A Better Way to Help Collect Past Due Accounts
Traditional collection agencies can be upsetting because they give the impression to the debtor that they have been “turned in.” Businesses and Doctors love our service because we offer them professional guaranteed results that do not upset their customers like other collection methods.
The Payment Automation Network Profit Recovery Service delivers critical capabilities:
• A state-of-the-
• Effective, properly written collection letters sent on the business' or doctor's letterhead
• The impact of nonpayment leading to real consequences –Credit Bureau reporting or possible Attorney action– presented in a series of increasingly emphatic collection demands
• An efficient interface for coordinating collection efforts with an Attorney
• Compelling actions by the Attorney – a series of collection contacts and legal steps taken on your behalf
• And finally, Payments are made directly to the business or doctor!
How it Works
At the crucial point in time when a business has lost dialog with their debtors, usually between 60 and 90 days, immediate action with the Profit Recovery Service will produce maximum collection results:
Step 1: Setup
The debtor is added to the system with his/her account balance. At this point the automatic system begins a series of courteous, but very effective debtor collection demands using the company's own letterhead. These letters now have the added impact of an attorney, the credit bureau and the agency threat motivating more people to pay.
Step 2: Attorney Involvement (if necessary)
If the account is still unpaid 2 weeks after the fourth contact, the business has the option to transmit it to a retained attorney assigned to them. The attorney will in turn mail a series of stronger, increasingly demanding contacts on their attorney letterhead, plus make a series of courteous but effective, phone calls (on balances of $100 or more). If desired, the attorney will then proceed with litigation if feasible.
Step 3a: Payment
The letters instruct the debtor to send payment directly to the business throughout the process allowing them to receive all monies paid without going through a third party.
-Or- 3b: Non-Payment
If the account remains unpaid, our system will transmit the debtor data to one or more of three National Credit Reporting Bureaus at the discretion of the business.
Step 4: Account Resolution
Upon resolution of the account, our system will mail a "thank you" letter to the debtor at the discretion of the business.
Step 5: Client Reports
Each month the business will receive a detailed “Account Inventory Report” indicating all activity to date on all accounts submitted to the system. At any time, they will have access to our web site where they may obtain a detailed status report and summary of their accounts.
Benefits of the Payment Automation Network Profit Recovery Service
• Because the collection demand is intensified and applied sooner, using more powerful tools than a traditional agency can deliver, we collect more than traditional methods for much less
• Recovery is also increased because every possible legal alternative is communicated to the debtor while the account is still collectable.
• Security of funds will be maintained, because the business receives all payments directly.
• Collection cost will be little or nothing! The cost of the system is partially or completely offset by the savings in internal expense.
Our unique Profit Recovery Service is hands free and provides proven results. Our clients have observed the following statistics:
• Overall Recovery to Date: 41%
• Cost for Recovery: as little as 5% – not counting internal savings
If you do not want to settle for a traditional collection agency that recovers less and charges more, then contact us at www.PaymentAutomation.net
