WCS's Cumulative Collections Program
WCS’s experience shows that after “Day 90” a cohesive, 3rd party collection program is to be implemented to maximize corporate cash flow and minimize DSO during these challenging times. WCS will effectuate collection of outstanding accounts in a comprehensive and exhaustive manner, utilizing WCS’s “cumulative collections” approach during the entirety of the collections cycle.
Phase 1:
Team briefing- WCS will discuss your business and the nature of the debts in question with WCS’ collection staff of 18 on your account:
- Accounts are assigned to WCS’ staff of experienced collectors, based upon account location, nuances and size.
- The first demand letter is sent to the debtor via the US Mail and email.
- WCS’ collection staff endeavors to contact primary & lateral contact to produce an immediate resolution.
- Expect WCS’ collectors to place unlimited “touches” the first 60-90 days in an attempt to contact the debtor. For accounts over $5,000, if all attempts to reach a resolution on the account fail, we escalate the case to our Collections Supervisor for review and possible escalation to Phase 2. For accounts less than $5,000.00, we work the account an additional 120 days (180 total) and then reassess on a case by case basis by management.
Phase 2:
Legal team- At the Collections Supervisor ‘s discretion WCS may escalate an account to our in-house legal team. Then, WCS will have an attorney identified and formally engaged within the debtor’s jurisdiction. These attorneys are vetted, bonded, and insured and are commercial collection specialists and part of the WCS’ extended legal network. Upon our office sending your case to a local attorney within our network, you can expect the following:
- The receiving attorney will immediately draft the first of several legal letters to the debtor on his law firm letterhead demanding payment of the debt owed to you.
- The receiving attorney or one of his staff members will immediately start attempting to contact the debtor via the phone, as well as conduct investigations as to the current status of the debtor organization.
- 75% of cases are resolved by this stage (if the debtor does not dispute the account and the bill is less than 1 year old). However, if all attempts to resolve the matter continue to fail, WCS will send you a letter explaining the issues surrounding the case and what we recommend for the Third Phase
Phase 3:
Electronic recommendation- WCS will provide an electronic recommendation of one of two options for your account:
- Suggesting that you close the case and write the balance off as a loss.
- Or continuing with litigation. If litigation is suggested you will receive requirements conveyed by counsel to file suit. You will be able to decide how far you would like to take the case. If our litigation attempts fail, you will owe nothing to our firm or our affiliated attorney.