Submit past-due invoices from a customer to CollBox for collections
Now that you've connected your accounting system and confirmed your Basic and Company Settings, you're ready to place debts within the CollBox system.
To make a new placement, you'll start by heading over to the Past Due section within the application. You can find that by clicking here, or you can simply click the red Past Due button on the right side of the application. This is also the default screen within the CollBox system when you log in.
From the Past Due screen, you will see all of your past-due accounts and associated Customers. Find the account you'd like to send to collections by sorting by Customer, Number of Invoices, Age, or Balance, and then click on the Customer.
The next screen you'll see will detail all of the information for that Customer. Review the information for accuracy then click on See Recovery Options... to proceed.
You'll then be given the option to use either of our products, Assist and Collect. To submit the placement to collections, click on Explore Collections Offers.
On the next page, you'll confirm a few details such as if the debt is Consumer or Commercial, if you're aware of any bankruptcies, and a few other things. Once you've confirmed the details, click Search Offers to receive an instant offer to get your past-due invoices sent to a reputable collector within our network.
On this page, you'll see important details about the offer for this past-due account so make sure to review them carefully. Below, we'll cover each element in detail.
Let's take a look at a few key elements on this page, beginning with the Collector's Rate:
The Collector's Rate is the percentage that the collection agency will keep as a commission upon their successful collection of this placement of past-due invoices. If they are not able to collect for you, the agency does not receive any money.
The rate will vary based on a variety of factors (such as age of invoices, amount, etc.) so the 25% we see here is for this specific account. CollBox will show you a custom offer for each of your past-due accounts based on their specific details so be sure to take a look at each one individually.
Generally speaking: The older the debt, the higher the Collector's Rate as the difficulty in collecting increases greatly over time. We recommend placing debts with CollBox as early as you are comfortable to maximize the chances of a successful collection and to minimize the Collector's Rate.
Next up is the Recoverable Amount. This is the amount of money you'll receive if the collection agency is able to recover 100% of your past-due amount. This number is simply the total past-due amount less the Collector's Rate. So, in our example above, $18,333.67 minus the 25% Collector's Rate is $13,750.25. This will vary based on your specific offer, so make sure to review those details ahead of placing your past-due invoices with us. It's also important to note that, should you consent to accept less than 100% of the past-due amount, the Recoverable Amount will change to the actual amount collected less the Collector's Rate.
After Recoverable Amount, you'll see the Odds of Collection panel. This is an estimate CollBox makes for a successful collection based on historical information and the details of this specific account. This is purely for information purposes and the success rate of your placement will vary based on the specific details of your account.
Lastly, you'll want to review the important notes at the bottom of the screen as well as take a look at the Terms and Conditions of placing with us. After that, simply click the Submit for Collections button at the bottom of the screen and you are finished.
Note: One minor difference when submitting accounts that have been manually imported is that, before you're able to click Submit for Collections, you must attach the relevant invoices and contracts to the placement.
Once you see the Placement Submitted for Collections! alert, you will have successfully placed your debt with CollBox. We will get it right over to the debt collection agency within our network that is best suited for your past-due account.
Note: Another minor difference when submitting accounts that have been imported from a spreadsheet is that, once you submit them after the review process, we'll briefly hold them for manual review of the documents for accuracy then release the placement(s) of debt.
Afterward, you will receive an e-mail from us confirming the placement of your debt that will also include the details and contact information for the collection agency we've assigned to your placement.
Now you can get back to running your business and we will keep you updated as the agency makes progress on getting you paid! 🎉💸