Choosing a good collection agency requires careful consideration, as you want someone who effectively recovers your debt while adhering to ethical practices. Here are some key steps to follow:
Before you begin:

• Consider alternatives: Can you collect the debt yourself through internal efforts or mediation? How long has the debtor been ignoring you, if it's more than 6 months, then they are sending a clear signal to you that they are in financial trouble. Have your internal team send a final demand letter then hire a good collection agency or law firm. 
• Understand your needs: What type of debt is it? What's the amount? Industry specialization might be necessary.

Researching agencies:

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• Are they SOC 2 Compliant: SOC 2 certification is a long and arduous process done by a 3rd party. Once a company is certified it means that any sensitive data you share with them is safe and they have taken the necessary steps to prevent hackers from getting to that information. 
• Reputation and reviews: Look for positive online reviews from clients and industry associations. Most agencies are not registered with the BBB because debtors sometimes try to post fake reviews. 
• Specialized Industry Experience and expertise: Do they have experience collecting in your industry? Ask about their success rates and average recovery time. Finding an agency that collects on your type of receivables is paramount especially if you are in a more complex industry where the sales process can take months not days. 
• Fees and costs: Understand their fee structure, including upfront costs, percentage of recovered debt, and any additional charges. Get everything in writing.
• Communication and reporting: How will they communicate progress and provide reports? Do they offer online portals for easy access?
• Ethical practices: Ask about their collection methods and ensure they comply with ethical guidelines. Avoid agencies using aggressive or harassing tactics.

Additional tips:

• Get quotes from multiple agencies: Compare fees, services, and approaches before making a decision. Interacting with multiple agencies and finding out if they are a match will reveal to you what the best agency for your needs is. 
• Ask for references: Contact references provided by the agency to verify their claims.
• Check for complaints: Research any complaints filed against the agency with the Consumer Financial Protection Bureau (CFPB).
• Sign a written contract: Clearly outline the terms of service, fees, and expectations before moving forward.

Remember:

• A reputable collection agency will be transparent about their practices and fees.
• Never share sensitive information with an agency without verifying their legitimacy.
• You have rights as a creditor under the FDCPA. Be aware of them and don't hesitate to report any violations.

I hope this information helps you choose a good collection agency. If you have any further questions, feel free to ask!

They call me a bean counter, a number cruncher, even a financial wizard (though the occasional "spreadsheet sorcerer" makes me cringe). But the truth is, being a CFO is far more than just wrangling numbers. It's a world of high-stakes decisions, strategic gambles, and navigating the unpredictable tides of the market. Think James Bond, but with an Excel sheet instead of a Walther PPK.
Imagine this: you're the orchestra conductor, but your instruments are departments, budgets, and investments. You wield the baton, setting the tempo for growth, profitability, and navigating the occasional financial storm. The thrill lies in harmonizing seemingly disparate elements, coaxing a beautiful symphony from the often chaotic dance of business.
One day, I'm deciphering cryptic tax codes, the next, I'm strategizing a multi-million dollar acquisition, my mind a chessboard where risks and rewards clash. It's an intellectual puzzle with real-world consequences, where a misplaced comma could spell disaster, and a well-timed investment could unlock untold potential.
But the real intrigue lies beyond the numbers. It's about understanding the human story behind them. Every number represents people, their hopes, dreams, and livelihoods. My decisions impact not just bottom lines, but families, communities, and the very fabric of society. That weight of responsibility keeps me sharp, but also deeply invested in the company's soul.
The CFO's life isn't all boardrooms and power suits. There are moments of quiet contemplation, poring over data like a detective searching for clues. There are adrenaline-pumping board meetings, where million-dollar bets are placed on calculated hunches. And there are moments of quiet satisfaction, watching a well-laid plan blossom into financial success.
It's a life less about numbers and more about the stories they tell. It's about understanding the language of business, anticipating its rhythms, and using that knowledge to create a symphony of success. So, the next time you see a CFO, don't just see a bean counter. See a storyteller, a strategist, a conductor of the financial orchestra, their decisions shaping the very melody of a company's existence.
Intrigued? Want to know more about the highs, lows, and hidden truths of the CFO life? Stay tuned for upcoming articles where I'll delve deeper into:

• The art of the deal: Unveiling the secrets of successful negotiations and acquisitions.
• Crisis management: Navigating the choppy waters of financial storms and emerging stronger.
• The future of finance: Exploring the rise of AI, blockchain, and the ever-evolving financial landscape.
• Why finding a collection agency that specializes in your industry is the key to unlocking higher recoverability. 

Remember, the world of finance is more than just numbers. It's a story waiting to be told, and the CFO is the storyteller, wielding the power to shape the ending.

We understand how CFO's think and what a difficult job you and your team have. At Panther, Chase, & Associates we specialize in software, internet, technology, and commercial lending receivables. If you want to know what your agency specializes in, simply compare their website to ours. If they don't mention your industry on their website, how good will they be at collecting your money? 

This is a delicate time in our country. We want to let our current and future clients know that we have had a contingency plan in place for just such an occasion. While there is no doubt that all collection agencies will be affected by this forced downturn in the economy, we are better prepared than others to to succeed. Since a portion of our staff was already working remotely, we were able to set the rest of our staff up with work phones and VPN secured computers at home within 48 hours of the lockdown taking effect. We have dealt with clients who have been through floods, natural disasters, fires, and other emergencies and we have always been able to make sure every possible dollar was recovered. 

You may be asking yourself if you should hold off on placing accounts until this whole thing blows over. Given the conflicting timelines being reported in the media ranging from a few months until sometime next year, we would advise against this. It is estimated that half of all businesses and even some larger companies revenues have dropped by 50% or more, forcing them to make drastic changes to their staff and the way they normally do business. While it makes sense to try and give your debtors more time and to do the human thing, the creditors who place their accounts for collection first are the ones that will be paid. Those who hesitate or wait may end up having to write off the entire balance owed. We are urging all of our clients to place sooner rather than later.

In a normal economy it is estimated that after a debt is allowed to age 6 months past its due date that only .67 cents on the dollar will be recovered. At 12 months this figure drops to .46 cents on the dollar, and at 2 years this figures drops to .12 cents on the dollar. That is in a normal economy with businesses not having to deal with a global pandemic restricting production, scaling down their overhead by laying employees off, and having to trust employees they do keep, to work at 100% capacity even though they are at home unsupervised. 

Panther, Chase, & Associates' will continue to treat all of your debtors in an ethical and professional manner taking into account how this time in our country has struck down even the healthiest of industries. However, it is up to our clients to continue with their normal procedures when it comes to outsourcing your past due clients. Keep in mind that your past due client's other creditors are not going to wait or hesitate. They are going to do what they need to do to protect that money that has already been generated, not knowing when life & business will get back to normal. If we can collect those funds and as a result allow our clients more freedom to do what is necessary during this rough corporate climate, then we will have done our jobs. We also offer a 1st party outsourcing service where we will act as an extension of your in house staff if you find yourself short of employees in this area.

Our most sincere prayers go out to all of our clients and your families. We hope you are staying safe and healthy and taking the proper precautions. If you are in need of 3M N95 masks, please let us know as we were able to secure an allotment for our employees before they sold out. We are grateful for the relationship we have been able to foster with you and we promise to continue to work just as hard for you as we did prior to this event. We have no doubt we will get through this together and continue to prosper in the end. 

In Wallace Wattles' book, the Science of Getting Rich, he talks about the "Advancing Man". The advancing man is someone who does business in the right way. This means that he "must give to every man a use value in excess of the cash value that he receives, so that each transaction makes for more life. He must hold the advancing thought so that the impression of increase will be communicated to all that he comes in contact with". Unfortunately, a lot of collections agencies do not do business in the right way. Many businesses claim to be experts in certain industries, but they collect on everything under the sun. I have worked for both good and bad collections agencies. I have worked for some of the largest and some start-ups. The thing I realized in my experience working for these companies, is the companies that did business in the right way, tended to last longer and those that took short cuts, or tried to cheat their clients, usually had shorter life spans. In fact if everyone did everything in the right way, there would be no need for collection agencies, (or police officers, or divorce lawyers, or Susan in HR who wants you to squeeze a stress ball because you have anger management issues), but unfortunately that is not the case. People tend to shirk their responsibilities or ignore their obligations when it comes to paying their debts. This applies to individuals as well as corporations. Because of this, we as collectors, never run out of customers. It is human nature to avoid pain and to go towards pleasure. Many companies want to sit back and make excuses as to why they don't want to pay the bill. The corporations that are owed the money also make excuses, that they don't have time to get to every account. Instead of trying to call every account letting them go further and further behind, just call us and we promise to provide value in excess of what you are paying for our service (and maybe a fruit basket or wine of the month on Xmas). We believe in doing business in the right way, so we can continue to advance both our company and yours.