Rocket Receivables Stage Two emergency collections increase a bit, but small businesses are paying for the additional services. Unlike other collection agencies which take a percentage of the debt collected, Rocket Receivables shares it 50/50. You won’t pay if the collection agency doesn’t collect any debt for you, but it’s not the cheapest. In the second step, Rocket Receivables delivers the collections to its qualified collectors, who issue notices of default and take legal action if necessary. All accounts that are not resolved in the first step are automatically transferred to the second step at no additional cost. The second step concerns hard-to-collect debts older than 120 days.
In addition to low prices with its fixed rate plans, Rocket Receivables has a good track record in debt collection. While it doesn’t list its payback percentage on its website, it does state its success rate is four times the industry average. Over the past 10 years, she has collected over $ 6 billion in debt for over 60,000 clients.
When it comes to collecting cash, Rocket Receivables has several strategies that it can use. Some of these services include letters of formal notice, jump search services, and litigation services. Rocket Receivables is licensed to operate in all 50 states and serves many industries, including banks, municipalities, credit unions, insurance agencies, retailers, manufacturers, and education providers.
This collection agency also stands out when interacting with your debtors. You want a business that treats your customers with respect, understands what they’re going through, and doesn’t harass them all day long. Rocket Receivables leads by example, fostering a culture where the emphasis is always on ethical practices and high principles. It also takes data security seriously. The collection agency meets the data security and compliance standards necessary to serve all markets, including banks and government agencies.
Benefits of Rocket Receivables
For business owners who don’t want to pay a lot for collection services or who don’t have too many hard-to-collect debt, Rocket Receivables has it covered. The flat-rate pricing and tiered service level of the first phase meets the needs of many small businesses. You don’t have to worry about any hidden charges or additional fees when you hire Rocket Receivables.
It also has an online portal that uses cutting edge technology to make it easy to add new accounts and monitor existing accounts. Finding and running reports on Rocket Receivable’s online portal is also easy. You can search by the average age of the account, collection rates by account, and the cost of debt collection. To keep customer data safe, Rocket Receivables uses what it calls a cybersecurity management system. With it, data is encrypted in transit and there is multi-factor authentication. This should give business owners the peace of mind that their data and that of their debtors is secure.
Disadvantages of Rocket Claims
Rocket Receivables’ flat rate pricing makes it a top choice for affordability, but it has some limitations. Its 50/50 split with its emergency pricing plan is above the low of the industry average. If you want to place a lot of older accounts, over 120 days past due, with Rocket Receivables, it can get expensive. Therefore, if you need a lot of help collecting your debts, you might be better off choosing a different service.
There are also limits to what you can achieve in the first step. If your accounts are less than 120 days old, they go into step one. It doesn’t matter how much debt you have overdue or how hard it is to collect yourself. If you want to use advanced tactics from day one, Rocket Receivables is not for you.
It’s also worth noting that TSI, the parent company of Rocket Receivables, is not an accredited member of the Better Business Bureau. However, it has an A- rating. Rocket Receivables does not disclose its recovery rate, although it claims it is four times the industry standard.
Rocket Receivables emphasizes educating customers and visitors to its website. The company maintains a detailed FAQ page, publishes video tutorials, and offers online training resources. He also has a blog which is updated regularly. You can contact customer service by phone, email or by filling out an online form.