What do you need in order to start collecting on my accounts?
Any backup documentation that supports the claim together with any contracts.
Is there a minimum dollar amount limit to a claim I can place?
We handle accounts as low as $100 and those accounts are given the same attention as the larger balance accounts
What is the minimum amount or number of accounts I can submit to KOP?
There is no minimum or maximum.
How soon do we get our money once it is collected by KOP?
We remit payments at the end of the month for the prior month’s payments. For example any payments we take in January are remitted at the end of February.
Why use a collection agency?
People will often pay a collection agency even though they never cooperated with the original creditor, mainly because collection agencies increase the urgency associated with a debt. The person will understand that time is running out on avoiding payment and that the creditor is serious about recovering what is owed to them. Also, many people are wary of the impact that a collection account can have on their credit score.
When should I place an account for collection?
The best time to enlist the services of a collection agency is 90-120 days of the invoice due date. The older the debt, the harder it is to collect. A rule of thumb to remember is that after three months the probability is that you will only collect $.73 of each dollar delinquent…after six months, only about $.54 of every dollar...and after one year, the best expectation is that only about $.26 of every delinquent dollar will be collected.
My company is very customer oriented. Can you collect without damaging goodwill or jeopardizing future relationships with our customers?
Yes, we can. At KOP, we adopt a professional and diplomatic approach in all of our communications with your delinquent 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 and negotiation skill.
Do we sign a contract to start using your collection and legal services?
No contract. We have a standard Collection Agreement which allows us to represent you in the collection of your receivables on a contingent basis. It has the legal equivalent of a Purchase Order. It defines our relationship, confirms the contingent rate, guarantees you will receive a statement within 30 days following the month in which we collect, spells out our cancellation policy and that we will comply with all federal, state, local laws and statutes. You will receive this agreement to review, sign and return before we begin collections.
If I have an internal collection department, why should I use KOP?
Even with the best internal collection department your company will still have uncollected debt. KOP then picks up the pieces where your internal collection department left off. Not all customers take the collection process seriously until they are contacted by KOP. We will save you unnecessary payroll for hours of work by your collection representatives. KOP stops your representatives from chasing old money, when they could be assisting new customers.
How long do you continue collections efforts?
It depends on the individual case, but roughly we recommend 120-150 days.
What do you do if it gets to a point where an attorney needs to be involved?
All considerations will be discussed with the client, and they will be given all options for resolution.
What sets your firm apart from the many agencies out there?
KOP will give your business a personalized service that other big debt collection agencies will not give you. We pride ourselves on being easy to work with. KOP Collection Services has been built on the foundation of quality assurance, ethics, integrity, and performance.