Prestige Services, Inc. collection agency reports on economy

PRLog (Press Release) - Apr. 13, 2011 - While other news sources continue to espouse the idea that the recovery is in full swing, Joy Baird, Founder/President of PSI-Prestige Services, Inc., (a commercial collection agency) states that there has been no improvement over the last two years and more importantly, there has been an increase of placement that reflects that the economy is not humming along as suggested by the Federal Reserve and other media sources.  

"We have our finger on the pulse of the collection industry and it is apparent that there are several companies out there that are experiencing, for the first time ever, the frustration of having to place accounts for collection.  As a result, businesses are experiencing the ripple effect of defaulted payment of invoices and the effect it has on their ability to pay their own bills." states Baird.  "It is extremely frustrating for our clients who have never had issues collecting on their accounts in the past.  Let's face it, no one wants to resort to having to use a collection agency and ultimately give up a percentage of the profit that they intended to make on the transaction."  Baird continues "We have been contacted by several companies who have stated that they have never used agencies in all the years that they have been in business, but in these economic times, they have no other choice."  

Baird says that there has also been more concern this year with collection agency rates.  "20% of zero is still zero." States Baird. "The most important issue should be the experience of the agency which has a direct effect on their ability to collect the past-due accounts."

Baird states that there has been an increase of placement and valid concerns from customers who are also not seeing the so-called economic recovery. "If we do not get a handle on the debt situation fast, there will be serious consequences for small businesses.  It will be a bumpy road moving forward." states Baird.

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PSI-Prestige Services, Inc. is a commercial collection agency that specializes in business to business collections. No collection, no fee. Prestige Services, Inc. represents businesses internationally and nationwide. PSI-Prestige Services, Inc. is a commercial collection agency that is considered to be at the forefront of the collection industry.

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