In addition to pursuing debtors with empathy and understanding, Summit AR is affordable. Its collection rates, which are negotiable, range from 7% for some large first party collection programs to 50% for small consumer collection programs. There are no upfront fees or additional commissions on old invoices. Collection rates tend to average 34.8% company-wide. However, the company says recovery rates can reach 80% in some cases.
Summit AR has a contingency-based pricing structure, which means you won’t be hit with any charges until the debt is collected. To this end, it offers standard collection services such as letters of formal notice, tracing and litigation services.
To remember : Summit AR’s negotiable collection rates range from 7% to 50%, depending on the program you select.
Advantages and disadvantages
Benefits of working with Summit AR
What sets Summit AR apart from its competition and makes it ideal for small businesses is the personalized approach it applies to every account. This could mean visiting a debtor for one client and only sending formal notice letters to another. In addition to standard B2B and B2C collections, Summit AR offers pre-collection assistance and allows companies to outsource all of their collection needs in-house. It will send out bills, follow up on phone calls, and help medical debt holders understand their balances. Summit AR also offers debt collection and advisory services.
Summit AR serves several industries, both on the commercial and consumer side. It focuses on businesses that need ongoing debt collection services, not just one-off here and there. In addition to the standard collection services offered by most agencies, it offers specialized collection services aimed at specific markets. Its main services span the gamut, including pre-collections, commercial and consumer collections, employee reimbursements, and medical and dental collection services. For its specialty offerings, Summit AR also provides services for the collections of commercial tenants, self-storage, veterinarians and independent cellular dealers.
Summit AR’s online portal and reporting capabilities are further benefits of using this service. You get monthly collection reports for each of your accounts, detailing efforts to collect debt and account status. Summit AR gives you the ability to download reports 24/7, which helps you monitor your accounts and plan your cash flow needs.
Through the online portal, you can place new accounts in collections and view the status of existing accounts at any time. You also benefit from a dedicated account manager. If you have any questions, you can contact your account manager directly.
Disadvantages of working with Summit AR
To use Summit AR’s services, you must need at least $ 50 to collect on each account. This is a small minimum requirement compared to other collection agencies, but some very small businesses are often looking to raise less than $ 50 from a client, preventing them from working with Summit AR.
Summit AR also imposes limits on the age of overdue accounts. For the best collection rates, the company recommends that accounts be less than two years past due. If you have accounts with varying periods of inactivity, Summit AR may not be the best collection agency for your business. Also, if you only need a one-time debt collection, you will have less leeway to negotiate, as it prefers clients with ongoing debt collection needs.
While Summit AR is active in the states of the United States, like other collection agencies, it has more difficulty collecting debts from certain states. These include Hawaii, Nevada, New Mexico, New York, and North Carolina.
To remember : Summit AR applies a unique approach to each client, serves several specific industries and offers a wide range of services. However, some of its parameters prevent very small businesses from using its services, such as its preference for ongoing debt collection over $ 50.
How a collection agency treats debtors is important, as is how it interacts with its own clients. Small business owners are used to getting the tree from large service providers and will appreciate the way Summit AR treats customers and debtors. It offers excellent customer service and is accessible by phone, email or online form.
Small business owners won’t have to wait for answers as they have a dedicated account manager to be their point of contact, and they can easily check the status of collections efforts on the online portal when they do. suits them. Summit AR is an accredited member of the Better Business Bureau with an A + rating.
To remember : Summit AR offers excellent customer service and is easily reachable by phone and email.