1. What information does RTS Financial Group need to collect my account? We require the name, address, and telephone number, date of the invoice, amount due and a copy of your most recent statement to start collections. Additional supporting documents and information can be provided later.
2. How often do you remit my money to me? We remit our funds on the 23th of the following month
3. What is your fee if you get my product back? RTS Financial Group charges half of the rate your company is charged or 10% whichever is greater for the value of returned product. (Only if client agrees to accept the return).
4. How often should I place my accounts into collections? There really is no simple answer to that question but realistically, you should place them no later then 120 days old, and earlier if your client breaks payment promises.
5. Do you collect consumer debt? No. We specialize in commercial collections only.
6. Do you collect international accounts? Yes. We have successfully collected accounts all throughout the world. RTS applies pressure through the US Embassy, RTS will file a trade complaint with the US Embassy. In turn, the investigator (officer with the Embassy who handles the complaint) will record the information for others to see. The investigator will draft a letter to the debtor company advising them of the complaint thus creating an atmosphere of local pressure.
7. Why use a collection agency?
Debtors will often pay a collection agency even though they never cooperated with the original creditor, mainly because collection agencies typically increase the psychological anxiety associated with a debt. Second, the debtor will understand that the creditor is serious about collecting their money. Also, many debtors are wary of the impact that a collection account can have on their credit score.
8. What are your overall collection success rates?
There are several variables that will influence recovery rates: the age of the debt is arguably the most important factor. The older the debt is, the lower the chance of recovery. Other important variables include: industry, balance, documentation, demographics and type of debt (commercial/consumer/medical/NSF checks, etc.).
9. How quickly will you collect my money?
Claims are entered within the first 24 hours and the first collection notice is mailed immediately thereafter. This notice is followed up with subsequent phone calls and additional letters. Some debts are collected in the first 2-3 days while others may take up to 2 or 3 years! There are skips (cannot locate debtor), debtors who dispute the debt and debtors who are simply uncooperative. On average, though, we collect most of our payments within the first 90 days.
10. Communication is very important to me. What type of reporting do you offer?
RTS offers many different reports to our clients. We have a custom report module that can create many custom reports based on the needs of the client. Our most popular reporting package includes: MONTHLY debtor activity report, actuary report, and a monthly payment report. Other packages are available and an RTS Client Relations Representative will assist you in determining which package is the most appropriate for your company.
11. What if my debtor disputes the debt or simply refuses to pay?
If the debtor disputes the debt, RTS will provide them with verification of the debt, which typically consists of the documentation initially provided by the client. On occasion and depending on the dispute, RTS may have to request additional documentation from you, the client, in order to properly verify the debt. If the debtor simply refuses to pay, we will review the file to determine if litigation is advisable and upon client approval, we will forward the file to collection counsel. Relevant factors to consider prior to commencing litigation include: good documentation, balance, cost of litigation and a good address to serve the debtor with the lawsuit. If a file is not considered “suit worthy”, you may still request that we report the debt to the credit bureaus. We receive many payments each week from debtors trying to clean up their credit rating by paying off old debts.
12. Does RTS handle my claims all the way through the collection process, including legal?
Yes. RTS will attempt to recover your debt in-house. In the event litigation becomes necessary, RTS has developed a national network of collection attorneys to whom we will forward your files upon your authorization. We will also keep you updated as to the progress made by the attorneys who are working on your behalf. Our clients appreciate the fact that we take care of everything throughout the collection process, especially the legal process since many people are not familiar with the complexities involved in a lawsuit.
13. How important is the age of a debt?
The age of a delinquent account is one of the biggest factors in determining whether or not a debt gets paid. The older the debt, the harder it is to collect. Research on the collectability of delinquent accounts clearly shows that the most advantageous time to enlist the services of a collection agency is within 60-90 days of the invoice due date. Incorporating this strategy will help ensure maximum recoveries with the least cost to your company.
14. My Company is very customer oriented. Can you collect without damaging goodwill or jeopardizing future relationships with our clients?
Yes, we can. At RTS we don’t adopt a “cookie cutter” approach to collections. Many of our clients give us specific instructions as to how to proceed against their customers. We realize that today’s slow-paying customer can often be converted into tomorrow’s good-paying customer with the right amount of collection follow-up, which is why RTS endeavors to collect while attempting to salvage the business relationship between our client and their customer.
15. What sets your firm apart from the many agencies out there?
Performance and communication are two aspects that hold great importance for us since their successful accomplishment will translate into satisfied clients. Our new, enhanced website and full-time client-relations representatives are two of the many reasons that RTS outdistances the competition when it comes to communication. At TS our collectors do not stand alone, but rather are supported by all levels of management. We take collections very seriously and believe that collections are and should be our primary focus.
16. I’m interested in placing multiple accounts. Do I have to fill out one placement form at a time or can I place in mass?
Ease of placement is a reality at RTS. We provide the online placement forms for those clients that have one or several claims to place, but for those clients with heavy volume, we can receive their placements via fax, mail, electronic medium, E-mail or FTP. Our new enhanced website easily accommodates those clients with large volume placements.
17. Does your company charge an annual fee?
Good news. There is no annual fee for our services. In fact, since our fees are generated solely upon collections, you don’t pay unless we collect.
18. What information would you need from me in order to get started?
After obtaining your company’s name, address, fax, phone and E-mail address, we would require the debtor’s contact information; name, address, phone numbers, total amount owing and its due date. This information is sufficient for us to commence collection activity against your debtor. However, relative to collections, knowledge is power. The more information we possess concerning the obligation, the easier it is to dissolve objections and effect payment.
19. Are there any upfront costs or yearly membership dues?
No. If RTS Financial Group, LLC cannot collect the debt, then our clients pay nothing. No upfront costs. No hidden fees. You only pay for results.
20. Is RTS licensed and bonded?
Yes. RTS is fully licensed and bonded commercial collection agency. We are held to the highest ethical standards in the industry set forth by the Commercial Law League of America.
21. Can I add collection charges to my past due balance?
For clients that have a signed credit application, or a sales agreement set in place we can legally add collection costs/attorney fees per state law.
22. What if I don’t currently use a credit application with a personal guarantee?
For all active clients RTS Financial Group offers a free credit application outlining a personal guarantee specific to your industry.
23. Can I still get a credit application and personal guarantee if I am not a customer of RTS?
Yes. Simply call 877-227-8842
24. What happens if my company needs to file suit? Can RTS handle global litigation?
RTS has a network of over 15,000 attorneys who are able to litigate anywhere in the world your debtor resides.
25. Am I locked into an exclusive contract for a specific period of time?
No.
26. What happens if you are unsuccessful?
If we are unsuccessful in collection your account, RTS will close our file and return to you the full financial investigation at no cost to our client.