Recover debts Owed to Your Business
In every industry businesses need to receive income to pay their bills. If customers do not pay their invoices a Third-Party Collection Agency may be the right move. Submitting invoices to CBQ Services can help your business recover your bad debt and reduce your accounts receivable.
What is a Commercial Collection?
A commercial collection, or B2B collection is a delinquent or charged off account that was utilized to buy inventory, job materials, etc. In B2B collections agencies will work to collect debts from businesses with a corporate structure where the purpose of the debt was business related.
Can a Business be Sent to Collections?
Yes, they can. Sometimes businesses take advantage of the credit accounts given to them by commercial clients. Businesses see themselves as too valuable to the commercial client to be put in collections or to be pursued legally. The client becomes too concerned with affecting the relationship to ask for the money.
When Should a Commercial Client Hire a Collection Agency?
Older balances become harder to collect due to varying reasons which include: a business ceases to exist, the debtor files bankruptcy, proof of delivery is unavailable, misplaced documentation, or department turnover. The likelihood of a successful commercial debt collection lowers with every month that passes.
- After 1 month = 94%, success rate
- After 2 months = 85% success rate
- After 3 months = 74% success rate
Risk tolerance will be the ultimate deciding factor in when to reach out to a commercial collection agency, however, once an account hits 90 days past due we suggest showing some escalation of attention towards the delinquent account.
Why CBQ Services for your commercial collection accounts?
Our collection agents work hard to take the necessary actions for your debt recovery. Because we work on a contingency fee basis If we do not recover money on your accounts then we do not get paid. You can be confident CBQ Services will do what is necessary to try and recover the balances you are owed.