The MaxCollect TM Product
MoneyQuest’s first and most complete solution is called MaxCollectTM (MoneyQuest’s accounts receivable system). We stress client retention and we are committed to building long-term relationships with our client’s/creditors as they “outsource” their difficult internal collections to a true Service Bureau.
The system eliminates the need to depend on a collection agency to collect your delinquent accounts. MaxCollectTM provides quicker, better results from a superior quality product for a lower cost than any other alternative. It’s easy, it performs better, and it is much less costly for you, the creditor, to utilize this product. vs. any other alternative. MaxCollectTM delivers exactly what your business wants – YOUR MONEY, NOW.
MoneyQuest is client driven and provides its products with the maximum amount of flexibility for the client. The A/R industry is highly fragmented and specific – it tends toward either billing companies or collection agencies. MoneyQuest, however, is an outsource vendor for the clients’ recovery processes. It provides a complete A/R management package. The MaxCollectTM market exists within the time frame after creation of a bill and before placing OLD accounts with a collection agency. We’ve tailored our process to what you require. MoneyQuest delivers top quality, and a highly effective program to virtually any type of business. Since many companies are streamlining their operations to seriously reduce expenses, our system meets their outsourcing needs.
MaxCollect brings all proven recovery methods into one automated system:
- Internal client dunning letters (with every possible legal avenue brought to bear)
- Attorney letters and calls
- Reporting to a credit bureau
- Litigation on appropriate accounts.
As a production Service Bureau, MoneyQuest integrates and manages all the connected pieces while all you have to do is deposit your money and report the Great Results. This simple, affordable program, saves the you and your staff time and internal expense, increases cash flow and reduces losses while keeping your A/R as current as possible, thereby eliminating the need to ever use a collection agency.
The MaxCollect Process
The process and pricing is driven by the age of each account as they are entered into the system. Every account has the first contact generated one day after the date of entry. A total of four internal dunning letters will be sent for each account. MoneyQuest therefore sends up to four proprietary client letters (on your letterhead) to the debtor. These letters will be sent every 14 days, unless the client reports a payment or settlement in full, a mail return (bad address) or requests a temporary hold.
All of your letters are generated by MoneyQuest and are printed on check stock paper (it looks like the debtor is receiving a check in the mail instead of a collection letter) with top of the line laser printers and are bar coded to verify and speed delivery. A return envelope is included with every contact to speed up your payment and all money / communication is directed to your office at ALL times (even during the Attorney letters). So your cash flow is increased and you maintain 100% control. The letters were designed to maximize the use of psychological wording and increase the chance of collecting by stressing all the options and consequences that our service provides for you (credit reporting, getting a lawyer involved, etc.).
When MoneyQuest generates the Final Demand we gather the information on the account and transmit those files to the your retained attorney for an account review. Within forty-eight hours an automated call is made directing the debtor to call your office regarding this important matter. Two weeks after your fourth contact, if the account has not been reported as paid or suspended, the Law firm will mail the first of its three demands. If there is still no response two weeks after the third Attorney Letter the Law firm’s office will begin to make telephone calls and issue a personal demand directly from his/her office.
After the final demands by the attorney, on accounts that are still listed as unpaid, they will determine and advise you of the next appropriate action…requesting suit fees or suggesting credit bureau reporting. This is done through the MoneyQuest client/attorney messaging system. You then indicate your preference and based on your response, MoneyQuest will report the debtors accordingly.
Collections made by the attorneys office, as per the retainer, will be billed by the attorney at a preferential rate of 25%. If the client wants legal action to be instituted the Law firm will handle those that it deems appropriate for a 35 % contingency rate. No percentage fee is due to MoneyQuest in these cases.
For a Financial Institution, one of the most voluminous, pesky and often expensive problems result from unpaid overdrafts.
Now MoneyQuest puts in your hands a new, effective means to recover these overdrafts from your former and sometimes salvageable customers.
This system, MaxDraft, will accelerate your cash flow, significantly reduce your internal cost, and clean up your often-ignored backlog of overdrafts.
MaxDraft puts pressure on the check-writer, and if they are unresponsive, we advise them of the intention to impair their credit rating so that you quickly receive your reimbursement, or at least an immediate response as to the reason for non-payment and a payment or plan.
In the event, after four demands, your customer has not responded, the check-writer is put on notice that they will be referred to your attorney.
Utilizing a series of attorney demand letters, MaxDraft obtains what you cannot… immediate attention from the check-writer.
Why Does MaxDraft Work so Well?
- Because letters regarding credit or from an attorney are usually acted on immediately.
- Because what the letters say provides a very real impact.
How Will MaxDraft Benefit You?
It will recover more of your overdrafts.
- It will obtain these payments faster.
- It will reduce your internal costs.
- It will relieve your staff of the frustrating problem of trying to collect with hours of non-productive telephone calls and letters.
What Does MaxDraft Cost?
A nominal processing and service fee, averaging five cents (5¢) per recovered dollar.
- Your net cost, after factoring in the savings and increased cash flow, will be little or nothing.