Detective Program
What sets Lida Business Solutions apart from other firms is that our first contact is made by a licensed and bonded private investigator, NOT a letter! This approach is utilized on any account over $800. Our Investigator makes contact with the C.F.O. or the President of the company and informs them that they have been retained to conduct an asset and liability investigation to determine if it is a viable ongoing company. We found that 2 out of 3 times, after our investigator makes contact, we receive an immediate phone call from the debtor company. This program has brought our litigation rate down to less than 1%.
Small Balance Collection Department
Lida has developed a unique method of consecutively collecting close to 100% of small balance receivables. Unlike most collection agencies out there who will have the same collector working a broad range of different dollar accounts, Lida has introduced a specific small balance department with collectors whose specialty is specifically working these smaller dollar accounts. What this means for you is that no matter how small the account is, it's going to get the specific attention it deserves. This department only handles accounts at $799 and lower.
Free 10-Day Demand Letter
This is a free service we offer here at Lida Business Solutions. This is a very effective tool to use when you have a customer who is past due on payment, but you do not want to submit them to full collections just yet. A 10-day demand letter is sent to your delinquent customer on Lida Business Solutions company letterhead which will inform them that payment must be made directly to you, the creditor, within 10 days of the notice. There is no charge for this service if payment is made or received within these 10 days.
International Receivables
Here at Lida Business Solutions, many of our clients are expanding into the global market place. In turn, they are incurring more and more delinquent receivables. Therefore, we at Lida have expanded our services to accommodate our clients' needs. Through the international network that we currently use, we have a network of agents physically based anywhere in the world your debtor may be located.
Client Profile Searches
Another useful tool we provide to our clients is our client profile searches. Using the most recent information technology, we can run searches in house. This gives you the ability to identify potential delinquency problems early in the history of the account. During these searches, we do not contact your customer in any way. For more information regarding the Client Profile Search, ask your account executive. (This is a great tool to use the moment your customer starts raising red flags: Breaking payment promises, avoiding contact, not returning phone calls, etc.)
Audit Approach (Least Aggressive Collection Approach)
We explain to your debtor that we have been retained by your company to help audit your accounts receivables. We simply ask them to verify the information that we have regarding the balance due. Sometimes the potential debtor has simply overlooked the account, and with no questions asked they will fix the error right away or raise any questions they might have. The Audit Approach will resolve most past due issues before a customer even realizes that a collection has been made, allowing you to maintain your on-going business relationship. The Audit Approach is the most cost effective collection procedure. (Accounts must meet certain criteria. Please inquire about the Audit Approach with your sales associate.)
Lida Business Solutions is a strictly contingency based firm. To find out more about our rates, please contact your sales associate. They will help you determine the best rate possible for your company.
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