Brennan & Clark has merged with Creditors Recovery Systems, Inc. to provide commercial collection services to creditors across industry categories.
Creditors Recovery Systems has garnered respect in its 30 years in business, earning important certifications and recognitions from industry organizations such as the Commercial Collection Agencies of Ameria. Its President, William Nellos, brings his extensive experience to Brennan & Clark’s sales team. “This acquisition is a strategic move to benefit all,” Nellos said, noting that Brennan & Clark offers “technological advances and programs that will enhance the service CRS currently provides.”
“I am very excited about this next chapter of our existence,” said Meg Scotty, CEO of Brennan & Clark. “This merger brings us into new industries and other opportunities.”
Both leaders noted the compatibility of culture and philosophy that makes the companies a natural fit. In addition to Nellos’ expertise, the merger brings welcome additions to the Brennan & Clark negotiations and support teams, with knowledge of new client portfolios in industries including computer software, food service and equipment, and medical supplies.
Why should you work with an agency that is a Commercial Collection Agencies of America member?
Well, according to the CCAofA, it can be broken down into 10 key reasons.
- Members carry a minimum of $300,000 surety bond coverage for your firm’s protection
- Members’ professional practices help attain maximum dollar recovery
- Members have qualified for a Certificate of Accreditation and Compliance by fulfilling rigorous certification requirements
- Members promptly remit funds to your firm
- A strict code of ethics is followed by each member
- Financial and procedural overview by Commercial Collection
- Agencies of America of each member ensures on-going adherence to requirements
- Members maintain separate trust accounts for collected funds
- Member agencies have been in business for a minimum of four (4) years
- Agency executives are required to fulfill continuing education annually
- Members assist in choosing legal counsel if necessary
- Creditors can call the Executive Director of Commercial Collection Agencies of America if a problem arises
Source: Commercial Collection Agencies of America – www.commercialcollectionsagenciesofamerica.com
When it comes to commercial collections, Brennan & Clark are special. We’ve not come across any other agency that can compete
– B&C client from the insurance sector
If you’re interested in partnering with an accredited CCAofA agency, contact us at firstname.lastname@example.org or (800) 858-7600 and let’s talk about how we can start making a difference to your business.
We’re excited to participate in the Aunt Martha’s Back-To-School drive to provide supplies to the kids they serve at their health and wellness centers throughout northern Illinois.
If you happen to be visiting our office before August 23, be sure to stop by the accounting department to add your donation to the box.
If not, there are plenty of other ways to contribute. See the flyer below for more details.
Driven by innovation, integration and care coordination, Aunt Martha’s Health & Wellness is committed to providing an exceptional, unique, and comprehensive patient experience.
Thanks to Paula, our energetic Controller, for organizing this effort for our team!
A large percentage of the time, a debtor’s strategy is to avoid conversing with us. They implement this strategy for a variety of reasons.
Some debtors would rather not know what could potentially happen as a result of not addressing their obligation, and if they don’t pick up the phone, they never get to find out what the possible consequences of their actions are. For some, not knowing is a better option than knowing.
By their not answering the phone, we don’t have the full picture of where things stand on the debtor’s end, and in their minds that hinders our ability to make a decision on the best next step to take on behalf of our clients.
They Don’t Care
By not answering, we can’t influence their “don’t care” mindset. Catch them off guard on a different number – or the right number! – and you can change that.
There are more reasons than the three listed above, but the bottom line is the debtor who opts to not pick up the phone cannot be influenced if we do not talk to them.
More often than not, the only way to get them on the phone is to catch them off guard by calling them on a number they don’t expect us to, e.g. a night call to a home phone number or (for a small business) a spouse’s number. If you were a small business owner, and your significant other received a voice mail message on their cell phone, wouldn’t you call the creditor back? We are never aggressive, confrontational or over the top – but our expertise built up over many years of dealing with every type of scenario means we’re acutely aware that sometimes invasive tactics such as this will make debtors sit up and take notice.
In instances where a business owner has been ignoring calls and our skip tracing analysis includes access to alternative numbers, they are certainly worth calling.
Brennan & Clark is in the job of influencing people to pay. Part of that process is finding correct numbers and getting the decision maker on the phone. It pays to be creative.
Want to learn more about how we can put our experience and creative thinking to work in order to reach your debtors effectively? Get in touch with us at email@example.com or (800) 858-7600.
Most people fail to realize that credit extensions to customers are essentially loans. If you were going into a bank for a loan, you would expect to fill out an application. So, it makes sense that when a prospect asks for credit terms, you would have them fill out an application.
Fear of losing a sale often stops business owners from insisting on getting a credit application filled out and signed. But the reality is that asking for and obtaining such an application will go a long way to adding credibility to your organization whilst also securing your product/service if an invoice goes unpaid.
Any financially sound buyer with good credit credentials should have no objection to completing an application. If anyone does object, it should alert you that something may be wrong – either the prospective customer is already trading beyond their financial limits or has something else to hide. If a potential customer refuses to buy from you because you insist on a credit application, the sale was probably headed for disaster anyway. So, even in this case, requiring a credit application helped you to make a sound credit decision by weeding out a potential bad debt situation.
A well-constructed credit application should be one of the cornerstones of any credit extension policy. Properly constructed and executed, it can:
- aid in the decision to extend credit to potential customers
- serve as a point of reference for gathering information in the event of non-payment
- function as an enforceable document if litigation becomes necessary
What to include in a credit application:
- All legal data on the customer, including their exact legal composition (i.e. corporation, partnership, LLC, etc.), the names of all principals or corporate officers, and place of incorporation, address, direct dial phone numbers, fax numbers, along with their email addresses.
- Bank account information – in the event you have a judgment and need to attach company assets.
- Trade references, preferably in your own industry.
- Personal Guarantee. The Personal Guarantee is an added protection for you. Understand, however, that it is only as good as the financial worthiness of the guarantor. Personal Guarantees within the credit application have been a constant discussion in recent years. While we recommend including it for credibility, and leverage if needed, not all states allow them, and enforcing them is not always easy.
Arbitration. Both parties agree to arbitration of any payment disputes. By doing so, the more expensive approach of litigation is avoided. Include in the clause the exact arbitration steps to be followed, so there are no delays associated with later negotiation of these steps.
- Binding and Electronic Signature. A clause could state that the person signing the application does have the authority to agree to the terms and conditions stated in the application. And all electronic versions are valid.
- Electronic payment. All payments will automatically be debited from its bank account with an ACH debit transaction for invoiced sales. (Each organization will determine the parameters of when each payment is withdrawn.)
- Collection Fee and Attorney Fee reimbursement. If the company needs to pay a third party, such as a collection agency or attorney, to collect from the applicant, the applicant agrees to pay these fees. It is not likely that the fees will actually be collected, but it may be worthwhile to insert the clause just to provide the company with extra collection leverage.
- Legal venue. The parties agree that, if a legal outcome is necessary, the litigation will be addressed in the state of residence of the company, not the applicant. This reduces the cost of travel for the company.
- Returned check fees.
To find out more, contact us at firstname.lastname@example.org or (800) 858-7600.
If you’ve visited our website this week, you might have noticed things look a little different…
If you haven’t, we’d love to have you stop by to learn more about how our nearly 40 years of experience position us uniquely to Collect & Protect your receivables.
Want to apply what we’ve learned from that experience to your own team’s commercial collection efforts? Download our brand-new guide Mastering the Art of Collections. It’s one more way you can put our knowledge to work for you, and it’s absolutely free!
Whatever your collection needs, we’re here to help. Get in touch and talk to our experts.