Your time is valuable and should be spent focusing on your business, not tracking down customers who don’t pay. Other tools merely help you with different aspects of the receivables process but still require you to do most of the work. Some help you build fancier invoices. Some help you send payment notifications but these tools only focus on the near term. CollBox understands the, sometimes unfortunate, reality of long term receivables and has built an advanced platform to provide the proper tools to both automate your pre-collection efforts, such as notifications and reminders, as well as offering a marketplace of fully licensed collection agencies when followups fail to engage proper payment; all at a click.
How does it work?
When you login to CollBox and connect your Intuit Quickbooks account we check the status of your current invoices, analyze and organize them using a variety of metrics and provide you various options from simple payment reminder notifications for slow customers to placement with a collections agency for slower or no pay customers.
Who is collecting my invoices?
CollBox has built a network of certified collection agencies that specalize in various types of debt recovery. Our system determines the type of debt to be placed and identifies the proper agency to handle that collection for your industry. The CollBox collections market only utilizes CCAA and CLLA certified collection agencies to insure that a vetted and reputable agency is working ethically to recover your funds.
How much does this cost?
The base CollBox service is free for customers to submit collections and though rates can vary by agency most utilize “market rates” and this is the only fee you will pay. CollBox permits agencies to set their own rates, however when you select a customer to place for collections, you will be presented with options explaining the collection agency and rate for that collection prior to any action.
When will I get paid?
CollBox agencies are contracted to make payment within 30 days of collecting on an account and will make payment either via check or via ACH.
What if my client contacts me?
Once a customer has been placed for collections and contacted by a collection agency on your behalf, It is common for them to contact you in an attempt to stop the collection. Any client contact should be referred to the agency handling the debt on your behalf.
What if my client pays me?
Once a client is placed for collections and contacted by a collection agency on your behalf, on occassion they will quicky make a partial or full payment to stay or resolve the situation. Notification of a partial or full payment must be made to the agency working the placement and you will be invoiced for the agreed collection fee.
What if my client does not pay?
From disputes to bankruptcies, there are a myriad of reasons a client may not pay. In many instances the collections process will uncover a detailed reason for non payment. It is at this point that additional actions may be taken at your request.