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Collection Process
Once
an account has aged past 120 days more than 80% of your in house effectiveness
to recover that debt is exhausted. SR2 realizes this fact and as a result has
developed a Three Phase method of collections. Once your staff has identified a
slow or nonpaying account, usually after no more than 3 to 4 demands for
payment, we recommend that you assign the account for collection with us. By
doing so you receive the following benefits.
- Reduction in in-house costs
- Increased recovery rate
- Reduced collection costs
Phase I: Validation
Phase (Written Demands)
Phase I consists of a series
of psychologically designed contacts that provides a client with the highest
recovery rate possible, diplomacy, and controlled cost while adding the impact
of a third party. During this phase you receive either payment or we will
identify the intent of the debtor earlier. At your option we will instruct your
debtor to pay you directly or you can have them send money to us. Once your
debtor has paid we will, at your option send them a Thank You letter at no additional charge.
Phase II: Investigative Phase
For those accounts that have
not paid in Phase I, they are transferred to Phase II. During this phase of the
collection process the account is assigned to a professional collector for
intensive telephone follow up. As with all of our services, our collection
staff is professional and respectful when negotiating with your debtor. Our
goal is to affect a settlement arrangement in the least amount of time for our
clients while providing your debtor with the highest degree of dignity
possible. SR2 maintains a complete skip-tracing department for those debtors
that you are unable to locate.
Phase III: Legal Phase
Should it be necessary, SR2
maintains a complete legal department. Unlike other agencies our attorneys work
exclusively for our clients. At your option and should criteria for suit be met
we will initiate litigation on your behalf.
We will advance all court costs,
service and process fees and any other fees necessary to obtain and exercise a
judgment. This final Phase provides substantial recovery of funds thought to be
non recoverable.
In the event that an account
is still mot recovered we will report the account to credit.
At any Phase in the
collection process you have continuous access to your accounts via ECollect.
We will keep you informed
of all communication and progress that we are making on your behalf. You may
also communicate to us as well regarding any of your accounts. At SR2 we
realize that communication is the key to successful recovery.
Technical support and
customer service are also available telephonically thus providing our clients
with every tool to be in constant contact with SR2. Contact us today!
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