Your Current Method of Collection

Collection agent contacts client via phone or letter

Agent negotiates amount of monthly payment

Client agrees to send first payment

1-2 weeks later you receive the first installment

Invoice is sent to client for second payment. This can take up to a week to arrive

Client waits 2-3 weeks to send a check. Meanwhile the firm is waiting for payment

Client is on vacation. Firm waits a month or more for payment

Firm sends another invoice. It's Christmas— client skips a payment

The Disadvantages

• Timing of payment is in the hands of the client
• Firm has to wait for payment— never certain how much money will actually be repaid each month
• Expenses related to invoicing including staff time, printing, envelopes and postage are paid by the firm

Fast Cash Method

• Collection agent contacts client and negotiates a payment plan including date for payment
• Agent collects the first payment over the phone
• On the agreed date, the payment is electronically debited from the clients account
• Within one business day the firm is credited with the amount of payment

The Advantages!

• The firm no longer has to invoice established clients leaving staff free to negotiate with new clients
• Agents no longer have to repeat collection calls reminding clients their payment is due
• On the day invoices would normally go out— payments are already made