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Benjamin Michael & Associates Inc. Review

By
Skye Schooley
,
business.com writer
|
Apr 24, 2019
Home
> Finance
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Benjamin Michael & Associates Inc. (BMA) is a New York City-based collection agency that provides both consumer and commercial collections. Although lacking a convenient online portal, BMA has many other features we look for in a collection agency.

Benjamin Michael & Associates Inc.

Benjamin Michael & Associates Inc.

The Best Collection Agency Services of 2019

The Verdict

Benjamin Michael and Associates Inc. (BMA) acts as a collection agency and debt buyer for businesses seeking to resolve their consumer or commercial debt collection needs. Although it lacks a few conveniences, BMA has many other important features.

BMA offers its collection services on a contingency basis, so you don't have to pay any upfront fees. You are charged only after they collect on your accounts. The agency takes a percentage of what it collects from your debtors. If it can't collect, you don't have to pay. Although its rates and percentages are not listed online, BMA offers a free, no-obligation quote for your debt collection needs. It also gives you the option to cancel your accounts with it at any time, as long as a payment schedule isn't already in place. This is convenient for businesses with unexpected changes in their needs.

BMA offers additional collection services for your B2B or B2C business, such as demand letters, skip tracing and on-demand reporting. If you sign up with BMA, you'll receive your first report within 10 days. The agency also offers detailed on-demand reports during the collections process. If a payment agreement isn't reached in 30 to 45 days, BMA will forward the account to a collection attorney in the debtor's area. Although it is not accredited by the Better Business Bureau, BMA does have an A+ rating on the BBB website.  

View all our recommendations for collection agencies on our best picks page.

Best Features

One of the primary benefits of using BMA for your debt collections is the quick, efficient service. BMA prides itself on employing trained professionals and state-of-the-art technology to enhance the collector interaction. It provides immediate claim acknowledgment and immediate professional account contact, sending a demand letter within 24 hours of opening each account. The demand letter lets the debtor know BMA oversees the account, outlines the amount due and states that payment is expected. BMA's primary goal is to provide extremely quick service without alienating your customer. With BMA, you can expect to see results in less than a month.

BMA also acts as a litigation liaison. The agency focuses on collecting debts and lets licensed attorneys focus on the legal aspect. After forwarding an account to a local attorney in BMA's network, the BMA collector continues to monitor its status, acting as the liaison between you and the attorney.

Unlike many other collection agencies, BMA has a corporate debt purchasing program. Debt purchasing is different from debt collections, as the agency buys the debt from you at a reduced cost and then assumes the debt. This is a more convenient route for some businesses looking to get rid of their debt.

Limitations

One downfall of BMA is its website. Although it provides a lot of useful content, it lacks specific details, such as the rate percentages it charges, the industries it serves or specializes in, and the states or countries it collects in. It is also an unaccredited agency with the Better Business Bureau.

Another downside to using this agency is its lack of an online portal. You can submit a claim online, but that is where the online services stop. The submission form is also very lengthy and requires many details. Online portals are convenient platforms for businesses to place new accounts and check statuses on existing accounts. They can also be a convenient way for debtors to pay or schedule payments. Without these features of an online portal, BMA can be difficult to use.  

BMA does not provide onsite investigation. When formal demand letters and phone calls don't work, this agency does not send in-house agents to investigate the collections onsite. This limits its ability to speak directly with the debtor and their co-workers, friends and family. In-person contact can be an effective way to track down unresponsive debtors.

Industry Focuses

BMA provides collection services for a variety of industries, including both commercial and consumer accounts. Unlike many of its competitors, BMA does not explicitly state on its website which industries it focuses on or specializes in.

To learn which industries it serves and determine if BMA can fill your specific debt collection needs, it is best to contact the agency directly. You can contact a collection agent by calling or submitting an online request.

Editor's note: Looking for a collections agency to help your business recover customer debt? Click the Compare Quotes button below to have our vendor partners contact you about your needs.

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Benjamin Michael & Associates Inc.

Benjamin Michael & Associates Inc.

The Best Collection Agency Services of 2019

The Verdict

Benjamin Michael and Associates Inc. (BMA) acts as a collection agency and debt buyer for businesses seeking to resolve their consumer or commercial debt collection needs. Although it lacks a few conveniences, BMA has many other important features.

Skye Schooley
Skye Schooley
Skye Schooley is an Arizona native, based in New York City. After receiving a business communication degree from Arizona State University, she spent nearly three years living in four states and backpacking through 16 countries. During her travels, Skye began her blog, which you can find at www.skyeschooley.com. She finally settled down in the northeast, writing for Business.com and Business News Daily. She primarily contributes articles about business technology and the workplace, and reviews remote PC access software and collection agencies.