Getting paid what you’re owed is more critical now than ever, given the uncertain times we are living through. That’s why we’d like to introduce you to CollBox, one of the trusted technology tools that we suggest to our clients who are looking for help with their accounts receivable process.
Collecting payments on past-due invoices can be a time-consuming process and therefore requires many companies to hire a dedicated person to handle their A/R needs. Maybe you had to let some of your great staff members go, and now your accounting department is carrying a heavier load. Or perhaps you were about to hire that extra person to manage your A/R, and now you can’t. Either way, CollBox is an excellent platform to automate the collections process for your extremely past-due A/R.
Here we are sharing some highlights of the platform and how it can revolutionize your accounts receivable process.
Why Your Business Should Consider Using CollBox to Help Collect Debt
CollBox is an entirely free platform. Yes, you read that right. No subscriptions, no hidden fees. It also seamlessly integrates with QuickBooks, Xero, Sage, and FreshBooks.
You can enter specific information into the platform about your customers you want to send to collections, like business or individual, industry, how hard or soft you would like the collections to be, and if you are willing to accept less than the total amount due.
The collection requests are sent out to the CollBox network of collection agencies, all of which are certified and vetted to ensure your past-due invoices are placed with ethical and competent agencies. The agency that gets your request is based on the particulars that were set up by you, as they try to fit the agency to those specifics.
CollBox charges only if money is collected, and they get paid out of the agency’s fee. The fees range from 25% to 50%. It may seem steep, but if you have A/R that you think you will never collect, it is much better than getting none of your money.
Please note that CollBox does not offer services to medical providers due to HIPPA laws.
Have you met our T.A.S.C. Team?
Our Technology and Strategic Consulting (T.A.S.C.) team helps clients with their tech strategies, offering seamless and practical tools to employ efficiencies. CollBox is one of our “tools” that we suggest to clients who are struggling with collecting debt. If you want to learn more about the platform or think it might be right for you, reach out to us. We can help.
There is no better time than now to look for efficiencies in your operations. How can you better streamline your processes? Can you automate some of your repetitive tasks? By doing so, you can free up both time and money for other valuable resources.
Our team is here for you and ready to help.