Prestige Services Inc. (PSI) pairs its excellent commercial collection features with strong customer service, making it our choice for the best B2B collection agency. It specializes in B2B debt collections throughout the United States, Canada and Mexico.
To save money, businesses should consider the cost breakdown of a collection agency, as they often charge different percentages. PSI collects its percentage fees on a contingency basis, so you don't pay until your debt is collected. It offers rates 5-10% lower than most competitors, charging 25% for accounts from $200 to $3,000, and 22% for accounts from $3,000 to $20,000. Rates are often negotiable on a case-by-case basis, and volume discounts are available. If your account goes to litigation, fees can rise to 40%.
Recovering commercial debt is no small feat, and a collection agency should offer a variety of tools to service your accounts. By providing 10-day free demand services, free final-notice forms, pre-collection services, post-judgment collection, skip tracing and online status reports, PSI has every tool you need to recover debt on your delinquent accounts. If the agency is unable to recover your debt, it can forward your account to a lawyer in the debtor's area if you opt to pursue litigation. All attorneys in its network are members of the Commercial Law League of America (CLLA).
Great customer service is an essential feature for B2B businesses to consider, as it can drastically improve your interaction with a company or service. Based on our research, PSI provides excellent customer service. When we called its sales team, we quickly reached a knowledgeable agent who answered all our questions without being pushy. The representative went above and beyond to provide pleasant, helpful information. PSI is also an accredited member of the Better Business bureau with an A+ rating.
View all our recommendations for collection agencies on our best picks page.
PSI prides itself on providing quick, efficient services. You can expect it to come to a conclusion about the status of your collections within the first 45 days of you placing the account. After PSI has been paid by your debtor, it will release a remittance check to you at the end of the month with payment details. If you receive payment directly from your debtor, PSI has a convenient system in place to invoice you at the end of the month.
Another benefit of PSI is its online services and reporting. New commercial debt collection accounts are simple to register and monitor via the online placement portal and status portal. The placement portal lets you access free collection quotes and add new collection accounts. In the status portal, you can view live status updates. Each update includes collection notes about its interactions with your debtors.
PSI offers additional capabilities like pre-collection services and bank account searches. If you'd like to reduce the size of your in-house staff, you can use its accounts receivables management offering. Its staff will contact your debtors three times in a 30-day period in a professional and courteous way. This approach is designed to retain these debtors as customers. If needed, PSI can perform bank account searches on judgment accounts for an added cost.
PSI requires a $200 minimum collection on each account. If you are seeking to collect debt on multiple small delinquent accounts, you may be better off with another collection agency.
PSI also only provides commercial B2B debt collections. If you are seeking consumer collections on B2C accounts, or a combination of B2B and B2C collections, PSI is not the right agency for you. While this is beneficial for those who are seeking strictly B2B debt collections, it's inconvenient for companies seeking a combination of debt collections, or that want to use PSI for their B2B collections now but may also need B2C collections in the future.
Unlike many of its competitors, PSI does not list the industries it serves online. When we spoke with a sales professional, she claimed that the agency serves virtually any commercial account industry needed. While it is great that it serves such a wide variety, such broad focus can be inconvenient if you want to be certain it can meet your industry's specific needs. To make sure, you should call and speak to a representative before placing a new account.
Prestige Services Inc. collects debt on virtually any type of commercial industry account. Since B2B and B2C debt collections use different tactics and strategies, having an agency that specializes in B2B debt collections can be beneficial for any commercial industry you are collecting on. In addition to standard commercial industries, PSI offers a series of primary collection services: pre-collections, accounts receivable outsourcing, commercial collections, skip tracing, attorney forwarding and post-judgment collections.
If you service a unique commercial industry and are unsure as to whether you qualify, you can speak to a customer service representative by calling, emailing or filling out a form on its website. If you would like to learn more about commercial debt collections and specific industry and locations it services, you can access PSI's regularly updated blog on its website.
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