IC System Receives BBB Torch Awards for Ethics

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IC System Receives BBB Torch Awards for Ethics

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How Does Debt Collection Work?

A simple introduction to the debt collection process to help you collect your lost revenue.

If your business or practice needs help collecting revenue from past-due consumers, you probably have a lot of questions about the debt collection process.

You have past-due accounts that need to be collected. A debt collection agency with experience, knowledge, and resources can better recover your revenue and relieve your accounts receivable burden. Whether you’ve worked with an agency or this is your first time, IC System makes it easy to send accounts to collections. Our collection services return your revenue while becoming a trusted extension of your office—all while improving financial outcomes for you and your consumers. But first, you need to answer the question: How does debt collection work?

Choose the Right Program for Your Organization

The need for an improved debt collection process begins when your business or organization, also known as the creditor, decides you would like assistance ensuring your business is getting the revenue you’re owed. Chances are, your business does not specialize in debt collection, so it can be easy not to feel confident in your ability to recoup this revenue. This is where a debt collection agency comes in.

Begin Fast and Easy Account Placement

Your business hires a debt collection agency because they have the proper experience, knowledge, technology, and resources to be effective in their debt collection. They understand the nuances of how debt collection works, so you don’t have to.

IC System Performs Our Strategic Debt Collection Process

The debt collection agency works as an extension of your business. The creditor (your business) hands over information on past-due accounts, and it’s the debt collection agency’s job to contact the consumers and work out a plan to get the invoices paid.

Provide Ongoing Strategy and Support for Client Success

Our goal is to collect debt for the creditor. The agency and creditor become trusted partners through the debt collection process. We ensure a happy financial outcome for our clients.

How Does Debt Collection Work at IC System?

IC System has perfected its debt collection process through years of experience. With IC System as your debt collection partner, your business will not only earn back the revenue you’re owed but do so in effective and ethical ways.

Here’s how debt collection works when IC System is your partner:

Step 1

Choose the Right Program for Your Organization

IC System is proud to offer their clients flexible debt collection programs to choose from based on their needs. We’ll work with you to choose the best debt collection process for you.

InstiCollect: Easy online setup. Collections begin in one business day.

Ideal for:
Businesses with one debt or up to 50 debts a month that want to get started today.

Begins with collection calls and written correspondence (letters, emails, texts) while still using a consumer-friendly tone.

Fee Structure:
Businesses only pay their low contingency fee if debts are successfully collected. $75 setup fee.

Recovery Plus or Premier Collect: Our salespeople will help select the right product for your business.

Ideal for:
Businesses with 50+ debts a month.

We’ll help find you the right collection solution. Each debt collection program is proven to maintain customer relationships while returning revenue to your office.

Fee Structure:
Fee structures vary between flat-fee and contingency programs. Get in touch for pricing.

Additional Options:

Settlement Authority

You can decide to assign settlement authority to your debt collection partner, giving them the legal authority to settle your debts with borrowers.

Credit Monitoring

Credit monitoring provides notification when there is a change in a borrower’s credit that indicates repayment may be feasible. These changes include events such as opening a new tradeline, a loan payoff, or a similar credit event that suggests the ability to pay.

Credit Reporting

Not all accounts are eligible for credit reporting, but creditworthiness can be a powerful incentive when it comes to the debt collection process. When your debt collection partner has access to the credit reports of your borrowers, they can use the information to help facilitate repayment.

Non-Litigation Attorney Referral

When all other means of the debt collection process are exhausted, a non-litigation attorney referral creates urgency with calls and letters from an attorney on IC System’s behalf.

Litigation Referral

Once non-litigation attorney referrals are complete, a review of the account will determine if litigation is a viable option for collection. This is reserved for high balances in which repayment is deemed possible. If this is the case, we will make a recommendation for litigation to your office.

Step 2

Begin Fast and Easy Account Placement

Upload accounts receivable electronically via our secure Client Portal

Collection efforts begin within 1 business day

Load accounts by file or individually

Step 3

IC System Performs Our Strategic Debt Collection Process

Ensure Accuracy with Data Scrubbing and Optimization

Better results can be achieved with better data. Our experienced team helps to prime your records for success:

Data Scrubbing:
Clean information ensures accuracy and focuses our efforts on real accounts and contact information

Our intelligent analytical models help us achieve maximum account penetration and recoveries on your behalf

Proven Collection Strategy Begins

Our collectors—highly trained in manner, compliance, and law—execute the program you’ve chosen, including the following tactics to recover your debt:

Written Correspondence:
Validation notice and additional letters, emails, texts

Staggered attempts ensure the best results

Locate consumers and update contact information

Step 4

Provide Ongoing Strategy and Support for Client Success

Help Center

Our informative Help Center gives you walkthroughs and tips to help navigate the Client Portal and improve recoveries

Technology and Tools for 24/7 Access

Access your inventory 24/7 with our intuitive Client Portal

Review notes and checks progress on our debt collection process

Post payments online

Update new account information

Robust Reporting to Track Success

Schedule a suite of reports to measure your KPIs

Measure performance, track revenue, monitor inventories

Special Activity Reports keep you updated on:

  • Payment verifications
  • Settlement inquiries
  • Questions about specific accounts

Next Steps to Collecting Your Lost Revenue

Learn more about our debt collection process, programs and pricing, or fill out the form below to get started on recouping your revenue now. No matter which program you choose, our debt collection process will be impactful and successful, freeing up your time to focus on your core business.

Learn More

Get in Touch

Submit your information below or call 1-800-279-3511.

We’ll Help You Identify the Next Steps to Overcome Accounts Receivable Challenges.

Your comprehensive pricing request will include the following:

  • No cost pricing quote for your IC System services
  • Materials to help streamline your accounts receivable
  • A sample IC System agreement
  • Establish a follow-up plan