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Prestige Services Inc. Review

Skye Schooley
Skye Schooley

Prestige Services Inc.'s wide range of commercial collection features, coupled with its affordable and transparent pricing, makes it our pick for the best B2B collection agency. Unlike some others in the industry, PSI specializes in collecting commercial debt, serving many different industries. This full-service B2B collection agency serves clients in the U.S., Canada and Mexico.

Prestige Services Inc.

Prestige Services Inc.

The Best Collection Agency Services of 2021

The Verdict

Prestige Services Inc. is our choice for the best B2B collection agency because it offers extensive collection tactics, such as pre-collections and skip tracing, specifically for commercial accounts. It is known for its quick collection results.

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

Pricing

Part of what makes PSI such an attractive option is its rates. The collection agency offers lower rates than many of its competitors. It charges 22% before attorney involvement and 33% when a lawyer is involved. For example, if you need to collect a $10,000 debt and PSI recovers all of it without the need for an attorney, you will be charged $2,200 for the work. If a lawyer were necessary, your fee would be $3,300. PSI's services are priced on a contingency basis: If it doesn't collect any money, you don't have to pay.

PSI offers discounts based on the number of accounts and is willing to negotiate. It also offers some services for free, including a 10-day demand service and final-notice forms. If a debtor makes payment within the first 10 days, you pay nothing.

Pros of Prestige Services Inc.

PSI stands out in successful debt recovery for its clients. A collection agency's recovery rate is an extremely important consideration – even the lowest-cost service isn't worth it if it doesn't get you the money you're owed. PSI's collection recovery rate stands at 38%, which the company contends is higher than the industry average of 20% to 25%.

PSI also strives to stand out from its competitors by kicking off collection efforts as soon as you place an account with the agency. There is no waiting around before PSI sends out the first demand-for-payment letter. At the same time, the agency uses tactics such as skip tracing to find more contacts and email addresses of the debtor.

PSI spends about 45 days contacting the debtor by mail, phone and email. The agency has a network of attorneys who are members of the Commercial Law League of America, so if the other collection efforts fail, it can send the account to an attorney in the debtor's area to proceed with litigation. If the debt is paid, PSI pays out its business customers by check at the end of the month.

PSI's wide variety of collection services include pre-collection services, skip tracing, litigation services and accounts receivable management. It can also perform bank account searches on accounts with judgments.

Another standout feature of PSI is its robust and easy-to-navigate online portal. In this portal, you can add new commercial accounts to collections whenever you want. The portal also lets you track PSI's efforts to collect the debt. Each time PSI makes a collection effort, it updates that account in your portal, with detailed notes explaining the interactions and how many times it contacted the debtor. That level of information can help you manage your cash flow and make sure PSI is treating your customers with respect and empathy.

Cons of Prestige Services Inc.

PSI is a top business-to-business collection agency, which means it won't make sense for everyone. If your business has a mix of consumer and commercial customers, you may want to find a provider that caters to both; splitting the business between two collection agencies could be cumbersome.

You also need a $200 minimum amount of debt per account to become a PSI client. If you have customers with delinquent accounts lower than that, PSI is not going to be a good fit. It also might not be your top pick if your business has a highly specialized focus. PSI serves a lot of industries, which is great for most business owners, but niche enterprises may want to go with a collection agency that specializes in their industry.

Customer Service

PSI representatives are easy to reach by phone and, in our experience, willing to answer any questions. You can also reach this collection agency by email or fill out an online form to get a free quote. As an additional resource, PSI runs a blog that it regularly updates with information on the services it offers and collections in general.

PSI is accredited with the Better Business Bureau and has an A+ rating with the agency.

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.

Image Credit: AndreyPopov / Getty Images
Prestige Services Inc.

Prestige Services Inc.

The Best Collection Agency Services of 2021

The Verdict

Prestige Services Inc. is our choice for the best B2B collection agency because it offers extensive collection tactics, such as pre-collections and skip tracing, specifically for commercial accounts. It is known for its quick collection results.

Skye Schooley
Skye Schooley,
business.com Writer
See Skye Schooley's Profile
Skye Schooley is an Arizona native, based in New York City. She received a business communication degree from Arizona State University and spent a few years traveling internationally, before finally settling down in the greater New York City area. She currently writes for business.com and Business News Daily, primarily contributing articles about business technology and the workplace, and reviewing categories such as remote PC access software, collection agencies, background check services, web hosting, reputation management services, cloud storage, and website design software and services.