FAQsFrequently Asked Questions
Are there any up-front charges when I place an account for collections with WCS LTD.?
The short answer is no. At WCS we operate on a contingency basis. This means that we bear the expense for recovery and when we collect we are compensated based on an agreed upon rate. If no monies are recovered for you there is no charge for our services. You pay only for results.
What information is needed to place an account for collections with WCS?
There are five basic pieces of information necessary to place an account for collections with WCS They are:
- Debtor entity name
- Debtor entity address
- Most recent telephone number
- Your Account reference Id and
- Total Principal amount of the debt.
What happens if my product is returned to me due to your collection efforts?
In such a case where your debtor returns the merchandise to you, WCS will bill your firm at half of the normal applicable rate.
What is the WCS remit policy?
WCS pays our clients 21 days after the deposit date. This process allows our clients to experience a much faster revenue return cycle. All funds are deposited into a trust account upon receipt from your debtors. Finally, WCS is committed to operating its remit policies within the strict guidelines of the Commercial Law League of America.
What should I look for when I choose a collections agency for my company?
When considering a collection agency it is extremely important that you make the correct decision. The collection agency you chose should have a proven track record of success and integrity, they should be accountable and affiliated and they should have a well-placed position within the collection industry.
WCS has a 23 year long record of superior recovery results and excellent client relations. We are bonded to insure your company against legal action and we remit via a trust account to insure that your funds are secure until they are in your hands.
WCS is a member of several regulatory organizations for the collection industry. We are members of The Commercial Law League of America and the American Collectors association.
Does WCS provide online access for their clients?
Again, the short answer is yes. But there is more that you should know. WCS provides its clients with online access through our website to on demand reports and individual debtor files.
Does WCS use private investigators?
WCS has always used private investigators. We operate through a nationwide network of over 10,000 credit-trained, qualified private investigators. According to balance parameters, we will send these investigators out to make personal visits to your debtor company for the purpose of gathering onsite financial information as well as affecting a face-to-face debt recovery attempt. And as with most of the collection process, this service is included in our contingency rate.
Does WCS use attorneys for collections?
While our mainline collection staff consistently achieves one of the highest collection rates in the industry, there are some accounts that need the services of an attorney. WCS uses a nationwide network of collection attorneys. This allows us to bring legal action in the jurisdiction of the debtor company.
We include this service in our contingency rate. We only ask you to forward the court cost and in some cases advancement of suit fees.
What is a "free-demand" letter?
Demand letters are commonly used to draw a line in the sand with a debtor company. These demands establish a firm and final step in the in-house collection process. Most of the demands are of the 10-day variety, but they can be of any length.
Companies commonly use these as their last collection attempt before placing the account for collections. WCS offers a 10-day demand and a 2-day fax demand to our clients free of charge.
The demand will go out on our letterhead and direct payment directly to you. If the debtor company pays you within the allotted time there is no charge to your company. If not, well then you know that your client has truly become a debtor and it is time for WCS to begin the collection process.
How do I keep up with my accounts once I place them for collection?
You will receive a confirmation letter with every account you place for collections as well as a monthly report showing you the status of every account that is still open and active. Finally, you have the ability to look at debtor notes and pull down reports through our website at anytime.
At WCS we believe in accountability. You will never do more than a click or a call away from an answer to any questions you may have.
What if I choose to withdraw an account?
Any amounts collected on accounts that are withdrawn after placement with WCS will be subject to our regular commercial debt collection fees.
Does WCS have a terms and conditions document?
Yes, and you may find it here.