You have a restoration company that helps homeowners from damages caused by water, fire and mold. You have worked hard to build your business. However, several clients have not kept up with their obligation to pay for your services. Unpaid bills have increased and are now restricting your cash flow. It is probably the right time to hire a Collection Agency to turn those accounts from red to black.
Serving Restoration Companies Nationwide
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Higher Recovery Rates : Restoration collection experts!
NOT getting paid is NOT an option
Restoration companies must often invest in expensive equipment, tools, and trained personnel. The cost of maintaining and upgrading this equipment can be substantial. The demand for restoration services can depend highly on seasons or unpredictable events, such as natural disasters. This can lead to inconsistent income. Insurance companies may also dispute or deny claims, leading to further delays or non-payment. Therefore restoration companies cannot effort not getting paid for the work done.
Apart from the complexity of running a small business, ever-changing market conditions, the pressure of complying with rules and regulations, hiring & retaining top talent and getting new clients can be quite challenging.
Restoration companies can be privately owned and operated or work as a franchise of a larger organization ( like ServPro, ServiceMaster, Rainbow, Duraclean, etc). They typically serve both Residential and Commercial clients. Restoration professionals have a lot on their hands.
The chance of getting paid drops significantly once payment has been due for over 60-90 days. Restoration Companies should take full advantage of the two-step recovery process offered by most collection companies (Attorney crafted “Collection Letters” and “Collection Calls” from an Expert Debt Collector).
Collection agencies have vast experience in recovering money for their clients. Their tactics can never be matched by your in-house staff trying to recover money under your own business name. If nothing works, they can take the debtor to court.
Although collection agencies do not put “Mechanics Lien” on a property, trying to recover your money today is highly recommended, rather than waiting years to seek unpaid compensation. Customers might dispute the quality or extent of the restoration work completed, leading to delays in payment.
Insurance policies often cover restoration services, which introduce a third party into the payment process. This can complicate matters, as the insurance company may dispute charges, delay payment, or require extensive documentation before releasing funds. Collection agencies can also send notices to insurance companies.
Our collection partners have extensive experience in recovering money for restoration companies.
While you focus on expanding your business, meanwhile collection agencies work as an extension of your office to recover money from your past-due accounts. The average unpaid balance of restoration companies is between $5,000 to $10,000, therefore selecting a collection agency with tremendous experience in recovering for your industry is essential, and they must provide some references if requested by you.
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