Capital Recovery Corporation

BACKGROUND

Introduce your business and what you do there.

I'm the manager of business services at Randstad Staffing. I work in AR and I focus on collections management.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Capital Recovery Corporation?

When people have an outstanding account, they either want an extended payment plan or they refuse to pay. We wanted to find a partner to help us recover some of the accounts.

SOLUTION

What was the scope of their involvement?

First, they contact customers by email or phone. If a customer doesn’t respond within 30-45 days, they facilitate sending of our file to a collections attorney. The collections attorney will work with the file and within 30 days they'll recommend whether we should file a suite.

What is the team composition?

We usually work with 2–3 people from their team.

How did you come to work with them?

I used them at my previous job.

How much have you invested with them?

We send between $750,000–$1 million a year. We have a collections rate of 12%, which is contingent on collections (they only get a fee if they collect). 

What is the status of this engagement?

We started working with them in September 2010 and the relationship is ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

They're extremely responsive, so I always get quick answers to my questions–whether we speak by phone or via email. They have a client portal on their website, so I can use it to look up the client information if I'm not able to speak to them on the phone.

How did they perform from a project management standpoint?

They're very knowledgeable and do an excellent job.

What did you find most impressive about them?

They're local, which is important to us because we can meet in-person and build a positive relationship.

Are there any areas they could improve?

Not really. Their website could be a bit better, but they've already upgraded it and are looking into upgrading it again.