What is a Commercial Collection Agency?
To understand what a commercial collection agency is, it’s important to first understand how it differs from a consumer debt collection agency. The latter type of agency focuses on collecting debts owed by individual consumers who have applied for, and gained approval for various types of loans and credit accounts, including mortgages, auto loans, signature loans, credit cards, individual lines of credit, etc. Commercial collection agencies, conversely, handle the collection of business debt obligations owed to their client businesses; Hence “B2B”, or “Business-to-Business” collections.
How Do Commercial Collection Agencies Work?
Many B2B companies wisely engage the services of a proven-successful commercial collection agency to act on their behalf when their business customers reach a predetermined stage of payment delinquency. Top-performing commercial collection agencies are highly skilled and have extensive resources designed to support and motivate leveraged payment negotiations for their clients, typically on a strictly pay-for-performance only basis. The average rate of collection success achieved by Miller, Ross & Goldman is more-than double that achieved by clients without their expert support and typically 30-50% better than competing collection firms. Why? It all comes down to consistent, long-term experience, available resources and practical expertise.
How Does My Company Choose a Commercial Collection Agency?
First, it’s important that any commercial collections vendor under consideration has full legal authority to work on your company’s behalf in the states needed. Many states require specific licensing and/or bonding compliance, which you can review here.
Once that’s covered, every company engaging the services of a professional commercial collection agency must be certain their vendor has the capacity to go well-beyond the scope of their own typical internal collection efforts like demand letters, telephone calls, emails and faxes. Accordingly, Miller, Ross & Goldman utilizes extensive informational and investigative resources to ensure every intimate detail about their clients’ indebted customer businesses is known, thus may be opportunistically leveraged when indicated. Further, when elevated actions are necessary to protect a client’s financial interests, Miller, Ross & Goldman’s national network of fraud examiners, credit-trained field investigators and collection attorneys are always at-the-ready whenever situationally required.
Miller, Ross & Goldman is a top-tier commercial debt collection agency with a consistent 90%+ collections success rate. We provide coverage throughout the entire United States and across more than 80 countries. To discuss your company’s specific needs, please call us at (512) 687-3649 or fill out our online form.