BUILDING LONG-TERM BUSINESS RELATIONSHIPS
This program is designed for small to medium sized balances (100.00 – 5000.00). Most companies either don’t have the time or resources to devote to these kinds of balances at an early stage in collection. We have developed a series of 4 letters that are used at this early stage in collection which calls attention to your bill without alienating your clients. Because the letters come from a thirdparty we find that your bill becomes a priority to these clients. The letters direct your clients to send the money directly to you or if there are questions or concerns to contact you directly. Most clients tell us that getting their smaller dollars early allows them to concentrate their efforts on the larger balances; thus they see a direct reduction in their DSO. By offering this service at a minimal flat rate we are able to collect for less than what it would cost you internally. Copies of these letters are attached exhibit A.
Once an account has been received, Galt Professionals will have it assigned to a balance driven collection group within 24 hours. Collection activities include phone, mail, e-mail and personal visits by one of our licensed and bonded private investigators. Should skip tracing become necessary either due to an avoider or a company that no longer has a working phone we have an arsenal of tools at our disposal (see skip tracing section). Since our collectors only handle accounts with similar balances, it ensures that your account will be high priority and get the best service. Our collectors are skilled negotiators and in these financial times payment plans are something thatneedto be taken into consideration. Collectors are not allowed to take any payment plans longer than 60 days without your prior approval. Prior to recommending legal or closing an account collectors will discuss settlement options with you.
More and more we see companies are asking their credit and collection departments to do more whilecutting back or eliminating staff completely. Outsourcing is becoming a popular way of dealing with this while not cutting back on service to your customers.Outsourcing can be done at the client’s offices or at one of our locations. With the cost of wages,taxes, benefits, overhead & training it can be more cost effective than traditional departments. Fees range from a flat rate per month, a fee per file or a percentage of dollars recovered. Contact one of our sales executives with specific questions regarding outsourcing.
Our consulting services will assist you in finding ways to reduce bad debt and DSO write-offs, including performing due diligence in accounts receivables. Finding the time to train each individual collector can be a challenge for collection managers. We offer in-person training, conference calls or webinar conferences training. We have a variety of subjects including negotiating skills, skip tracing, bankruptcy, and many more. Assisting in developing policies and procedures will allow consistency throughout the collection process.
An integral part of collection is being able to locate those debtors that are either avoiding you or have no working phone numbers. We use Secretary of States, Accurint, credit bureaus, other suppliers, and bankers to assist in locating these hard to find companies. Training our collectors and then giving them the tools results in our high find rates.