PSI has a contingency-based pricing structure, which means you don’t pay when it’s not collecting. It charges a rate of 22% during collection before the intervention of a lawyer and 33.3% during collection if the intervention of a lawyer is necessary. These rates are lower than many of its competitors’ contingency fees and negotiable on a case-by-case basis. Discounts are applied depending on the volume of accounts.
Collecting business debt can be just as difficult as collecting consumer debt, so you want a collection agency with a proven success rate. PSI is one of them. It has a recovery rate of 38%, which is above the industry standard of 20-25%. Its recovery rates are based only on the actual amounts collected.
To remember : PSI charges 22% of the amount recovered when collecting before a lawyer intervenes and 33.3% if a lawyer is needed to help collect the debt.
To achieve its high recovery rate, PSI employs a number of fundraising tactics, some of which are free. For example, it offers free on-demand services for 10 days and free final notification forms. In other words, if a debtor makes a payment within the first 10 days, PSI will not charge a fee.
It also offers pre-collection, bank research, post-judgment collection, jump tracking and online status reporting services. If all of these efforts fail, PSI may send the account to an attorney in the debtor’s area to continue the dispute. PSI’s network of lawyers are all members of the Commercial Law League of America (CLLA). He can also search bank accounts on accounts with judgments.
To remember : PSI uses many methods to collect debts including 10 days of free on-demand services, free final notification forms, and paid services such as skip tracking, pre-collection services, and status reports. line.
Advantages and disadvantages
Benefits of working with PSI
PSI differentiates itself from competing collection agencies by offering fast and efficient service. Once you place an account in Collections with PSI, it immediately sends an initial payment request letter. It also investigates the debtor to find additional contacts and emails.
PSI continues to contact the debtor by mail, phone and email over the next 45 days. If PSI does not collect, it will take the next steps to collect the debt. You can expect the two-way process to be completed in less than two months. If your customer pays their debt, PSI gives you a check at the end of the month.
In PSI’s online portal, you can add new commercial debt collection accounts and follow the progress of your existing accounts whenever you want. Agents update account information in your portal as they work to collect debt. Each update includes collection notes that explain interactions with debtors. This lets you know how PSI treats your customers.
Disadvantages of working with PSI
Since PSI focuses on commercial debt, it sets a minimum collection amount of $ 200 on each account. If you are looking to collect debts from clients who owe lower amounts, PSI is not for you.
Likewise, if you need to collect both B2B and B2C debt, your business will not be successful with PSI. PSI stands out if you only need to collect debts from other businesses that use your services, but many business owners want one-stop shopping and will look for a collection agency that offers both types of debt collection. . PSI also doesn’t make sense for your business if you plan to add consumer debt in the future.
PSI serves a wide variety of industries, which is acceptable for a business that operates in different markets. But if you have a specialty business with industry specific collection needs, you might not want a generalist. Before hiring PSI for your collection needs, ask the company if they have experience in the industry you serve. For example, you don’t want agents collecting healthcare-related debts for your practice if they don’t even understand medical jargon.
To remember : PSI provides prompt service and effectively tracks its progress in debt collection. As this is a B2B debt collection service for a wide variety of industries, it may not be the best choice for companies with niche services or very small debts.
Good customer service is essential in a collection agency, especially when it comes to collecting B2B debts. The last thing you want is to lose a lucrative business customer because of a bad collection process. Based on our research, PSI provides customer service. You can quickly get a representative over the phone who is familiar with the collection process and more than willing to help you. PSI is accredited with the Better Business Bureau and has an A + rating with the agency.
If you work in a specialty industry and aren’t sure if PSI can help you, a quick call, email, or form submission on their website should get you a quick response. PSI also maintains a blog which it updates regularly with information about its services.
To remember : PSI provides prompt customer service from knowledgeable representatives if you need assistance or have any questions.