Rocket Receivables has transparent pricing, listing the costs of its services on its website. Unlike its competitors, this agency offers two different price lists for the different stages of collection. For accounts that are less than 120 days past due, you can go into step one and pay a fixed fee up front. The fees range from $ 14.95 to $ 21.95 per account, but you keep the entire amount collected. With this option, Rocket Receivables guarantees that you will earn double the amount you invest. On accounts overdue for more than 120 days, you pay a 50% provident fee based on what the agency collects on your behalf. If no money is collected, there is no charge. Accounts that go beyond the first stage are automatically transferred to the second stage at no additional cost to you. Whatever type of account you need, Rocket Receivables offers free quotes with no hidden charges.
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One of the main benefits of debt collection with Rocket Receivables is access to multiple pricing structures. The fixed fee to contingency structure helps you get the best rate on your collections. The first step ensures that you will double your investment, giving business owners peace of mind when choosing their agency.
Another advantage of Rocket Receivables is its extensive online portal, through which you have 24/7 access to your accounts. You can start, stop or suspend the dunning letters online. You can also view the daily reports for each account. These reports can tell you the average age of your accounts, recovery and response rates, and the cost of collection.
Rocket Receivables provides many educational resources. The agency takes a more do-it-yourself approach and helps you stay informed about the collection process. It includes an FAQ section, video tutorials, and online training resources to help you stay up to date on its programs. It also offers practical advice on debt collection in the form of a newsletter and a blog on its website. For any additional questions, you can contact customer service by phone or email.
One drawback of Rocket Receivables is the limitations of the first stage. If your accounts are less than 120 days past due, they are filed in the first step of the collection process. This process is limited in the type of services and tactics it uses to collect on your behalf. This can be a problem for businesses that want all possible action to be taken on behalf of every overdue account.
Another disadvantage of this agency is its rates. While Stage One, designed for small businesses, is much cheaper than other solutions, Stage Two’s contingency fee rate of 50% is significantly higher than that of many other collection agencies. If your accounts are more than 120 days past due, they are automatically placed in the second stage collection process and billed at this 50% rate. With that in mind, an agency with lower contingency rates may be a better collection option if you have extremely old accounts.
Rocket Receivables’ parent company, TSI, is not an accredited member of the Better Business Bureau, although it does have an A- rating on the site. Lack of accreditation can be a concern for some companies.
Rocket Receivables serves a variety of commercial and consumer industries, primarily for small to medium-sized businesses. In addition to serving the standard consumer and commercial industries, it focuses on a series of specialty industries:
- It offers recovery of care, including for outpatient, chiropractic, dental and veterinary claims.
- It serves the education industry, with debt collection for daycares, colleges and universities, preschools, private and vocational schools and guardians.
- For its business and professional service collections, it serves accountants and CPAs, as well as e-commerce, human resources and marketing companies.
- It offers collections on residential and commercial services, such as lawn and garden maintenance, cleaning services, pest control and utilities.
- It covers service and commercial debts incurred for construction, electrical, general contracting, plumbing and HVAC services.
- The general and miscellaneous businesses it serves include banks and credit unions, government agencies, rental of goods and services, retailers, spas and salons.
You can read the full list of industries that Rocket Receivables serves on their website. The agency also provides services to other industries. If your small or medium business is looking to collect a type of accounts receivable that is not among its industries, contact a representative by calling or filling out a quote online.
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