The topic for discussion is Cash Collections
Speaker Ralph Gaglione
Toll Free- (800) 363-7215 Extension 5445
Background on Topic:
I think that just about everyone has an idea as to what a collection agency does. There are only a finite number of tactics that may be utilized to recover past due monies on behalf of the client. Clearly one factor dominates the collectability of money. That is the age or daily sales outstanding of the account. The concept is to employ the services of a qualitied third party when the money is most collectible.
The NCSPLUS Cash Recovery System (CRS) utilizes a full set of proven collection tactics that is designed to recover all monies without the high commission fee structure normally associated with a collection process. So, for a small fixed, typically $25 - $50 per claim, we skip trace through 4 databases, send an Audit Letter, series of payment demand letters, make live phone calls with a predictive dialer, hand deliver a Telewire communication, send an Attorney Demand Letter, maintain a detailed client web-portal on all activity, and report credit to get you paid without any percentage fees charged when the money is paid directly to our client.
For instance, the fee a collection agency or attorney charges on a $500 collection is $150 to $250 (30% to 50%) which in most cases exceeds the profit the business made in the first place. The NCSPLUS Cash Recovery System fee of $25 would restore the whole reason for the transaction, earning a profit.
Most NCSPLUS clients typically receive payments from more than 50% of the accounts submitted for collection at a fee structure of less than 8%. Whereas the industry averages according to the ACA Int'l are closer to 11% recovery at a whopping 38% fee structure.
Direct payments are made to our client at the lowest cost per dollar collected in the collection industry.
Cash Recovery System (CRS):
The goal is to have debtors pay clients directly, instead of chasing them.