How does the Quest ProfitCollector increase my cash flow?
QuestNS’ ProfitCollector fills a void in the accounts receivable marketplace created by two mature industries, which attempt to help creditors but fall short. Billing software and/or billing companies (the first industry) are extremely good at creating an itemized bill initially and keeping track of what is outstanding. Billing companies, however, usually do not have the systems in place to go after accounts which age past 60 days. When accounts age to this point where they are becoming harder to collect, providers place them with collection agencies (the second industry) with the hope that they will recover some or all of the money. Generally, these agencies produce poor results and charge a large fee to do so.
The gap between these two options creates a huge hole, which is rarely addressed. Our unique service fills the time frame between 60 days (the billing) and 180 days (the credit agency), which dramatically increases the amount of money collected, thus accelerating your cash flow.
How is your service better than a collection agency?
Our innovative system addresses that time frame between the third or fourth bill and the placing of that uncollected bill with an agency. Quest has created a process, and the systems to drive it, which attacks the root causes of the devaluation of receivables. Research shows there are two main factors which inhibit the conversion of receivables into cash:
- The single most important factor is age. Accounts deteriorate in collect ability at an average rate of 10% per month, bad checks at a rate of 25% per month.
- The second factor is the priority debtors place upon the payment of the bill. The lower the priority the lower the commitment to pay.
So recovery is a psychological process wherein the age of the account is inversely proportional to the commitment to pay it. The greater the age, the lower the commitment, and the less likely anyone will collect it. Creditors cannot just hope that their debtors are going to pay. What works is timely and proactive follow-up with sophisticated techniques, which motivate debtors to resolve their outstanding accounts quickly, which largely eliminates the need to employ collection agencies.
Contact us today for a free no-obligation needs assessment to help determine the best solution for your particular practice’s needs.