Debt Collections FAQs
What makes Global Hawk Resources (GHR) “The Best”, why should I use you? I thought all agencies were the same?
From the onset of the relationship you are introduced to a consultant that has tremendous knowledge of credit and collections. GHR also provides you with a customer service representative that handles the day to day transactions and keeps you updated on the status of the accounts placed. A state of the art website with portal gives you an online window into the operation here at GHR. With nightly updated status reports, detail driven collector notes and the ability to forward placements through the portal the site is extremely user friendly and created to tailor to the client’s needs.
Most importantly at the end of the day we are looking to impress you with our recovery rate and feedback on each receivable placed. This is the true standard to which every agency is held to and we commit to work day in and day out to impress you in those areas. Our goal is to become an extension of your department’s collection process and work hand in hand to lower the DSO in a professional manner.
If I decide to send you an account, walk me through the process from the time you receive the account, to when you remit funds, or close it out?
Day one the collector is on the phone leaving voice messages and/or starting reconciliation of the debt. In the first week we are making daily calls to the debtor to reach them. We will face the same obstacles you faced in collections, but sometimes the sheer fact it has been escalated to a third party creates a sense of urgency.
We typically say in around 60 days we have a clear idea on where the debt stands. At that point we have retained some correspondence from the debtor and have a general idea on the financial state of the company you have placed. Our customer service department and status reports will keep you updated on any progress and if a payment or payments have been remitted you will receive notification as well.
If the check is sent to us here at GHR you will get a check number, date of check and dollar amount for your records. We will hold the payment for 14 days to make sure the funds clear then either remit the balance minus our fees OR payment in full with an invoice attached for our services. If the check was sent to your office we will notify you payment is on the way and request confirmation. You will then receive an invoice for our fees. We can also remit funds via wire for quicker turnaround. At the customer’s request we can also send one wire or check at the end of the month with a spreadsheet detailing the individual payments. This is all at the discretion of the customer.
If payment have not be secured we have still have not exhausted all efforts. GHR is a member of the Commercial Law League of America and we have a network of attorney around the country that can bring your cases to suit. If a file is closed our standard process is to forward the account to an attorney’s office in the area of the debtor and allow them the opportunity to recover the placement. At this time rates due change, but we are still working on a contingency basis.
We are able to work your receivables from start to finish and if closed still have some great information for you to hold on file.
What do you need from me to begin collections?
If possible back up documentation from you would also be useful. A typical game the debtor plays is requesting that information once we get them on the phone. This is a stall tactic which is very common. If you have invoice copies, signed POs or contracts and your collector’s notes that information is all useful for us to hold on file.
How do you handle claims of differing sizes? Isn’t there a conflict?:
What type of reporting do you generate?
What is your recovery rate?:
For example during the housing collapse in 2008 the industry saw a direct correlation with the building and material supply sector. The amount of placements rose but the recovery rate dropped as well. Due to the economic climate and contractors cash flow issues bills we not being paid and suppliers were feeling the effects. This is when time of placement is key. Getting the bills over to us and escalation done quicker leads to high recovery and you not left out in the dark.