Why should you work with SOS Debt Collections?
We are a “Solutions Based” Debt Collection Service. This means we have partnered with over 20 local Canadian business owners who are committed to creating comprehensive solutions for all of our clients and their debtors. This allows us to avoid being the collection agency that just gets run around by debtors wasting everyone’s time and money. We are able to focus on being proactive with each file by digging deep into the pain points and offering solutions including but not limited to:
– Invoice Factoring and Merchant Cash Advances
– Private Lenders
– Debt Consolidation
– Corporate Restructuring
– Marketing Services
– Business Coaching and Business Development Services
– Accounting and Bookkeeping Services
– Legal Services
We don’t get paid unless we collect.
Our commission rates are based on the date your files are assigned to us, and do not change over the lifetime we have the file. This means if your invoice is 0-6 months old when it is assigned, our commission rate is a flat 20%. As it ages forward to 6-12 months the commission rates do not change. The fees for collection items will be contingency based as follow:
1-180 days past due – 20% contingency fees
181-365 days past due – 25% contingency fees
366-2 years past due – 32.5% contingency fee
2 years plus, or if the account was previously assigned elsewhere – 40%
The mentality with our commission rates is the faster you can assign the file to us, the cheaper the commission is on the file. We can get involved as early as 60 days after the date of the invoice.
While we ask to hold your file for a possible 180 days, we always provide updates and action on each file within 90 days. This means that you will know if we are going to be able to collect on the file, we are going to need to sue the client, or if we are going to recommend you close the file and write the debt off as a “bad debt” in your accounting.
Our client portal allows for 100% transparency and accountability to our clients. This means you can sign in and see up to date daily actions taken on your file in real time. This includes when letters are sent, phone calls are made and discussions take place.
We have no limits on how many active files you can have open on your account at any time.
When we reach out to a debtor our process is simple:
Identify why the debtor is unable to pay the invoice owed
Offer introductions and collaborations with our business partners that ensure the root issues they are dealing with are resolved so that your bill can be paid
We ensure you get paid using one of the following methods:
Payment in full
Approved partial settlement (you set the threshold for what we can negotiate on your behalf)
Payment plan over time
If we are unable to collect payment we will advise you of the next steps we recommend based on the individual’s situation
Pursue litigation and sue the client. We do have a direct in house referral we can go to for all legal work. Our fees for legal matters will be $1,250.00 or 10% of the total claim, whichever is greater, plus disbursements and GST.
Close the client due to legal action likely not producing any payment. ex) If the client has no assets, or is unemployed and there is no way to effectively leverage legal action we won’t waste your money on pursuing it.
We believe not all debt collection agencies are created equally and everyone makes promises. We are asking for a chance to help out your business with our creative process that we believe yields higher results than our competition. We are truly passionate about getting you paid and creating meaningful solutions for all parties involved. If we can be of assistance please don’t hesitate to reach out.