With its online portal, transparent fees and tailored strategies, Summit Account Resolution is our pick as the best collection agency for small businesses. It has everything a B2B or B2C business needs to collect money from accounts that have been delinquent for up to two years, and it is especially useful for forward-flowing companies that have recurring debt collection needs.
Small businesses often benefit from personalized services and transparent reporting. Once you sign up with Summit AR, you will receive a dedicated account manager who is available to answer any questions or concerns you have. Its online portal gives you 24/7 access in order to input new accounts and check the status of existing accounts.
Summit AR services a variety of consumer and commercial industries throughout the United States; however, location is not the only factor small businesses should consider. Affordable rates and inclusive services play an essential role in making any business decision. Summit AR's collection rates are 7.5% to 50% of each account, with consumer rates averaging 35% and commercial rates slightly less. It operates on a contingency basis, so you are not charged any fees until after the debt has been collected. In addition to standard debt collection procedures, Summit AR has departments that focus on full-service skip tracing and litigation.
Great customer service is an essential feature for small businesses to consider in a collection agency, as it can drastically improve your interaction with your clients. Summit AR prides itself treating debtors with respect, transparency and dignity. Based on our research, it provides excellent customer service. When we called the company, we quickly reached a knowledgeable, professional representative who answered all our questions and wasn't too pushy. You can contact customer service by phone, email or a form on its website. Summit AR is an accredited member of the Better Business Bureau with an A+ rating.
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Summit AR has exceptional reporting. The agency provides monthly collection reports for each of your accounts that explain the collection status in detail. You can also place new accounts and view the status of your existing accounts anytime online. The option to download reports 24/7 is extremely helpful in monitoring delinquent accounts. The agency also reports to credit bureaus to motivate debtors to meet their obligations. If you have any additional questions about your reports, you can speak directly with your account manager.
This collection agency creates a custom approach for each individual account, even if that means visiting your debtor directly. It puts an emphasis on being friendly debt collectors, so you can be sure that your clients will be treated with dignity and feel comfortable maintaining their professional relationships with you. Summit AR does not use robo-calls, threats or other aggressive tactics. This agency is committed to complying with the Federal Fair Debt Collection Practices Act.
In addition to standard B2B and B2C collections, Summit AR provides many other services for small businesses. The agency offers pre-collection help and can do all your in-house collections for you, including patient billing, telephone follow-ups, insurance follow-ups and helping patients understand balances. If necessary, it can offer SMB accounts receivable recovery assistance and consulting.
Although the agency prides itself on having no minimum requirements or hidden costs, the agency representative we spoke to claimed otherwise. We were told that there is a $50 minimum to be collected on each account. This is a very small minimum compared to other agencies; however, if you have accounts for less than $50, this may not be the right agency for your business. Speak with a representative to ensure your debts qualify.
Summit AR also has restrictions on how long your new accounts have been delinquent. It recommends that your account be less than two years inactive. This can be inconvenient for companies that want to pair with the agency on myriad accounts of various inactivity times. The agency also prefers to work with businesses that have recurring debt needs, as opposed to one-time debt collections.
Another downside of using Summit AR comes in certain territories. The agency services industries throughout the United States; however, a representative told us that some states are harder to collect from than others, due to state restrictions and requirements. If you are seeking collections in Hawaii, Nevada, New Mexico, New York City or North Carolina, it is best to speak directly with a representative before placing a new account.
Summit Account Resolution services a variety of both commercial and consumer debt collection industries, primarily for forward-flowing businesses that need recurring debt collections. In addition to servicing standard consumer and commercial industries, it offers a series of primary collection services and specialized collection services for specific industries. Its primary services are pre-collections, commercial and consumer collections, employee reimbursement, and medical and dental collections. Its specialized services include commercial tenant collections, self-storage collections, veterinary collections and wireless chargeback collections for independent cellular dealers.
The agency may also provide services to additional industries. Contact a representative to inquire about collections on industries not listed. Summit AR also provides additional services to each industry, including comprehensive skip tracing, full-service litigation, credit bureau reporting and accounts receivable consulting.
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