National Asset Management LLC (NAM) is today's most progressive loss prevention and is amongst one of the leading collection agencies. Our purpose is to provide our clients with unmatched support, service and financial growth from one of the best collection agencies.
Utilizing the latest technology, collections agency programs, and a highly skilled team of professionals, we are changing the way that collection agencies operate. Our purpose is to customize a program for each of our clients that will dramatically increase the monies recovered from past due accounts, as well as decrease the amount of time accounts are outstanding.
Our mission statement is simple and our purpose is clear...
We understand that it is your business and reputation; we will endeavor to act as if it was ours.
Please explore our site to learn how NAM can help your business grow with services such as: Legal Recovery, Asset & Financial Recovery, Billing, Invoicing, Debt Collections, and many others.
What Does a Collection Agency Do?
Collection agencies can serve as an extension to a business’s accounts receivable department. These agencies offer first and third party collection services for businesses that have individuals or businesses that owe them money and are past-due on their accounts. They help organizations to recover their delinquent accounts in a timely manner. Hiring an agency to work on your past-due accounts can save time and money and improve cash flow for your business.
There are hundreds of agencies throughout the U.S. offering debt recovery services. Some agencies specialize in commercial collections which are business to business accounts. Other agencies focus on retail or consumer accounts. These types of accounts are when an individual owes on an account such as a past due gym membership. And lastlythe agency may concentrate on medical accounts. The agency will work with the patients to lock in payment and get the account resolved. Some agencies will also offer billing services along with the debt recovery services.
With the number of agencies in the U.S. individuals have lots of options to choose from. Individuals can choose between a national agency and a local agency depending on the number of accounts and where all of the debtors are located. Agencies have different procedures and techniques when working on the past-due accounts. Their process often depends on the type of account, the number of accounts and the type of program you choose. A simple process most agencies will incorporate into their collection program is a telephone and letter campaign. Once the agency receives the placements they will enter them into the system and immediately begin contacting the debtor through telephone calls. They will notify the debtor that they have been placed into collections and try to secure payment on the account. After they start the telephone call campaign they will send out written notices to the debtor. Additionally some agencies will also credit report the debtors. Most agencies will tailor a program specific to the client’s needs and goals. Other services that may be offered for an additional fee include skip tracing, scrubbing, debtor locating or an in-house counsel on staff.
Some collection offer a flat fee based program while others work on a contingency fee basis. Flat fee programs include one upfront cost to work the accounts. Whether the account is successfully collected or not the customer will pay the agency to work on the account. If the customer signs up for a contingency fee program there is no upfront cost. The agency will receive a percentage of any payment successfully collected. Both programs have some advantages and disadvantages. Which program you choose will depend on the age of the accounts, the type of accounts, the number of accounts and the dollar amount.
Collection agencies can be a great tool for businesses that have issues with their accounts receivable. Since there are so many options to choose from do your research before hiring an agency to work on your past-due accounts.