Here Is Why Small Businesses Can Depend on Us
It’s a misconception that small businesses don’t need collection agencies. On the contrary, a small business can need more help with debt collection than a larger business because they may lack the resources to recover revenue from delinquent accounts. Recovering this revenue can be crucial to the survival of a small business as most small businesses can’t afford to regularly write off bad debt.
However, not every agency partner with small businesses. Some only serve large businesses, while others fail to understand the debt recovery needs of a smaller enterprise. Others still use aggressive strategies that are counterproductive.
If you’re a small business wary of trusting a collection agency, then look no further than us for help. There are many reasons why small businesses trust Summit for debt collection across a variety of industries in the United States:
#1 We Won’t Turn You Down Because of Your Size:
Some debt collectors don’t work with sole proprietors and small businesses because they want to earn as much as possible in a short amount of time. They would rather work with larger companies that can offer them lucrative accounts. Unfortunately, such agencies may ignore the harder-to-recover debts in favor of easier accounts. With time, these accounts become nearly impossible to recover.
At Summit A*R, we believe that this methodology is shortsighted. We have developed an excellent reputation because we work with businesses of all sizes. Whether you are a sole proprietorship, a small operation, or a large business, we offer the same excellent service. We have a proven system in place that allows us to boast a recovery rate that’s twice the national average across many industries serving businesses of different sizes.
#2 We Won’t Make Unfair Demands
Many agencies demand payment upfront from small businesses. They also want to be guaranteed a certain number of accounts annually. This is unfair to ask of a small business. As a small business owner, you don’t know how often you’ll need assistance with recovery in a year, if at all.
At Summit A*R we believe that trust is earned. We don’t ask for payments upfront. Moreover, we don’t demand a certain number of accounts. To prove that we’re a personal debt collection agency you can put faith in – we only get paid after we’ve successfully recovered your revenue. That’s how a partnership should work.
#3 We’re Approachable
When you’re waiting to recover revenue that’s important for your business, you want the lines of communication to be open with your partners. At Summit A*R, we update you periodically with comprehensive reports to help you keep track of your accounts. We’re also reachable by phone or email for questions. What’s more, we assign a case manager to you to keep you in the loop.
#4 We Believe in Transparency
Our fees are reasonable and upfront. Depending on the age, type, and balance size, our contingency fee is between 7.5% and 50%. We strive to recover your money as soon as possible. Some debts are recovered in a few days after our campaign of letters and phone calls.
Most customers are willing to pay their debts when they realize that a reputable debt collection agency is involved. However, some debts can take longer. Overall, our goal is to get you paid within 90 days.
Once your money’s recovered, it’s placed into a state-regulated trust account. The net amount you’re owed is sent to you on the 10th of the following month. If a customer pays you directly after our recovery process has begun, then you must inform us. Unlike your in-house collections department, we can report a customer to the three major credit bureaus. If a customer has paid, then we give proper credit to the customer. In case customers pay their dues to you, we will bill you directly for our fees.
#5 We Take an Ethical and Diplomatic Approach
Whether the debtor is a person or a business, we take an ethical and diplomatic approach to the collection process. Unlike some agencies, we don’t threaten or harass debtors. We refuse to use robocalls or misrepresent ourselves.
Instead, we use skilled negotiation to convince debtors into clearing their dues. Not only does our “P.H.D. Philosophy” (Preserve Human Dignity) allow us to preserve a debtor’s dignity, but it allows us to preserve your valuable business relationships and your reputation.
By partnering with a shady collection agency, you may lose future business with that customer and other customers. Remember, word travels fast in the digital age. If your small business is associated with an agency that harassed your former client, then other businesses such as suppliers and buyers may hesitate to do business with you.
Unfortunately, some debtors simply refuse to clear their dues. Here, we conduct the cost-benefit analysis of taking legal action. If this is feasible, we approach you for approval. However, if you don’t want to litigate, the account is returned to our recovery department for further action.
#6 We’re Experienced
At Summit A*R we’ve been in the collection business for over 23 years and have served many small businesses from different industries. This includes dental, medical, veterinary, self-storage, landlords, independent cellular providers, to name a few. From our experience, we know that the nuances of the debt recovery process vary between industries. For example, recovering debt from a grieving pet owner requires different tactics than recovering payment from an employee who was overpaid.
In our two decades in the industry, we’ve developed some valuable affiliations with some of the most prestigious debt collection associations in the world. We also have the coveted A+ ranking from the Better Business Bureau (BBB). This score is only given to businesses that maintain a level of excellence.
These are some of the reasons why small businesses trust us with their debt collection needs. If you’re looking to recover payment from a customer, then get in touch with us soon. Remember, a debt grows harder to recover with time. Give us a call, request a callback, or send us an email to learn more about how we can recover your revenue and improve your accounts receivable turnover ratio.
Categorised in: Our Blog
This post was written by Summit A•R