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First Party Collection Services
Enterslice offers end to end solutions in First Party Collection Service for handling complex collection services.
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Overview of First Party collection “First Party Collections” refer to the collection of unpaid invoices by the account receivables department of a business entity. The first-party collector may collect debt in the manner mentioned in the contract with the debtor in case of breach of contract. When the invoice remains unpaid for a long period, the first party (original lender) has the right to get its commitment fulfilled by the debtor. Every business has an account receivable department that primarily manages unpaid invoices or delinquent accounts. Some large organisation has an in-house collection group that will manage the collection. A business entity tends to engage its employees in debt collection, leading to tuning out of the daily business objectives. To avoid any loss in the business due to non-collection, it is advisable to the appointment of professionals who are skilled in the activities. Services Offered First Party Collection By engaging our first party collection agent, we ease the responsibility of the company and make the best possible efforts to recover the due amount. Third-Party Collection Third-party collection is a more efficient and economical way of collecting amounts. Engaging a third person in the collection process eases the company's burden. Skip tracing and Collection Due to the huge load of accounts on unpaid invoices, it becomes hard for the company to track down the account of unpaid consumers. Skip tracing is the process of tracking down those consumers that are unknown and whose contact information are redundant. Prevention from Non-Payment Our Default prevention service will protect the company from preventing any default by reminding the consumers effectively. This reduces the loss of the company and balances the cash flow in the financial statement. Payment Monitor System The default in the tracking of accounts makes the company to bear the loss. Hence, our payment monitor system will keep track of all the accounts and analyse the account due to the company. Custom Collection Programs Every Business entity is different. Our custom programs will be developed to meet the requirements of the company. A business entity can be a Start-up, MSME, or a big organisation. Legal Consultancy Our collection agent will legally consult the company in case the consumer default in the payment process. The Service will include dispute resolution, drafting legal notices, and initiating legal proceedings. Compliance Service During the process of the collection of amount from consumer through legal means, there are various compliance that needs to be followed. Compliance is a lengthy process and requires more effort. Our collection service will handle all the state and central compliance processes on behalf of the company. Consultancy Service Our collection agent will discuss collection process techniques, strategies for collecting amounts on unpaid accounts, development of any policies and procedures and State & Central compliance monitoring. Process for First party Collections Analysing the Delinquent Accounts We will assist the company in searching for all the data on unpaid invoices/delinquent accounts. We will analyse the total amount and simplify it in the monitoring system. Negotiating with the Consumer We will then connect with the customer and try to negotiate with them for the full payment (by way of NEFT, Cash, RTGS, or any electronic mode of transfer) of the amount. Payment of Dues We will then deliver the amount directly into the company’s account and aim at maintaining future relationships between the consumer and the company. Why choose our service? Quick results Our first-party collection service will offer quick results. The debt recovery will be fast and provide balanced cash flow in the financial statements. More transparency The process of the collection will be more transparent. Every part of the process will be discussed with the consumers to avoid any confusion between the consumer and the company. Dedicated teams Our first-party collection service includes dedicated teams for every business organisation. The personal interaction by our professionals will build confidence among the companies. Higher Success rate Our first-party collection service will provide a high collection success rate and aim at removing all unpaid accounts from the financial statements of a company. Benefits of First Collection Service The benefits served by the first collection service are: Increases cash flow of your business Minimizing the Miscellaneous expenses and increasing the profit making of the business. Limited engagement of Employees Seamless and Legal Recovery of Bad debt Minimal Expenditure and maximum results Interaction with the customer and promoting business activities Increasing the goodwill of the business Minimizing defaults and recording on time payments
“First Party Collections” refer to the collection of unpaid invoices by the account receivables department of a business entity. The first-party collector may collect debt in the manner mentioned in the contract with the debtor in case of breach of contract. When the invoice remains unpaid for a long period, the first party (original lender) has the right to get its commitment fulfilled by the debtor. Every business has an account receivable department that primarily manages unpaid invoices or delinquent accounts. Some large organisation has an in-house collection group that will manage the collection. A business entity tends to engage its employees in debt collection, leading to tuning out of the daily business objectives. To avoid any loss in the business due to non-collection, it is advisable to the appointment of professionals who are skilled in the activities.
By engaging our first party collection agent, we ease the responsibility of the company and make the best possible efforts to recover the due amount.
Third-party collection is a more efficient and economical way of collecting amounts. Engaging a third person in the collection process eases the company's burden.
Due to the huge load of accounts on unpaid invoices, it becomes hard for the company to track down the account of unpaid consumers. Skip tracing is the process of tracking down those consumers that are unknown and whose contact information are redundant.
Our Default prevention service will protect the company from preventing any default by reminding the consumers effectively. This reduces the loss of the company and balances the cash flow in the financial statement.
The default in the tracking of accounts makes the company to bear the loss. Hence, our payment monitor system will keep track of all the accounts and analyse the account due to the company.
Every Business entity is different. Our custom programs will be developed to meet the requirements of the company. A business entity can be a Start-up, MSME, or a big organisation.
Our collection agent will legally consult the company in case the consumer default in the payment process. The Service will include dispute resolution, drafting legal notices, and initiating legal proceedings.
During the process of the collection of amount from consumer through legal means, there are various compliance that needs to be followed. Compliance is a lengthy process and requires more effort. Our collection service will handle all the state and central compliance processes on behalf of the company.
Our collection agent will discuss collection process techniques, strategies for collecting amounts on unpaid accounts, development of any policies and procedures and State & Central compliance monitoring.
We will assist the company in searching for all the data on unpaid invoices/delinquent accounts. We will analyse the total amount and simplify it in the monitoring system.
We will then connect with the customer and try to negotiate with them for the full payment (by way of NEFT, Cash, RTGS, or any electronic mode of transfer) of the amount.
We will then deliver the amount directly into the company’s account and aim at maintaining future relationships between the consumer and the company.
Our first-party collection service will offer quick results. The debt recovery will be fast and provide balanced cash flow in the financial statements.
The process of the collection will be more transparent. Every part of the process will be discussed with the consumers to avoid any confusion between the consumer and the company.
Our first-party collection service includes dedicated teams for every business organisation. The personal interaction by our professionals will build confidence among the companies.
Our first-party collection service will provide a high collection success rate and aim at removing all unpaid accounts from the financial statements of a company.
The benefits served by the first collection service are:
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
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“Enterslice use technology better than others. That saves time and money; Team enterslice is more efficient than traditional competitors, and that helps to pass on the cost advantage to its clients. The company is building a high-level transparency in legal services by optimum use of technology and process automation in consulting. I highly recommend this company.”
“Excellent advisory role by Enterslice Team. They are a trusted partners to us. Narendra and his team helped us with our pre NBFC applications and Post NBFC advisory services.”
“Amazing services provided by your organization. They have completed our NBFC registration order within stipulated time period of 90 days. They provide constant guidance and support in the process. Their support in building fintech software is amazing.”
“I chose Enterslice to start my new Indian adventure as entrepreneur, and respect my past experience i was surprised by their professionalism. In particular, Raksha T. followed my startup process, and i was delighted with her support on every moment. Great, great experience.”
“I came to know about Enterslice through a friend. Since then I have done GST Registration through them. The services are consumer centric and fast. I have recommended them to many of my acquaintance already.”
“Great set of people working together. Very customer friendly. I am very satisfied with the food license registration services and will definitely come back for other similar requirements.”
“They provided customized and Highly skilled CA &services. The management invests themselves in your work. They ensured timely NBFC registration and are always ready and prepared with excellent advisory services. The best part of working with Enterslice is they are not having expertise of law but they are well versed with Digital marketing skills &fintech business model.”
“I have registered my Trademark through them. The application was filed within 3 days. And the charges were also very reasonable. We got TM Approved in 6 month’s time without any re-submission or objection. They charge high to deliver the best in industry.”
“I would like to thank the Enterslice team for the excellent business plan made by them. They understood our requirement and gave us exactly what we wanted. Thank you Team Enterslice.”
“Thanks for your services. The team is really professional. They make sure that things are delivered in time. The best part about Enterslice is the consultative approach and guiding us on all our business matters.”
Haiden Group - UAE
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