“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. 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:Overview of First Party collection
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
Third-Party Collection
Skip tracing and Collection
Prevention from Non-Payment
Payment Monitor System
Custom Collection Programs
Legal Consultancy
Compliance Service
Consultancy Service
Process for First party Collections
Analysing the Delinquent Accounts
Negotiating with the Consumer
Payment of Dues
Why choose our service?
Quick results
More transparency
Dedicated teams
Higher Success rate
Benefits of First Collection Service
Clients That Rely on Enterslice Solutions
Our Clients include some of the biggest brands in Insurance, Software and IT, Banking, Financial Services, and Environment sectors.
