Why use a collection agency?
In today’s highly competitive business climate, businesses are increasingly focused on efficiency and resource management in order to enhance their “bottom lines”. Outsourcing a host of business and manufacturing functions is one of the primary means by which this is being accomplished. Accounts receivable management, and collections in particular, have been outsourced for years through collection agencies and today, more so than ever. The advantages are many, but of primary importance is eliminating or at least reducing, costs associated with an in-house collection department. In general, the fees paid to agencies are far less when considering the savings associated with eliminating or reducing the collection function in-house. Furthermore, since collection agencies are in the business of collecting delinquent accounts, they generally have the means and expertise to collect more accounts and at a faster rate than in-house collection departments. Good agencies also have far better results in collection of out-of-state accounts since they have contacts and attorneys nationwide.
How does DGI differ from other collection agencies?
DGI is set apart from other agencies in many ways. Our unwavering commitment to provide first class service to our clients is of key importance. Each client is assigned an account manager whose primary responsibility is to maintain a close working relationship with you and your company in order to facilitate our service and enhance results. In maintaining this relationship, your account manager keeps you up to date with comprehensive status reports and strives to learn the various aspects of your business that affect your receivables. Our recovery rates are among the best and our schedule of fees remains among the most competitive in the business. Our staff is equipped with the most advanced and thorough skip tracing tools and investigative resources. For the security of our clients, we are insured and bonded in an aggregate of $8,000,000.00, far in excess of the industry norm. After 37 years, we continue to be a leader in the industry while setting high standards for others to follow.
Why does proceeding with collection efforts quickly matter?
It is axiomatic that the older the receivable, the less likely the recovery. Therefore, the sooner collection activity takes place, the more likely the account will be collected.
After only three (3) months past due, almost 28% of delinquent accounts will never be collected.
After just six (6) months past due, over 43% of delinquent accounts will go uncollected.
Why use DGI versus an attorney to collect your past due accounts?
Of course, one of the most important things to consider is cost. The fees charged by attorneys are typically much higher than our rates. Most attorneys charge on an hourly basis, thereby increasing your costs if the account is ultimately uncollectable (DGI works on a contingency basis only. If we don’t collect, you don’t pay). In addition, DGI offers 37 years of expertise when it comes to collecting past due accounts. Nonetheless, should your account require legal attention, it can be handled by attorneys who work with DGI and specialize in collections. Since our attorneys are set up and streamlined to handle this type of litigation, they have a far better recovery rate and obtain faster results than attorneys who do not specialize in collections. Lastly, our attorneys are located in every state and in many countries, thus expanding our reach to debtors around the world.
How does DGI collect out of state?
Davis & Goldmark collects accounts nationally and internationally. Through our network of collectors, attorneys, and foreign correspondents, we are able to assist our clients in collecting regardless of debtor location. For domestic accounts, when our collection staff exhausts their efforts, the case will be sent to a law firm which specializes in collections and which is located in the debtor’s vicinity. Similarily, international accounts are initially worked by our collection staff. If necessary, international accounts are forwarded to our worldwide network of foreign attorneys. As with U.S. law firms, foreign attorneys employed by DGI are bonded by The American Lawyers Quarterly and have a proven track record with DGI.
If you don’t collect do I have to pay?
DGI works on a contingency basis only. Therefore, if we don’t collect, you don’t pay.