1. Why use a collection vendor?
Collection Vendors are trained professionals licensed to collect past due accounts. They use sophisticated processes to maximize results.
2. Are all collection vendors the same?
No. Different collection vendors specialize in different areas of expertise. Some vendors specify by geographic locations, others by industries they serve. Collection Tree analyzes all of its collection vendors as well as our clients’ business to best place accounts to maximize results.
3. How much do collection vendors cost?
Collection vendors charge zero dollars for placing accounts. They earn their money only on the money they collect. This is often called a contingency fee. Rates vary based on the number of days past due. Click here to see a collectability chart.
4. Will I know which collection vendor I’m with?
Yes. Once you’ve signed up for your account, you’ll be able to view your placement details as well as which collection vendor(s) are currently serving your accounts.
5. How can I give you my accounts to place?
Sign up for your free account and you can either use the Quick Entry Form or Excel template that we provide upon completion of your registration.
6. Can I find a local collection vendor?
Yes. Collection Tree works with collection vendors throughout the world. Use our agency locator to find one near you.
7. If I place an account erroneously, can I get it back?
Yes. However, you will still be responsible for any contingency fee that was earned from payments or payment plans in process and paid within thirty days of cancelling.
8. Will I be able to communicate with the collection vendors?
Yes. You can click on the Message tab to send questions and comments directly to your collection vendors
9. Where can I check the status of my account?
From the Dashboard, click on the My Accounts link to view a listing of all your accounts and their current status.
10. What do you require of the collection vendors?
All of our collection vendors go through an extensive approval process which includes verifying their license to collect in the appropriate area, that they are properly insured, and that they have at least a “Satisfactory” rating by the Better Business Bureau.
11. How long will it take to collect an account?
Collection timelines vary on an account by account basis.
12. Do I still have to pay my fee if my customer pays me directly?
Yes. The work of the collection vendors often prompts direct payments.