Profit from an option you may not have considered.
Commercial debt recovery in Canada is alive
and well. Like our U.S. cousins, there are contingency lawyers and collection
agencies; however the number of contingency law firms from which to choose, are
much fewer than the U.S. market. If your law practice or commercial collection
agency regularly receives Canadian claims, it becomes critical that you partner
with a supplier that can provide the following:
- Reports to all seven Canadian credit bureaus
- Provides 24/7 on-line access for instant reports
- USD clients trust account to avoid currency exchange problems
- Full professional liability insurance
- Capable of working in all Canadian provinces & territories
- Innovative solutions like Pre-judgement garnishes/Seizures and Mechanics or Construction Liens.
- Fully compliant with Canadian Laws
Generally there are two reasons why a
company doesn't pay its bills. It’s either a dispute of some nature or it is a
cash flow problem. In either circumstance your clients will want you to act
quickly; however filing a suit isn't always the answer and doesn't guarantee
payment.
More and more American and International law
firms, commercial collection agencies, and creditors are submitting claims to
Canadian Commercial agencies prior to considering legal action. A collection
agency only receives payment if it collects. The agency does not have the
ability to earn a fee from the provision of hourly legal services and therefore
are highly motivated to liquidate claims quickly for the highest possible
amount.
The collection agency will make the
determination very quickly if the reason for non-payment is a legitimate
dispute or cash flow problem and will obtain all the necessary searches to
confirm if legal action will result in a high probability of recovery or turn a
bad situation even worse for your client. A professional Canadian collection
agency understands your needs for timely and through reporting so you and your
client can make sound business decisions. Choosing an agency can be a daunting
task. Look for the agencies industry affiliation and certifications. Does the
agency owner actively participate in industry conferences? Do they specialize
in commercial debt collection? Are they able to supply references in your
clients industry and do they understand your clients business?
Unless you are 100% comfortable picking a
Canadian commercial debt collection provider, we recommend equally splitting
your forwarded accounts to at least two vetted suppliers and let the results
and service speak for itself.
About the author: Brad Lohner is a 32 year
veteran of the Canadian collection industry. He owns a commercial agency and
lien filing firm, each capable of providing service Canada-wide.
For more information look him up on
LinkedIn.
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