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. Some clients do not pay even if they have received payment from the insurance company. Unpaid bills have increased the number of overdue accounts receivable and putting stress on your cash flow. It is probably the right time to hire a Collection Agency and turn those accounts from turning red to black.
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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 in their hands. Apart from the complexity of running a small business, ever-changing market conditions, pressure of complying with rules and regulations, hiring & retaining the top talent, getting new clients and preparing a full document for the damage to help file an accurate insurance claim. If the insurance deductible is higher many clients simply pay out of the pocket. The cost of the deductible can also be quite high in many cases.
Once payment has been due for over 60-90 days, the chance of getting paid drops significantly. 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 and tactics used by them 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, it is highly recommended to try to recover your money today, rather than waiting years to seek unpaid compensation.
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 that has tremendous experience in recovering for your industry is essential, and must provide some references if requested by you.
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