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Collection Agency for Towing and Recovery Business

Tow-recovery-collection

Operating a towing business or being a tow-truck driver involves considerable hard work and planning. Challenges of a towing business include paying for the tow truck mortgage, fuel costs, monthly insurance premium, repairs & maintenance of the truck, fatigue, marketing business on Yellow Pages or Google, dealing with disgruntled vehicle-owners, poor driving conditions, accounts receivable, competition, business expenses, uniform and miscellaneous expenses.

Past-due accounts are a significant drag for towing operators.  This hurts their cash flow and profitability. This situation arises because of dishonored checks, payment disputes, damages, or just because a car owner simply did not fulfil their obligation to make the payment as promised.

Tow truck businesses do not have an in-house expert to collect late payments while adhering to the federal/state collection rules and regulations that need to be followed when recovering a debt. Not following these guidelines can lead to a lawsuit from the vehicle owner. To be honest, vehicle owners are usually not that serious when payments are requested by the employees of a towing company. However, all that changes when a Debt Collection Agency gets involved.

Need a Collection Agency? Contact Us

The moment a debtor (vehicle owner) gets that first written demand or a phone call from a Collection Agency, he knows that the matter has been transferred to experts. Dent collectors will continue to demand payments legally for a very long time, and may take the debtor to the court as the last resort. They are a lot more inclined to settle the matter. Collection agencies have subscriptions to various tools like “Advanced Skip Tracing“, that helps them to locate a debtor who has relocated due to genuine reasons or to hide from his payment obligations.

Transferring an account to a collection agency after 60 days of non-payment is highly recommended for the towing business. This maximizes the chances of recovery and resolving the matter in an amicable way. The three-step process followed by collection agencies switches from diplomatic collections to intensive collections as the time goes by.

Collection Letters Service
  • The upfront cost for 5 Collection Letters is about $15 per account.
  • Debtors pay directly to you, no other fees. Low cost option.
  • Good for accounts less than 120 days past due.
Collection Calls Service
  • Contingency fee only. No upfront or other fees.
  • Agency gets paid a portion of money they recover.  No recovery-No fees.
  • Best for accounts over 120 days. A debt collector calls debtor many times.
  • If everything fails, a possible Legal Suit if recommended by the attorney.

Filed Under: Debt Recovery

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    Note: Nexa is an information portal that helps businesses and medical practices to find a good collection agency at no cost to them. We are not a collection agency. We do not perform any collection activity, nor take payments, nor do any credit reporting. Leads shared with shortlisted agencies with Low Contingency Fee and High Recovery rates.

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    Copyright: Nexa Collections | 2019
    All information on this website is for general information only and is not an experts advice. We do not own any responsibility for correctness or authenticity of the information, or any loss or injury resulting from it. Nexa is not a collection agency. Relevant inquiries are contacted by our shortlisted collection agency partner.