Service and Results that Add-Up to
Greater Cash-Flow increased Customer Retention and improved Account Resolution……
1st NationWide recognizes that Accounts Receivable, for most companies, is
not a core competency even though the timely conversion of invoices into cash
is crucial to any business' success. Because a company's strong suit is delivery
of the products or services to the marketplace, and for any number of reasons,
it may experience difficulty in collecting the money that is owed to the business.
1st NationWide assists companies and organizations of all sizes to better manage
their Accounts Receivable processes with outsourced business solutions that
are cost-effective, results-driven and designed to expedite greater cash flow
and account resolution.
Many companies such as direct marketers, hospitals, insurance companies and
subscription publishers have chosen to outsource their portfolio of overdue
accounts receivable with 1st NationWide. This has enabled them to increase their
company's cash flow and profitability without expending company resources such
as additional staffing and process management.
1st NationWide can help manage and resolve large volume accounts for companies
by providing a variety of account servicing options. These services can greatly
increase the performance of revenue recovery while reducing A/R costs.
Customer Retention Programs--1st Party Notification
and Customer Service
A series of customized reminder notices and phone call campaigns are customized
to our client's company identity and worded appropriately to the demand intensity,
balance amount, and customer characteristics you select. Each notice is mailed
out and followed up with customer service "courtesy calls" to impress
the urgency of your company's claim.
These demand notices and calls are carefully balanced between maintaining goodwill
with your customers and the priority of recovering the overdue amount owed to
your company. This program is an effective means to assess your customer's willingness
and ability to pay and their interest in remaining a customer with your company.
It will also distinguish and identify debtors, not customers, for 3rd party
collection services.
1st Party Notification and Customer Service programs are designed as a customer
retention payment acceleration strategy to generate inbound communications and
payments from your company's debtors. Payments can be directed to your company
or to the 1st NationWide trust accounting system.
Our Customer Retention Programs can be customized and is very effective in delivering
the highest dollar return to your company for collecting outstanding invoices,
reinforcing to your customers to stay within your credit terms and while enhancing
customer satisfaction and likelihood of customer retention.
Account Resolution and 3rd Party Collection Services
When customers have extended past your company's terms and their open invoices
remain uncollected despite notices and phone calls, from within your company,
or from 1st Party Notification, accounts identified as nonpayment or refusal
to pay can be transferred immediately to collection status. This is where the
advantage of a 3rd party collection service comes into play.
The advantage of using a 3rd Party Collection Service is the power of a separate
entity whose sole purpose is to collect money or place the burden on the customer
to prove their previous payments or formalize their dispute with your company.
When identified out-of-term customers are notified of their debt placement with
1st NationWide, an aggressive series of mail and phone contacts are ignited
by our FDCPA-trained collectors to get the debtor compliant and motivated to
resolve their outstanding account balances.
There are three possible resolutions when dealing with these accounts, 1st
NationWide effects payment in full, discovers any accounting glitches that did
not record previous payments, or issued credits, prior to the transfer of that
account, or recommend write-off as a bad debt. All of these resolutions provide
closure on accounts, so your company avoids wasting valuable time and resources
chasing an account that should be closed or just simply won't bring in revenue.
Credit Bureau Reporting
An option available to our clients is the ability to report debtors to the major
credit bureaus that have not responded to collection activities. This is a defensive
move that maximizes the possibility of a successful collection over time. Reporting
a negative credit remark to the credit bureaus is a serious act that may impact
a debtor's ability to obtain credit, favorable credit rates or limit a debtor's
ability to obtain employment for up to seven years. As their circumstances change,
a meaningful percentage of debtors will want to clear up a debt that appears
as a collection item on their credit report, even years down the road, to avoid
further negative impact on their credit worthiness.
Consulting Services
1st NationWide has the expertise to assist your company in narrowing the accounts
receivable gap, minimize credit risk and deliver immediate results to a company's
bottom line. We provide consulting services to improve managerial controls and
techniques to tune up your team and processes, analysis and implementation of
credit granting and data management systems, along with our integrated selection
of outsourced business solutions such as 1st Party Notification and 3rd Party
Collection Services to accelerate and enhance each phase of the receivables
cycle.
