resolve as much as we can with the information that you give us, if the dispute remains unresolved, we will create alerts for you to handle and respond to the consumer at any stage during the AR process.
During the intake and onboarding process, we manage the onboarding to make it easy for you. The more information that you provide us, the more equipped we will be to handle your collection process. Accurate and precise details about your business allow us to understand your business and provide services accordingly because we are short-visioned if we only have basic details. But if we truly understood your business, we will be able to resolve your claims efficaciously.
For early stage intervention where you “Collect with your Brand TM”, CollectCo allows you to empower yourself with our technology and the expertise of our people, without being phased about the fact that your claims are going to collections. Secondly, CollectCo allows you to collect in the mid-stage of your accounts receivable where accounts are 90 days past due or above. You can choose to collect with the flat fee model so you can collect revenue without losing your revenue to a collection agency and maintain positive customer relationships.
Thirdly, you can choose to collect with third party collection agencies when your claims are seriously past due and need to be recovered to secure your depleting cashflow as well as your soured relationships with your customers that have gone to collections; so, the best option for you is to access the expertise of third part collection that involves robust negotiation techniques and concentrated collections.
Our agents follow strict compliance protocols when they reach out to consumers. We ensure that we keep customer success as a priority and approach collections with empathy to recover without causing damage to your brand or your customer base.
Studies have shown that the older your account gets, the harder it becomes to successfully recover your revenue. If you opt for earlier intervention and get ahead of the accounts that are past due, you will be able to collect them with more ease at an earlier stage. The earlier you embark on a collection strategy, the higher the chances of success are. If your accounts are between 1-60 days, the chances of collection are higher, ranging from approximately 50% and higher, and if they are 60-90 days past due or up till 120 days past due, the chances are collection drop to about 30% approximately. In the case that you DO opt for a collection strategy with your accounts past 120 days, there is a possibility that they may not get collected as promptly as lesser delinquent accounts, in which case there is a process that comes into motion.
Litigation *if qualified: If we are unable to collect your debt and you decide to carry forward with litigation, we will provide you with litigation support as part of our third party collection strategy. We have a vast network of attorneys licensed in all major states of America and they will carry out the litigation process on your behalf.
Credit Reporting *if qualified: If a debt remains uncollected, we will report it to the credit bureau. We will validate the debt and ensure that the debt is legitimate after which we will follow the Fair Debt Collection Practices Act (FDCPA) laws to report the debt with the necessary documentation to the credit bureau.
If the debt remains uncollected, we may also consider selling your debt, if it qualifies for that and if you consent to selling the portfolio. Additionally, we can also charge the debt off as unrecoverable in which case you will receive a notification from us that all efforts have been exhausted and you can justifiably write off the debt for tax reasons.
As part of our third party collection strategy with the Contingency model, we work at every possible angle before we consider litigation or credit reporting for a claim. As part of our third party collection efforts, we will increase communication efforts with the customer and implement assertive but cordial negotiation techniques to persuade the customer to pay their debt. Even at the very last straw, we try to ensure that customer relationships can be salvaged to the best of our abilities.
Yes, we do credit reporting when accounts are above 120 days, and they are worked on in Phase II of our collections process with contingency fees. This is when we know that collection will be a lengthier process and the customer is less likely to pay so we report the debt to the credit bureaus to ensure that all the information regarding that debt is recorded with the bureau. As for the possibility of when the debt is reported to credit bureaus, we will inquire during intake if you would like to opt for credit reporting in the case that the debt doesn’t get collected and if the debt qualifies for credit reporting, we will report it. While most accounts don’t fall into the category of credit reporting, we will provide it if you need it.
Yes, for illusive customers that are harder to locate despite several attempts will be located through our skip tracing capabilities in Phase II. Since it takes a longer time to locate these customers that have had a change of address and location and are harder to find, we carry out these attempts with the contingency model where more persuasive and persistent efforts are made to recover accounts. We have skip tracing capabilities for late stage delinquencies where claims are seriously past due, and customers are usually harder to find, at a higher commission rate.
Yes, we do offer claim scrubbing in both phases, to ensure that we have the right customer for the claim that has been submitted. We scrub for bankruptcy, deceased and litigious consumers and OFAC (Office of Foreign Office Control) among other ones.
If we haven’t collected the amount of your investment, we will refund you the difference between what you paid us and what we were able to collect.
The Money Back Guarantee is eligible for Phase 1, when you utilize the Flat Fee Collection service in accordance with the Terms and Conditions, we will provide the guarantee to you which will entail the following:
The guarantee will be void if:
The Money Back Guarantee is not applicable in Phase II, which is the contingency model, since there are separate efforts that will be exercised on these accounts. The guarantee is only applicable in Flat Fee collections model in Phase I. In the case that uncollected accounts are rolled over to Phase II, you will get the no recovery, no charge policy where you will only pay commission on accounts that are collected, without any additional charge.
The age of the debt has a lot to do with recovery, if you send us files that are too old the likelihood of the recovery goes down. If your claims are 120 past due or above, the guarantee is void on those claims.
The guarantee is based on the package you buy, so yes, you must use all the claims within your package that will qualify you for the guarantee.
The Flat Fee Collection model works best for claims that are 1 – day past due all the way to 120 days past due. This is because we use cordial collection tactics and gentle reminders in phase I to collect on accounts and the claims that are less delinquent have the highest chance of recovery. Flat Fee collection means we will be collecting on claims against a fixed fee for each claim, without any further charge. We will implement a 60-day effort on these accounts to recover the amount which will include omnichannel communication, debt validation, dispute resolution and NCOA scrubbing. After this, all the accounts that are not recovered in the flat fee model will move to the second phase automatically.
The Contingency Collection model is best for claims that are seriously past due 120 days or above. These accounts are harder to collect because they have been restricting cash flow for a long time and the possibility of payment by the customer is lower on these accounts. In contingency you pay a commission on every account that is collected rather than an upfront fee. This is where we offer our no recovery, no charge option, so you only pay us if we manage to collect the amount of the account. Contingency is a feasible option for you as a client since you don’t have anything to lose if the account doesn’t get collected. But another reason that contingency model works best for accounts that are seriously past due is that we will deploy our highly trained debt professional agents and more persuasive collection techniques on these accounts to reach out to customers to recover the debt. With the doubled efforts, your accounts are more likely to be recovered with these attempts rather than in fixed fee where we will do a limited amount of outreach to collect the amount owed. Additionally, you will be eligible for discounted rates if you come from Phase I into Phase II where your claims will be worked on at discounted rates. However, you should consider early intervention with first party collection to ensure your accounts are recovered efficaciously and efficiently.
CollectCo is best suited for businesses that have mid to high volumes of past due claims. If you have a low volume of claims, you can buy the minimum package and use it over time.
Yes, you can buy more than 100 claims at a time. Depending on the volume of your claims, you can purchase different packages that have a set number of claims within them. You will have the option to buy as many packages at a time as you like. For example, if you have 500 claims and you find the 100 claim option viable for you. You can buy 5 packets of 100 claims against fixed fee to get collection services for all 500 of your claims. Please note that there is an expiration date to the claims package. If you haven’t used your claims for a year, they will expire.
It is not recommended that you use the flat fee for all your claims unless certain criteria are met. If all your accounts are under 150 days past due, they will be ideal for flat fee collection, if they are above 150 days past due, it will become challenging to collect them in flat fee because greater persuasion and negotiation is required to persuade the costumer to pay the amount owed. Flat fee is ideal for accounts that are 1-day to 150 days past due. These accounts are easier to collect with gentle reminders and less persistent efforts because borrowers are more likely to pay if the debt is not very old. Additionally, a flat fee model is not ideal for accounts under $2500 and we don’t recommend flat fee to be used for older accounts. While we will accept older accounts, it is best to use flat fee for accounts within the days past due mentioned above.
After the dedicated 60 day efforts, if your flat fee claims are not collected, they will roll over to Phase II automatically, where they will be processed with persistent collection strategies through our professional agents. These accounts will then be worked on until they are recovered with a contingency model, where you will only pay a commission on the accounts that are collected, and nothing, if the accounts remain uncollected in this phase as well.
No. You will only pay an upfront cost for each claim in Flat Fee, and you get to keep 100% of what is recovered for you in Phase I Flat fee model.
Rollover is a process that comes into play when we have already conducted a 60-day effort to collect your accounts with flat fee. Within this time, we use various communication techniques to reach out to customers and recover the debt. Accounts that have not been collected in the 60 days will automatically be rolled over into a discounted rate, contingency model.
The roll-over is a process where all the accounts that remain uncollected with your Flat Fee model will automatically roll over to Phase II, Contingency Model where you will get persistent efforts on those accounts. Once the accounts are rolled over, they will be subject to charges and commissions outlined in the contingency model. This rollover is only applicable if you had accounts previously in the Flat Fee collections model that were left uncollected.
Typically, you can’t opt out of the rollover, but based on your needs you can discuss your collection strategy with our customer service agents.
You don’t have to pay any additional amount when your accounts rollover to contingency. Once your accounts are in contingency, there are consistent efforts made on them to ensure they are recovered. Only if your accounts are recovered, you will have to pay a nominal percentage of the recovered amount to us and you get to keep the rest of the recovered amount.
Phase I guarantees collection efforts, but Phase II handles uncollected debts at a discount. This is because Phase II deals with older delinquencies where recovery timelines are uncertain. If you use contingency collection directly (skipping Phase I), the rate reflects the variable delinquency stages of these accounts.
If you start with flat fee collections, you will act early on accounts that are still easily recoverable and you will achieve a higher recovery rate as well as a better ROI (Return on Investment).
If you switch to Contingency fees, you will be working with accounts with higher delinquency rates, and the contingency model will enable you to pay only if the amount is collected so you can minimize upfront costs.
You have the option to collect with your company brand with fixed fee collections. To preserve your customer relationships, we will use your company brand name to collect on your behalf with our collection capabilities. You won’t have to worry about alienating your customers and you will also have some control over your collection process.
We offer two options:
You have access to a 24/7 Chatbot that is equipped to handle your queries in your client portal. If you do not find a satisfactory answer to your query, you can always request a customer service agent that can answer your detailed and specific questions when you have any.
If you are unsure about the collection model that suits your needs, you can always connect with a sales agent or a customer service agent on your portal or via our website. You will be connected to a sales agent if you want to know which collection process suits the volume and balance of your claims. They will provide you with tailored solutions that are the most suitable for your collection process. For more information, you can reach out to our sales agent regarding your collection process.
Yes, in Phase II. If you have non-paying customers that have failed to make their payments after consistent efforts to recover your accounts, we offer litigation support to provide judgements and legal counsel on those accounts. We have an extensive network of attorneys that are licensed in all states of the U.S. and can use provide their legal expertise for judgements against non-paying customers.
Litigation collections are part of our contingency model within which our licensed attorneys carry out legal collections for your claims. This allows you to forego the expensive hourly fees typically charged by attorneys as it’s built into the cost of your legal collections. When legal collections are initiated, we will send you a notice for the court cost which is typically between $500 to $1000.
No, your prior authorization is needed for us to litigate accounts.
AI-guided agents are professional debt collection agents that carry out collection efforts on your behalf, and their correspondences and communications with customers are monitored by an AI compliance monitoring system to ensure they remain compliant in all their interactions with customers. The AI system also guides our debt collectors to get the most out of the conversation, as there are many variations of calls that are carried out, the system enables them to have a fruitful conversation with the customers and resolve the issue around dept repayment as effectively as possible.
We are a SOCII TYPE2, nationally licensed agency with a global footprint in major cities and countries across the globe.
We operate with our people-first approach, coupled with the technological power of CollectCo. When you have a regiment of collection agents that are compassionate and backed by the latest technology, you get the most optimal results in debt recovery and that is what we aim for. Our super debt collectors would not be super without their cape, which is the technology of CollectCo, and together they are able to collect more with empathy and technological mastery.
We are extremely guarded about our security, and we ensure that every client onboarded with us is given a detailed introduction to your security protocols. So, once you are onboarded with us, you will receive a packet that has detailed information of our data security protocols. For more information, you can reach out to our customer service agents.
Refund Guarantee for Fixed-Fee Services
Where the Client utilizes the Fixed Fee Collection services in accordance with the Terms and Conditions, the Agency provides the Client with a refund guarantee (“Guarantee“). Under the terms of this Guarantee, the Client will receive a refund of the total purchase price paid for the Fixed Fee Collection services (as specified in the Client Intake), less any amounts remitted from recovered funds, if applicable. The Guarantee is subject to the following terms:
1. Client Warranties, Representations and Placement of Accounts:
1.1. Client warrants and represents the accuracy of the accounts placed for Fixed Fee Collection. This includes, but is not limited to, Account holder’s full name, last known address, last known telephone number, account number, exact last payment date, exact date of delinquency, the exact principal balance, and the applicable interest rate(s), if any,
1.2. The maximum extent of delinquency on any Account, in no event, shall exceed six (6) months for Accounts being placed in Fixed Fee Collection,
1.3. Client warrants that the Accounts submitted are not currently subject to legal, regulatory proceedings, or audits, in any legal proceeding or government investigation at the state, federal, or local level, related to matters such as bankruptcy, insolvency, trusteeship, or receivership. Furthermore, the Client warrants that the placement of any Accounts will not be in breach of any applicable federal, state, or local laws and regulations or any contractual obligations it may have with any third-party, and
1.4. All Accounts placed with the Agency must be in United States Dollars (US$), and Client shall be solely responsible for any fluctuations in forex rates and informing the Agency of such variations. Client shall indemnify and hold harmless the Agency on any claim or dispute by an Accountholder, resulting from variation in amounts due to a fluctuation in forex rates.
2. Minimum Balance:
Any Account placed with the Agency shall not have a principal balance of less than US$100.
3. Exclusions of Guarantee:
The Guarantee provided for herein shall not be applicable if:
3.1. The Guarantee shall not apply where 5% or more of the Accounts, placed with the Agency for Fixed-Fee Services, result in disputes from Accountholders, email bounce backs, and other issues on deliverability, or any information provided is found to be inaccurate, or
3.2. If the services provided under these Terms and Conditions are terminated by either Party.
4. Account Closure on Letter Undeliverability and Returns:
4.1. Where a collection letter sent to an Accountholder returns or is undeliverable for any reason, the Agency may close the Account at its sole discretion.
4.2. Where an Account is closed under Clause 4.1, the Agency shall only make further efforts if the Client re-engages the Agency’s Fixed Fee Services on those Account(s) at the then-applicable rates.
5. Refund:
If we (the Agency) can’t collect enough money on your accounts to meet our guarantee, we’ll refund you (the Client) the difference between what you paid us and what we were able to collect.
Applies to All Consumers (B2C) Accounts
| International (Cross-border) | 35% |
| Legal (Pre-authorized) | 50% |
| Out of Business | 50% |
| Judgements | 50% |
| Claim Value | Rates |
|---|---|
| $50,000+ | 20% |
| $5,000 - $49,999 | 25% |
| $1,000 - $4,999 | 35% |
| Under $1,000 | 50% |
| International (Cross-border) | 35% |
| Legal (Pre-authorized) | 50% |
| Out of Business | 50% |
| Judgements | 50% |
| Over 1 Year Old* | 50% |
Applies to All Consumers (B2C) Accounts
| International (Cross-border) | 30% |
| Legal (Pre-authorized) | 40% |
| Out of Business | 40% |
| Judgements | 40% |
| Claim Value | Rates |
|---|---|
| $50,000+ | 15% |
| $5,000 - $49,999 | 20% |
| $1,000 - $4,999 | 25% |
| Under $1,000 | 30% |
| International (Cross-border) | 30% |
| Legal (Pre-authorized) | 40% |
| Out of Business | 40% |
| Judgements | 40% |
| Over 1 Year Old* | 40% |